Tax write offs: Scratch offs vs. Online game losers

Reply #4

TheOtherOne — Fri, 04 Feb 2011 20:38:18 GMT

Thanks for the input everyone.

Raven62 that is exactly what I needed, thank you. When i searched it only returned forum results.

One other question that wasnt answered there: How long into next year should I hold on to the old tickets and records? I.e, if I were to get audited would it take place before the *next* tax season (in other words would I just need to hold them for 2012 then trash them

Reply #3

Raven62 — Fri, 04 Feb 2011 19:27:11 GMT

Lottery Post Forums Search is Your Friend:

https://www.lotterypost.com/news/79646

Reply #2

ameriken — Fri, 04 Feb 2011 17:43:21 GMT

I save all my scratch-offs and losing lottery slips for the day that I win something taxable, plus I keep a daily record of cash spent on tickets and my winnings.

Reply #1

Stack47 — Fri, 04 Feb 2011 16:26:55 GMT

We're allowed to deduct any gambling loss up to the value of the winnings which includes any online lottery games, scratch-offs, race tracks, and casino losses if the play is tracked with a players card. You should have no problem claiming $1000 in losses because that's only averages $20 per week. However to claim the $1000 loss, you'll lose your standard deduction.

Professional gamblers are required to keep records of every bet they make and the results.

Tax write offs: Scratch offs vs. Online game losers

TheOtherOne — Fri, 04 Feb 2011 05:31:15 GMT

I have been searching through this site for insight on tax deductions. I think I have the answer, but some things are unclear as far as, should I save scratch offs as receipts, or losing tickets such as Mega millions, powerball, etc.

Here's the scenario: I won $1,000 from a Giant Jumbo Bucks scratch off here in TN. The lottery HQ gave my w2g.

So now I want to save tickets as receipts, but that is one thing: I never actually receive a receipt when I buy a scratch off (or online game for tha... [ More ]