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Eastern Time (GMT-5:00) | Loosing Lottery Tickets To Save Them Or Not?New Member
Miami,Fl United States Member #107405 March 6, 2011 11 Posts Offline | | 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? CHINA | | |
Florida United States Member #63204 July 6, 2008 3213 Posts Offline | | 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. "Failure cannot cope with persitence" | | |
New Member
United States Member #102372 December 18, 2010 14 Posts Offline | | 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!!! . | | |
mount vernon ohio United States Member #94683 July 24, 2010 90 Posts Offline | | 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. | | |
Florida United States Member #104464 January 14, 2011 1971 Posts Offline | | Posted: April 17, 2011, 10:20 pm - IP Logged | |
I started saving last month. Now have thousands $$ worth of losing tickets waiting for that big winner  | | |
Florida United States Member #63204 July 6, 2008 3213 Posts Offline | | Posted: April 17, 2011, 10:54 pm - IP Logged | |
I started saving last month. Now have thousands $$ worth of losing tickets waiting for that big winner You can actually Deduct that $4k win you recently got. "Failure cannot cope with persitence" | | |
Florida United States Member #104464 January 14, 2011 1971 Posts Offline | | Posted: April 17, 2011, 11:14 pm - IP Logged | |
You can actually Deduct that $4k win you recently got. If im not mistaken anything up to $5K is not taxed right ? I believe its the $5K + wins you gotta worry about. | | |
mount vernon ohio United States Member #94683 July 24, 2010 90 Posts Offline | | 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. | | |
The Ville, FL United States Member #95908 August 19, 2010 1708 Posts Offline | | 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. | | |
Nashville, TN United States Member #86763 February 9, 2010 468 Posts Offline | | 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! | | |
Florida United States Member #104464 January 14, 2011 1971 Posts Offline | | 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. | | |
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