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Scratch offs as a tax write off?

Topic closed. 5 replies. Last post 4 years ago by four4me.

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danyo1332's avatar - 198208 10150427293015037_578305036_17777547_4875050_n
clinton, ohio
United States
Member #94568
July 22, 2010
1920 Posts
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Posted: November 26, 2010, 12:50 am - IP Logged

Question that hopefully someone here can answer! I won $5k on a scratch off about 3 months ago and don't have to pay taxes til I filed for my income taxes..someone told me I can save all my loser as a tax write off and they won't take as much out from my winnings. Anyone do this or know how much I will get for each ticket? Thanks!

http://www.lotterypost.com/thread/231108 My Definite Double System

http://www.lotterypost.com/thread/231369 My P4 to P3 Pair System

 http://www.lotterypost.com/thread/233360 My Digit 9 Significance System

    rdgrnr's avatar - walt
    -Ridge Runner- Oracle of the Appalachians
    Way back up in them dadgum hills, son!
    United States
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    April 28, 2009
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    Posted: November 26, 2010, 1:27 am - IP Logged

    Question that hopefully someone here can answer! I won $5k on a scratch off about 3 months ago and don't have to pay taxes til I filed for my income taxes..someone told me I can save all my loser as a tax write off and they won't take as much out from my winnings. Anyone do this or know how much I will get for each ticket? Thanks!

    I think you can deduct losing tickets dollar for dollar up to the amount you won if I'm not mistaken.

    Congrats on the nice score, Danyo!


                                                 
                         
                                             

     

     

     

     

                                                                                                       

    "The only thing necessary for evil to triumph is for good men to do nothing"

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      New Member
      Mountain Park, OK
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      November 26, 2010
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      Posted: November 26, 2010, 1:34 am - IP Logged

      You can offset your winning with losses, but you must have the losing tickets as receipts. You are very likely to incur an audit with this kind of write-off.

        four4me's avatar - gate1
        MD
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        June 18, 2003
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        Posted: November 26, 2010, 3:06 am - IP Logged

        Question that hopefully someone here can answer! I won $5k on a scratch off about 3 months ago and don't have to pay taxes til I filed for my income taxes..someone told me I can save all my loser as a tax write off and they won't take as much out from my winnings. Anyone do this or know how much I will get for each ticket? Thanks!

        You save your losers keep the tax form the lottery sent you try and keep a dollar amount of your loses rounded off to the nearest dollar the tax man will enter this information on your tax forms. Find a safe place to store your losers in the event you ever get audited.

        Your only going to get a percentage of what the fed take from you but every little bit helps. If you don't normally itemise deductions then your tax man might tell you to forgetaboutit.

        Big John says. You don't hit the number. The number hits you!!!!

                       I'm not Big John, I'm Four4me, Big John's a friend.
          danyo1332's avatar - 198208 10150427293015037_578305036_17777547_4875050_n
          clinton, ohio
          United States
          Member #94568
          July 22, 2010
          1920 Posts
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          Posted: November 26, 2010, 1:32 pm - IP Logged

          You save your losers keep the tax form the lottery sent you try and keep a dollar amount of your loses rounded off to the nearest dollar the tax man will enter this information on your tax forms. Find a safe place to store your losers in the event you ever get audited.

          Your only going to get a percentage of what the fed take from you but every little bit helps. If you don't normally itemise deductions then your tax man might tell you to forgetaboutit.

          Thanks everyone! Why would they tell me to forget about it if I dont usualy itemize my deductions? Now I have a reason to lol

          http://www.lotterypost.com/thread/231108 My Definite Double System

          http://www.lotterypost.com/thread/231369 My P4 to P3 Pair System

           http://www.lotterypost.com/thread/233360 My Digit 9 Significance System

            four4me's avatar - gate1
            MD
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            June 18, 2003
            7882 Posts
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            Posted: November 26, 2010, 1:53 pm - IP Logged

            Thanks everyone! Why would they tell me to forget about it if I dont usualy itemize my deductions? Now I have a reason to lol

            Since i don't know your tax situation married / single / filing status whether you own or rent. What your base income is. I cant answer all your questions but basically if you are buying a home or are married filing jointly then most people will itimise deductions. And a lottery win falls in the catagory of deductions you are entitled to.

            If you are single filing a short form have no deductions then the tax preparer has nothing to enter for your deductions. It may not be beneficial to you to claim your winning unless it can offset what you owe.

            I am not a tax man so i don't know everything but have through experiance delt with a several lottery wins where i filed for a return. And if i wasn't filing the long form the tax man said to forget about it. Not worth the hassle.

            When you win uncle sam wants his cut since you won money it's called unearned income, income which is reported and you owe taxes on. The taxable amount is what the win was worth and what you received after they got their cut. Ironic isn't it, may as well not won anything since the government wants almost half of it.

            Buy hey for a 1 buck investment it's still a good deal. Enjoy your holiday with your extra cash.

            Big John says. You don't hit the number. The number hits you!!!!

                           I'm not Big John, I'm Four4me, Big John's a friend.