keep losing tickets from the year to write off the winnings

Reply #17

DoubleDown — Wed, 11 Apr 2007 21:11:55 GMT

Shhhhh...

Be vewy vewy quiet Miss Bee ...

Reply #16

Miss Bee — Wed, 11 Apr 2007 20:50:53 GMT

The lady that does my taxed says you are allowed to claim as losses as much as you won.

One year at sams in tunica my profit /loss staement showed I had won 125,000.00 now this was a mistake on thier part, no wat did I win that much, so we claimed 125,000.00 in losses.

This is what we do every year, now you cannot claim as losses more than you won, you can only break even which is fine with me. This might change if you are registered as a professional gambler.

Reply #15

LAVERNE MALONEY — Wed, 11 Apr 2007 19:23:28 GMT

I have seen people who walk around the lottery counter looking for collecting tickets on the floor, on the shelves even around the machines that dispense lottery scratch off tickets.

Reply #14

KY Floyd — Wed, 28 Mar 2007 06:47:42 GMT

For example 2 you've got $599 in net gains on your win (assuming it was a $1 ticket and a single win) and since you spent more than that on other tickets you can deduct $599 in gambling losses. If your CPA calls it 600 and 600 that's fine, but the two are the same amount and cancel out. If you were really told you could only claim $400 in losses you need a new CPA.

Reply #13

jarasan — Wed, 28 Mar 2007 02:48:02 GMT

HR BLOCK, TAX CUT, etc. online filing software asks if you have any W2g's and then it asks for gambling losses all automatically, again you gotta have receipts (losing tix) though I would recommend always keeping them. LOL jarasan

Fear this.

Reply #12

guesser — Wed, 28 Mar 2007 02:39:07 GMT

You can only claim as a loss the maximum amount that you won.

If you bought $1,000 in tickets and won only $10.00, you can only claim a loss of $10.00.

If you bought $1,000 in tickets and won $600, you can claim $400 in losses, but you will also file the $600 winnings as income.

If you bought $1,200 in tickets and won $1,000, you can claim $200 in losses, but you will also claim the $1,000 as income.

That's what my CPA says, and filed for me about a month ago.

Reply #11

pigsNtrees — Mon, 26 Mar 2007 20:45:44 GMT

No but I do keep my large jackpot losing tickets for bookmarks.

Reply #10

RJOh — Mon, 26 Mar 2007 20:17:05 GMT

The federal tax laws are the same in all the United States and you are talking about the Tennessee that's is the U.S, are you not

Reply #9

LOTTOMIKE — Mon, 26 Mar 2007 19:58:36 GMT

i would like to do this but wonder if it would be allowed in tennessee

Reply #8

jarasan — Mon, 26 Mar 2007 15:22:34 GMT

CT, RJ, JX, you are all correct, up to what you win, you have to have the W2-G to claim winnings, and if you get audited you need receipts, winnings are income. The bets placed, are a deduction, the cost of gambling. I just won a 50/50 P4 straight I had to fill the form out show Drivers and SS#, it takes just a few days but I will receive a W2-G for this years income tax. Anyway that reminds me I got get that tax return done for last year ASAP. LOL jarasan

This flag don't fly without taxes.... [ More ]

Reply #7

RJOh — Mon, 26 Mar 2007 15:15:20 GMT

First of all everyone gets a standard deduction of $4500 which includes all their lost including those from gambling, interest on debt, work expenses and etc. unless they can prove more and they can only deduct gambling lost up to what they won regardless of the amount spent getting that win if they're not a professional gambler.

A few years back I spent $3000 on lottery tickets and won a $1500 prize. I could deduct up to $1500, but it and all my other deductions didn't exceed the standard... [ More ]

Reply #6

JAG331 — Mon, 26 Mar 2007 14:41:15 GMT

That's my point. I spend $250-$500 a year on lottery tickets, so the tax deduction would work out at most to around $150-$200. If I'm paying hundreds of thousands of dollars in taxes on a big win, I'm not going to sweat an extra $150 that would require me to keep a log book of my purchases to claim.

Reply #5

Coin Toss — Mon, 26 Mar 2007 14:08:36 GMT

Badger

It will still help for Federal.

____________

Justxploring

Exactly right!

RJOh (I think it was him) posted about this before, the tickets alone are not enough, you also need a journal of daily play.

That's to prevent someone from making a late year hit and then hanging out at a race track, Keno parlor, sports book, or lotto outlet and collecting losing tickets off the floor. (There's people that actually tried this).

The law is you can write off your winings up... [ More ]

Reply #4

justxploring — Mon, 26 Mar 2007 13:47:06 GMT

It's not as easy as most people think. If you are audited, you'll have to prove you actually bought the tickets yourself and keep a log of your purchasing activities, the same way a salesperson has to log mileage and expenses. The IRS knows that anyone can grab a bunch of scratchers from a trash can ouside of a supermarket or collect losing tickets from friends.

I do keep my tickets anyway, although I've never had the opportunity to use them for that purpose.

(I actually read this m... [ More ]

Reply #3

JAG331 — Mon, 26 Mar 2007 13:38:51 GMT

1. What winnings?

2. Too much work. If I hit big, I'll pay the extra $150 in taxes that I could've written off for the year.

Reply #2

MegaWinner — Mon, 26 Mar 2007 12:53:11 GMT

I always thought it was messed up that one has to claim any winnings over a certain amount but can't claim losses. Its not fair. In the casino, you have to claim slot machine jackopts over $1,199 but most people lose waaaayyyyy more than that. They won't even pay you unless you fill out the appropriate tax forms.

On the tables is a little bit more lenient. You have to claim any winnings over $10,000. That means if you go to the cash out window with $10,000.25 dollars (yes, minibaccarrat... [ More ]

Reply #1

Badger — Mon, 26 Mar 2007 12:05:39 GMT

At least in Wisconsin it wouldn't help you on your state taxes. They revoked the law that allowed you to do that. You can not deduct any losing tickets on your income tax form. But they expect you to declare your winnings (anything you win under $599 on one ticket is paid by the retailer, and there is no paperwork so the state doesn't know who won the money) ...and obviously, any prize won of $600 or more, that must go through the Lottery Office, so they do know about that, and you better dec... [ More ]

keep losing tickets from the year to write off the winnings

LOTTOMIKE — Mon, 26 Mar 2007 11:36:18 GMT

do you keep losing tickets from the year to write off winnings so you won't have to pay taxes on the winnings