Scratch offs as a tax write off?

Reply #5

four4me — Fri, 26 Nov 2010 18:53:03 GMT

Since i don't know your tax situation married / single / filing status whether you own or rent. What your base income is. I cant answer all your questions but basically if you are buying a home or are married filing jointly then most people will itimise deductions. And a lottery win falls in the catagory of deductions you are entitled to.

If you are single filing a short form have no deductions then the tax preparer has nothing to enter for your deductions. It may not be beneficial to you to... [ More ]

Reply #4

danyo1332 — Fri, 26 Nov 2010 18:32:30 GMT

Thanks everyone! Why would they tell me to forget about it if I dont usualy itemize my deductions? Now I have a reason to lol

Reply #3

four4me — Fri, 26 Nov 2010 08:06:18 GMT

You save your losers keep the tax form the lottery sent you try and keep a dollar amount of your loses rounded off to the nearest dollar the tax man will enter this information on your tax forms. Find a safe place to store your losers in the event you ever get audited.

Your only going to get a percentage of what the fed take from you but every little bit helps. If you don't normally itemise deductions then your tax man might tell you to forgetaboutit.

Reply #2

muppet — Fri, 26 Nov 2010 06:34:36 GMT

You can offset your winning with losses, but you must have the losing tickets as receipts. You are very likely to incur an audit with this kind of write-off.

Reply #1

rdgrnr — Fri, 26 Nov 2010 06:27:43 GMT

I think you can deduct losing tickets dollar for dollar up to the amount you won if I'm not mistaken.

Congrats on the nice score, Danyo

Scratch offs as a tax write off?

danyo1332 — Fri, 26 Nov 2010 05:50:33 GMT

Question that hopefully someone here can answer! I won $5k on a scratch off about 3 months ago and don't have to pay taxes til I filed for my income taxes..someone told me I can save all my loser as a tax write off and they won't take as much out from my winnings. Anyone do this or know how much I will get for each ticket? Thanks