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Tax Write-off

Topic closed. 4 replies. Last post 9 years ago by Coin Toss.

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OKCTALK's avatar - lpavatar
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OKLAHOMA CITY
United States
Member #32622
February 14, 2006
2 Posts
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Posted: February 14, 2006, 11:22 am - IP Logged

Hello Everyone, I'm thrilled to be here and make my first official post. I'm wondering if anybody can shed some light on whether or not you can save your old lottery tickets and use them as a tax write-off to off-set your winnings.

If so, can you do the same for online bets if you use services like betslips?

There are 3 kinds of people in this world...those you want things to happen, those that make things happen, and those who just wonder what the hell happened!

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    Atlanta, GA
    United States
    Member #1265
    March 13, 2003
    3326 Posts
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    Posted: February 14, 2006, 11:38 am - IP Logged

    My understanding unless the rules have changed is that they are good for the year in which they were bought to use as a loss-deduction against winnings.

    Check drawing dates on regular tickets, also find out when scratchers are valid.

    BTW, Welcome to Lottery Post!!  Hope you find lots to read and learn here, enjoy every minute of it!!  Party

    Good luck to everyone!

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      Poway CA (San Diego County)
      United States
      Member #3489
      January 25, 2004
      14120 Posts
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      Posted: February 14, 2006, 11:59 am - IP Logged

      Welcome.  I agree with konane.

      As far as on line betting, I don't know about betslips, but the other place doesn't report winnings to any government agency, so it is tax free.  Just be careful about LARGE winnings being withdrawn.  It has to go into a bank somewhere in the United States, and all transfers of $10,000 or more are automatically reported by the bank.

       

        OKCTALK's avatar - lpavatar
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        OKLAHOMA CITY
        United States
        Member #32622
        February 14, 2006
        2 Posts
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        Posted: February 14, 2006, 3:35 pm - IP Logged

        Thanks for the info that makes sense to me.

        There are 3 kinds of people in this world...those you want things to happen, those that make things happen, and those who just wonder what the hell happened!

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
          United States
          Member #30470
          January 17, 2006
          9000 Posts
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          Posted: February 14, 2006, 6:58 pm - IP Logged

          People here are telling you right (it's refreshing to see people who don't get this all twisted, many do).

          You can write off your losses up to your winnings. In other words, you can't win $1700 and show $3,000 in losses, only $1700.

          It's also not a good idea to decide you want to gather up all "your" receipts on Dec.  31 and go to lottery places, race tracks, kemo lounges, etc  and gather up losing slips all dated the same day. (People have done this).

           As far as online, I'm not sure how you'd produce receipts, but what CalifDude said about the bank transfers is absolutely correct.

          Casinos also have to report any cash transaction of $10,000 or more.