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Loosing Lottery Tickets To Save Them Or Not?

Topic closed. 10 replies. Last post 4 years ago by James1.

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chinalinda143's avatar - batman38
New Member
Miami,Fl
United States
Member #107379
March 6, 2011
11 Posts
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Posted: April 17, 2011, 8:43 am - IP Logged

Hi Everyone, I have a curiosity that i have searched high and low for and can't seem to find the answer. On loosing Lottery tickets if you save them and get a large win and have to go to the Disctrict office to claim that Big win if you take these Loosing Lottery tickets could you have them deducted from the amount of Taxes they would take out from your big win?

And if so, would the Loosing tickets be good from year to year or does this matter?

CHINADance

    Lucki723's avatar - Lottery-050.jpg
    Florida
    United States
    Member #62713
    July 6, 2008
    3529 Posts
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    Posted: April 17, 2011, 10:06 am - IP Logged

    Hi Everyone, I have a curiosity that i have searched high and low for and can't seem to find the answer. On loosing Lottery tickets if you save them and get a large win and have to go to the Disctrict office to claim that Big win if you take these Loosing Lottery tickets could you have them deducted from the amount of Taxes they would take out from your big win?

    And if so, would the Loosing tickets be good from year to year or does this matter?

    Save Them in a show box.Wink

    Believe !!

      Love Notes's avatar - Lottery-043.jpg
      New Member

      United States
      Member #102346
      December 18, 2010
      14 Posts
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      Posted: April 17, 2011, 11:54 am - IP Logged

      Hi, I am also a new member.  However, I believe the loosing tickets are for the year in which you win.

      The loosing tickets must be retained in the event the IRS asks for proof of this deduction when you file your

      tax return.

       

      Good Luck.  I hope we both win huge jackpots in 2011 year!!! 

      .

        pam88's avatar - cat anm.gif
        mount vernon ohio
        United States
        Member #94656
        July 24, 2010
        90 Posts
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        Posted: April 17, 2011, 12:17 pm - IP Logged

         I save all my losers, I hit the pick 4 straight last year. Helped me big time with taxes.

          James1's avatar - 5599078405 12a562a9e7_t.jpg
          Florida
          United States
          Member #104438
          January 14, 2011
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          Posted: April 17, 2011, 10:20 pm - IP Logged

          I started saving last month. Now have thousands $$ worth of losing tickets waiting for that big winner Hyper

          2014 Highest Winner: $500

            Lucki723's avatar - Lottery-050.jpg
            Florida
            United States
            Member #62713
            July 6, 2008
            3529 Posts
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            Posted: April 17, 2011, 10:54 pm - IP Logged

            I started saving last month. Now have thousands $$ worth of losing tickets waiting for that big winner Hyper

            You can actually Deduct that $4k win you recently got.Thumbs Up

            Believe !!

              James1's avatar - 5599078405 12a562a9e7_t.jpg
              Florida
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              Member #104438
              January 14, 2011
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              Posted: April 17, 2011, 11:14 pm - IP Logged

              You can actually Deduct that $4k win you recently got.Thumbs Up

              If im not mistaken anything up to $5K is not taxed right ? 

              I believe its the $5K + wins you gotta worry about.

              2014 Highest Winner: $500

                pam88's avatar - cat anm.gif
                mount vernon ohio
                United States
                Member #94656
                July 24, 2010
                90 Posts
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                Posted: April 17, 2011, 11:22 pm - IP Logged

                If im not mistaken anything up to $5K is not taxed right ? 

                I believe its the $5K + wins you gotta worry about.

                Here in OH anything over $ 600.00 , you have to pay taxes on.

                  B$Rizzle's avatar - a4leds
                  The Ville, FL
                  United States
                  Member #95881
                  August 19, 2010
                  1708 Posts
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                  Posted: April 18, 2011, 12:50 pm - IP Logged

                  If im not mistaken anything up to $5K is not taxed right ? 

                  I believe its the $5K + wins you gotta worry about.

                  James - in FL anything over $599 gets added to your taxable income. They just dont withhold taxes on any claim less than $5K when you claim it at the lotto office.

                   

                  If you claim a Play4 for $5,000, the lottery office will hand you a check for $5,000. If you claim a $10,000 prize, you will walk away from the lottery office with a check for $7,500.

                   

                  Regardless the IRS will get thier cut off anything over $599, whether its at the lottery office, or at the end of the year when you do your taxes.

                    TheOtherOne's avatar - Lottery-027.jpg
                    Nashville, TN
                    United States
                    Member #86740
                    February 9, 2010
                    478 Posts
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                    Posted: April 18, 2011, 1:02 pm - IP Logged

                    James - in FL anything over $599 gets added to your taxable income. They just dont withhold taxes on any claim less than $5K when you claim it at the lotto office.

                     

                    If you claim a Play4 for $5,000, the lottery office will hand you a check for $5,000. If you claim a $10,000 prize, you will walk away from the lottery office with a check for $7,500.

                     

                    Regardless the IRS will get thier cut off anything over $599, whether its at the lottery office, or at the end of the year when you do your taxes.

                    This is how TN is as well

                     

                    I think this is also the reason so many people play cash3 -- if they hit the 500 prize, it isnt taxed.

                     

                    I also started saving most of my losing tickets back in February after hitting 1000 on a scratch off. I plan to keep saving them all year and hopefully I will have an even bigger win!

                      James1's avatar - 5599078405 12a562a9e7_t.jpg
                      Florida
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                      Member #104438
                      January 14, 2011
                      2194 Posts
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                      Posted: April 18, 2011, 5:34 pm - IP Logged

                      James - in FL anything over $599 gets added to your taxable income. They just dont withhold taxes on any claim less than $5K when you claim it at the lotto office.

                       

                      If you claim a Play4 for $5,000, the lottery office will hand you a check for $5,000. If you claim a $10,000 prize, you will walk away from the lottery office with a check for $7,500.

                       

                      Regardless the IRS will get thier cut off anything over $599, whether its at the lottery office, or at the end of the year when you do your taxes.

                      Thats awful. Well I actually found that out today. Kind of gave me a sour taste on playing anymore.

                      2014 Highest Winner: $500