{"id":1347,"date":"2016-02-15T12:15:40","date_gmt":"2016-02-15T17:15:40","guid":{"rendered":"http:\/\/journals.law.harvard.edu\/jsel\/?p=1347"},"modified":"2023-07-25T12:17:07","modified_gmt":"2023-07-25T16:17:07","slug":"even-football-isnt-immune-from-uncle-sam-2","status":"publish","type":"post","link":"https:\/\/journals.law.harvard.edu\/jsel\/2016\/02\/even-football-isnt-immune-from-uncle-sam-2\/","title":{"rendered":"Even Football Isn\u2019t Immune from Uncle Sam"},"content":{"rendered":"

\"uncle<\/a>Millions of Americans tuned in to watch the Denver Broncos emerge victorious over the Carolina Panthers in Super Bowl 50 and many of those millions also placed bets on the \u201cBig Game.\u201d\u00a0 For all those who won money gambling on the game, the IRS wants its cut of your earnings<\/a>.\u00a0 The Sixteenth Amendment states that \u201cCongress shall have power to lay and collect taxes on incomes, from whatever source derived\u201d and money earned through gambling and sports betting constitutes income.\u00a0 When it comes to reporting winnings from informal pools, the government depends on people reporting such income through their own volition.\u00a0 As a result of this \u201chonor code\u201d practice, most people fail to report such winnings as income on their IRS Form 1040.\u00a0 Nevertheless, for those ultra-virtuous taxpayers who voluntarily report their gains, there is a bright side\u2014they may also report their losses to offset income when deductions are itemized.\u00a0 However, the total losses reported cannot exceed your total winnings. For example, if you win $4,000 but lose $4,500, you can only report up to $4,000 in losses.\u00a0 When listing your winnings and losses, you need to maintain a straightforward record of everything you both won and loss over the last twelve months.\u00a0 As Benjamin Franklin eloquently stated, \u201cin this world nothing can be said to be certain, except death and taxes.\u201d<\/p>\n

Loren Shokes is an Entertainment and Sports Highlight Contributor for the Harvard Journal of Sports and Entertainment Law and a current second year student at Harvard Law School (Class of 2017).<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Millions of Americans tuned in to watch the Denver Broncos emerge victorious over the Carolina Panthers in Super Bowl 50 and many of those millions also placed bets on the \u201cBig Game.\u201d\u00a0 For all those who won money gambling on the game, the IRS wants its cut of your earnings.\u00a0 The Sixteenth Amendment states that 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