NASHVILLE, Tenn. (WTVF) — If you are one of the millions who placed a bet on the Super Bowl, and you won some money, you're going to have to report those winnings to the IRS!
I just heard about this and did some research so you don't get stuck when tax day comes in 2025.
Generally, if you win more than $600 the place you won it will send you a W-2 G-Form.
In Tennessee, there is no state income tax. So, you won't need to pay state taxes.
However, you'll need to pay federal taxes!
Experts say you can deduct gambling losses, but you need to itemize them on a 'Schedule A' -- which is a 1040 form.
This year's Super Bowl winnings or losses would need to be reported for next tax season, since the game was in 2024.
You'll want to keep records and get a tax professional's help if you get stuck.
Fostering Hope provides Christmas for kids in foster care. I'm delighted to see Fostering Hope expand this year to expand their reach to now include kids in Foster care in metro AND foster kids in East TN hard hit by Helene.
-Bree Smith
