Do you save your tickets?

Reply #38

jarasan — Sun, 30 Mar 2008 15:16:38 GMT

Thanks Litebets. If and when I play the Keno, I play just one or two games and walk away. Also, I try to play during the peak time of the most Keno players between 6PM and 9PM, that is when the game software pays the most, you either hit something or walk away, if I wager $6 and hit for any amount I consider that a big win and walk away happy.

Reply #37

Litebets27 — Sun, 30 Mar 2008 15:07:19 GMT

A big congratulations to you jarasan!!

Oh, and YES, I save my tickets for the year.

litebets

Reply #36

jarasan — Sun, 30 Mar 2008 14:45:46 GMT

You get your money here all of it up to$5000 then next year when you file it counts to your income. You get one of these shortly after claiming. This is a lucky keno hit 1$ 4x bonus 1 game 5 spot. Notice there is no tax paid top right. It looks like the W-2's you get from work.

This a W-2G, MD. gives you individual tickets for P3-P4, so you never have to go to lottery headquarters unless it is over 5K. If you hit 20 straight P4's at once you collect the entire amount 5K at a time and sett... [ More ]

Reply #35

KyMystikal — Sun, 30 Mar 2008 14:36:16 GMT

I save the winning tickets if the store will let me have them after they cash them but, I don't do it for bragging rights. A lot of people at my job didn't beleive that I hit the numbers as much as I do. I'm starting to beleive them now. It's been a couple of weeks since I have hit anything worth mentioning. I used to hit anywhere from 2 to 5 times a week between the 2 draws on Pick 3.

Reply #34

KyMystikal — Sun, 30 Mar 2008 14:28:45 GMT

I do the same thing.

Reply #33

rcbbuckeye — Sun, 30 Mar 2008 14:06:55 GMT

I am detail oriented (ie: anal) that I keep my tics and a log in excel. If I win enough to pay taxes then I can have some losses to claim.

Reply #32

mylollipop — Sun, 30 Mar 2008 11:30:17 GMT

Only for the current year for tax purposes----gains and losses

Reply #31

Vergie6 — Sun, 30 Mar 2008 02:09:50 GMT

I save the tickets I win with if it's an new ticket out and I win a lot and put it in a scrapbook. If the clerk will not let me keep it I make a copy of it before I cash it in and keep that. Some of them will mark out the scanning lines and write paid on the back and let me keep the original ticket (scratch-off ones)

I save my non-winning pick 3 and cash 5 tickets and randomly draw some and play the numbers again at various times and you'd be surprised how many times I have won doing that.... [ More ]

Reply #30

Stack47 — Sat, 29 Mar 2008 20:49:39 GMT

It wouldn't be so bad if we were just taxed on the amount over $599, but the way it's set up, if we win $601, we are actually paying over $70 in taxes on the extra 2 bucks.

Reply #29

dphillips — Sat, 29 Mar 2008 19:25:56 GMT

manofmany, you have my vote on the $200,000 win. I, too, would gladly pay those taxes -- while laughing all the way to the bank!

Finally, as you mentioned, to be taxed on $600.00 is ridiculous. The government is so blood thirsty, especially when it comes to the middle-class working people. Now, the government will pull out all the organ stops for the wealthy, summon the trumpeters to announce their arrival at the White House, while demanding the heads of the middle-class at the government-con... [ More ]

Reply #28

manofmany — Sat, 29 Mar 2008 18:15:23 GMT

Paying taxes on $600 is ridiculous. I won't get into the tax debate though.

If I won 200k x10 I would gladly pay it and still have enough to turn my life around

Reply #27

player345 — Sat, 29 Mar 2008 17:22:57 GMT

pacattack05,

I made a copy of the two winning tickets and I thank you for posting the obvious!!! I didn't think of this!! Congrats on your wins and thank you for adding this information here lol.

I placed the copy of the winning tickets with our genealogy papers and hopefully it won't be discovered by our family (sons) until we're long gone as we didn't mention it to them. We bailed them out last year with their cars and other problems!! Money came in time for our property taxes in Feb so... [ More ]

Reply #26

dphillips — Sat, 29 Mar 2008 13:45:38 GMT

You're killing me! I can't stop laughing. What creativity.

Reply #25

LottoAce — Sat, 29 Mar 2008 13:42:46 GMT

Yes, I save my tickets. like most of you, I was doing so, in case I hit a second or third place prize. (first would be better)

All this year I have been saving and logging my losing tickets, Heres something that I never considered untill recently, that you may want to think about. like for instance, I don't know if you are aware but the powerplay option on the Powerball is an automatic 10 for this Sats draw!!...

it wouldn't take much of a hit to push me over the 600 dollar mark, forc... [ More ]

Reply #24

jarasan — Sat, 29 Mar 2008 01:40:05 GMT

I'm thinking of keeping them for a couple of years in case of audits, I've had W-2G's the past fours years, and of course claimed gambling losses the past four filings. Getting audited is kinda like hitting P4 straight they say the odds are 1:10000.

Oh! You better watch out,

You better not cry,

You better not pout,

I'm telling you why:

The IRS is coming to town!

They're making a list,

Checking it twice,

Gonna find out who's naughty or nice.

The IRS is coming to... [ More ]

Reply #23

pacattack05 — Fri, 28 Mar 2008 23:08:57 GMT

Simply put the same URL into the section for avatars. Copy and paste.

If you want, pm me and I'll direct you through it.

Reply #22

JAP69 — Fri, 28 Mar 2008 23:08:52 GMT

Playing the pick 3 with only one number daily I do not have any losers to save.

The tickets get cashed in.

Now was that a line of or what.

Reply #21

xthundercat2003 — Fri, 28 Mar 2008 23:05:33 GMT

thank you player345 but im trying to put it the avatar but im haveing a hard time doing it

Reply #20

justxploring — Fri, 28 Mar 2008 23:05:27 GMT

They make nice wallpaper.

Reply #19

pacattack05 — Fri, 28 Mar 2008 23:03:22 GMT

I don't even save the winners. I make a copy of the 500 dollar winning ticket and then cash it in.

Later I can have bragging rights with the copy...lol

Reply #18

JustFrozen — Fri, 28 Mar 2008 22:59:20 GMT

Since I plan on actually having winnings, yes I do save my tickets. But now I'm getting worried of my wife seeing the stash. It looks kinda bad when you don't consider the ones that are missing more than make up for it

Reply #17

MaddMike51 — Fri, 28 Mar 2008 22:36:06 GMT

Those tickets (2003-2006) are probably useless for tax purposes.If you haven't filed your 2007 taxes yet,AND you have gambling winnings,you can use the tickets you bought in 2007 to offset your winnings.You can deduct up to the amount of your winnings.If you won $1,000,you can deduct up to $1,000 in gambling losses.Check with your tax preparer fo the specifics.

Reply #16

player345 — Fri, 28 Mar 2008 22:33:23 GMT

Your welcome xthundercat. Nice avatar there! All glittery and bright!

player345

Reply #15

xthundercat2003 — Fri, 28 Mar 2008 22:29:27 GMT

thanks player345 but i can not because im in s.si and if i do they well take me off ssi you a check i get ones a month im in a fix income

Reply #14

player345 — Fri, 28 Mar 2008 22:24:39 GMT

Hi xthundercat2003!

If you won during those years and itemized deductions I imagine they are good. Someone will chime in who knows the rules like Stack47 does.

I believe it is just for this year's tickets only. We (hubby and I) would claim our winnings on our 2008 income tax return in 2009.

I hope you can get something for those tickets thundercat! :)

player345

Reply #13

xthundercat2003 — Fri, 28 Mar 2008 22:17:02 GMT

are you saying that the old lottery tickets i have save for years are good for taxes because i have tickkets from 2003and 2004-2005-2006-2003i have a stack too

Reply #12

player345 — Fri, 28 Mar 2008 22:02:37 GMT

Hi Stack47!

Thanks :) Congrats to you to for hitting a 4 digit also. It's a great feeling for sure! Continued good fortune to you.

Yes we do itemize deductions. Thanks for telling me that because no one mentioned that part of the equation!

player345

Reply #11

tntea — Fri, 28 Mar 2008 21:54:48 GMT

LOL

Reply #10

MaddMike51 — Fri, 28 Mar 2008 21:46:34 GMT

I've had enough gambling wins in the past several years that I not only save my lottery tickets,I'll pick up tickets that other people throw away.I've never been audited by the IRS,but if I ever do I intend to be able to prove that I spent more on gambling than I won.I keep them in bags next to my tax returns.

Reply #9

OldSchoolPa — Fri, 28 Mar 2008 21:33:47 GMT

No I don't save my tickets...my wife likes to snoop through my stuff and saving a lot of lottery tickets would make it just too easy for her to find out that I do indeed play the lottery (fyi she doesn't believe in playing the lottery). Although I try to be tax savy up to a certain point, I obviously cannot claim lottery losses (try passing that one by your wife who doesn't believe in playing the lottery). Besides, I play to win and I don't think she will have any problem at all when I report th... [ More ]

Reply #8

Stack47 — Fri, 28 Mar 2008 21:13:23 GMT

You can deduct up to the amount you won in gambling losses but to do that, you must use itemized deductions. When I hit the pick-4, I still had to use the standard deductions because I didn't have enough other deductions to make it worthwhile.

A tax software will give you both results and if somebody does your taxes they will try both ways too.

Congratulations on your nice win

Reply #7

manofmany — Fri, 28 Mar 2008 21:08:43 GMT

I'm keeping mine in case I ever win the big one so I can see just how much it took to get to that point and see what I really won.

Reply #6

player345 — Fri, 28 Mar 2008 20:12:35 GMT

This year for sure I am keeping my losing tickets as for the first time ever I hit a 4 digit straight for $5K.

A friend of my sister said to keep all losing tickets (racetrack included) until December 31 so one can claim their winning ticket(s) against their losing tickets on their income taxes the following year. One could hit for $1K on December 31 and not have any losing tickets to claim and thereby would have to pay the whole tax for the $1K, as an example.

Not claiming losing ticket... [ More ]

Reply #5

Coin Toss — Fri, 28 Mar 2008 20:11:17 GMT

In the hope that I'll hit something and have the tickets to prove losses to write off, yes.

My play is under $1,000 a year though, so....

On Dec 31st of every year if there was no prized that were claimable (>$600) we have a ticket shredding party to bring in the New Year.

FYI, someone here (I'm prety sure it was RJOh) that keeping the tickets isn't enough, you also have to have a log of your play - that's one of the things I learned here at LP.

Reply #4

ThatScaryChick — Fri, 28 Mar 2008 19:52:37 GMT

I used to save my old tickets, but I decided it was a waste to keep them around so I now throw them away after a month of so.

Reply #3

Uff Da! — Fri, 28 Mar 2008 19:47:23 GMT

Only for the current year. If I haven't won anything big enough to enter on my taxes, I don't have gambling gains; therefore I can't declare gambling losses. So out the old ones go.

Reply #2

dphillips — Fri, 28 Mar 2008 19:44:55 GMT

No, I do not save my tickets

Reply #1

rubberbandman — Fri, 28 Mar 2008 19:41:42 GMT

Of course, they are tax-refundable.

Do you save your tickets?

manofmany — Fri, 28 Mar 2008 19:34:51 GMT

I do. I have a large stack dating back to August of 07 when I first began buying. Consists of Powerball and Hoosier Lotto tickets.