Is 599 and below taxable lottery income?

Comment #7

pacattack05 — Fri, 18 Jan 2008 07:53:17 GMT

Thank you sacredstone.

Comment #6

sacredstone — Fri, 18 Jan 2008 03:14:44 GMT

http://www.irs.gov/newsroom/article/0,,id=172190,00.html

Comment #5

pacattack05 — Thu, 17 Jan 2008 20:06:59 GMT

Justx, I owe you ticket and a dream..lol..thanx.

Comment #4

Britney — Thu, 17 Jan 2008 07:09:59 GMT

All income is taxable. If it is less than $600 for a lottery ticket, you don't have to go to the lottery office and pay tax at that time, etc. However, by law you are required to list all income on your income tax forms. Most people don't. With gambling you can deduct your losses to offset your winnings, but you need to prove your losses. Keep your losing lotto tickets.

Comment #3

justxploring — Thu, 17 Jan 2008 07:08:38 GMT

Pac, that link from the IRS should win you that $10 bucks! Buy me a lottery ticket. LOL

Comment #2

justxploring — Thu, 17 Jan 2008 07:06:36 GMT

http://www.irs.gov/newsroom/article/0,,id=175963,00.html Read where it says "It is a common misconception that if a taxpayer does not receive a Form 1099-MISC or if the income is under $600 per payer, the income is not taxable. There is no minimum amount that a taxpayer may exclude from gross income." <br

Comment #1

four4me — Thu, 17 Jan 2008 04:58:57 GMT

Lets say you bought 20 separate pick 3 tickets and you hit the number straight. Most people would cash them in different places to avoid paying tax. But supposed you were not that bright and walked into lottery headquarters with your 20 tickets. You can bet your bottom dollar you going to pay tax on your winnings. Cause they will add all the tickets together not give you cash and then they'll write a check for you after they take there's off the top. And then they'll send you the forms for the... [ More ]

Original Blog Entry: Is 599 and below taxable lottery income?

pacattack05 — Thu, 17 Jan 2008 04:38:45 GMT