https://www.lotterypost.com/thread/170903 Lottery Post Forum Topic: Taxes on Prize Winnings en-us Lottery Post RSS Generator https://www.lotterypost.com/thread/170903/984217 https://www.lotterypost.com/thread/170903/984217 Sat, 23 Feb 2008 21:56:23 GMT Todd Any prize less than about $600 (varies slightly by state) can be claimed at any lottery retailer. They do not hold back any taxes when you claim your prize for less than $600. Technically, you're supposed to claim such prizes on your taxes at the end of the year, but I doubt many people do that, because nobody really knows they won anything.

If you do have some significant prizes to claim on your taxes at the end of the year, you can offset whatever amount you spent on tickets (winning or los... [ More ]

]]> Todd https://www.lotterypost.com/thread/170903 https://www.lotterypost.com/thread/170903 Sat, 23 Feb 2008 16:11:50 GMT RocketDog Hi, I'm new here and had a question for all of you. Let's say you buy a $20 scratch off and win $40. When claiming the prize winnings on your taxes, would I say I won $40, say I won $20 (difference between winnings and cost of ticket) or say I won $40 but claim a loss of $20.

]]> RocketDog