Tax Question Offset Winnings/Losses

Reply #7

Stack47 — Tue, 14 Oct 2008 02:17:56 GMT

If you already itemize your deductions, you can simply put $1000 as gambling losses on line 28 of Schedule A. If you use the Standard Deductions you'll have to calculate it both ways use the better of the two.

Reply #6

mrsr — Mon, 13 Oct 2008 22:37:38 GMT

Thanks. I have regular lottery tickets (which have dates) and scratch-off tickets from this year. I only want to offset the $1,000 in winnings with what I lose. I don't plan to go over, but any little bit helps

Reply #5

Coin Toss — Mon, 13 Oct 2008 22:14:11 GMT

In a previous discussion about this, someone (I think it might have been RJOh) mentioned that just having losing tickets isn't good enough, you also should keep a log of how much you play and when.

Otherwise someone could win something reportable (over $600 usually), go to a race track or lotto place, or casino Keno parlor, and just gather up losing tickets all at once.

Also, the law is you can only write off your losses up to your winnings- in other words, if you win $1,000 and have $3500... [ More ]

Reply #4

mrsr — Mon, 13 Oct 2008 17:25:46 GMT

No, I haven't but I will look for it. Thank you so much for your help

Reply #3

Todd — Mon, 13 Oct 2008 17:21:56 GMT

Great! Then all you have to do is total up your losing tickets and cancel out that win on your taxes. There is a special form for reporting gambling wins and losses, but maybe you've already seen that.

Reply #2

mrsr — Mon, 13 Oct 2008 14:32:54 GMT

Thanks for your help. Yes, it was reported to the IRS because I won the sum on one ticket. And, yes, I have kept all of my losing tickets-just in case

Reply #1

Todd — Mon, 13 Oct 2008 14:22:07 GMT

Yes, but only worry about all that reporting if the $1,000 was reported to the IRS. Also, in order to make the whole thing work (whether it is reported or not), you need to keep all your losing tickets. If you don't keep them, then you don't have proof that you lost the money if there is an audit.

Tax Question Offset Winnings/Losses

mrsr — Mon, 13 Oct 2008 14:06:54 GMT

I won $1,000 this year on a scratch off ticket. I have also lost on scratch-of tickets this year. Am I able to claim the losses against the winnings to decrease the amount of taxes I will have to pay? I live in PA. Sorry if this has been asked before. I looked around, but couldn't find my answer.