The Biggest Mistake that Lottery Players Make (I SEE this!)

Reply #23

PrisonerSix — Mon, 21 Sep 2015 02:45:45 GMT

I saw an article about that once. Basically, people were buying old tickets for a fraction of their retail value and trying to use them to reduce their taxes, but it sent up red flags with the IRS.

I've thought about keeping old lottery tickets and tracking them in a spreadsheet in case I ever win enough to have to pay taxes, but that hasn't happened yet. I wonder if I'd have to include lower tier prizes if I were to try to do this.

Reply #22

Stack47 — Fri, 18 Sep 2015 00:36:57 GMT

They were probably talking about those who have the professional gambler status and certainly not an average lottery player with one nice win.

Reply #21

Stack47 — Fri, 18 Sep 2015 00:22:32 GMT

Just a guess, but not many LP members use Schedule A, especially those with more than 2 dependants. Those who now use it will benefit more because they already gave up their standard deduction. It doesn't make any sense for a Single filer to use it after a $5000 win regardless how many losing tickets they have.

Even a $25,000 win could be a wash depending on the number of deductions.

Reply #20

JAMORA — Thu, 17 Sep 2015 04:20:53 GMT

At that point you're already in an audit....til then they take your word for it....

Reply #19

JAMORA — Thu, 17 Sep 2015 04:19:05 GMT

I think you can...the win doesn't have to come after the loss, just occur in the same tax year....

Reply #18

MaximumMillions — Thu, 17 Sep 2015 03:55:15 GMT

Passing off strangers' losing tickets as yours is a fun way to get audited.

Reply #17

rcbbuckeye — Thu, 17 Sep 2015 03:34:38 GMT

LOL.

I'll keep that in mind.

Reply #16

Coin Toss — Wed, 16 Sep 2015 23:35:08 GMT

CashCrown,

Thanes for the comment.

Yup, heart bets are the worst bets players can make a lot of times. I worked in Vegas and one of the guys I worked with was the only one who was winner at the end of the season (besides the sports books of course). He'd say 'let them pick their own losers, that's what the house is doing'.

And as you're aware everybody can't wait for football.....well that guy's girlfriend was a sports book auditor for the Fremont and ones baseball season, open... [ More ]

Reply #15

mikeintexas — Wed, 16 Sep 2015 22:22:36 GMT

You can always come live with me.

Mi hovel es su hovel.

Reply #14

CashCrown — Wed, 16 Sep 2015 17:43:56 GMT

There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

Having been a book (years ago before Internet), this is a very truthful statement. It's amazing when you have 15-20 players, and almost all of them would be on the same team (NFL or College) - it seemed to always lose. I used to lay-off some to a friend, but soon realized that the BEST way is just put all the action in one hat and sit back. A 100% accurate stat... [ More ]

Reply #13

CashCrown — Wed, 16 Sep 2015 17:36:35 GMT

Coin - Yes, agreed. I know most on this site know about this. But, with the amount of losing tickets I see on every corner, street (and seeing people toss them in stores) there are a lot of people who don't - just trying to help - even one person. Plus, those who don't know this probably are not on this board and probably aren't going to need it anyway. Again, you might need them if you participate in other gambling, besides Lotto.

As for keeping a Journal? That depends on the IRS Examiner. I... [ More ]

Reply #12

Coin Toss — Wed, 16 Sep 2015 17:27:56 GMT

You can say they were yours but that's not good enough.

Just the losing tickets isn't enough, you need a journal too, game played, $ amount, date, and the tickets.

That's why you can't make a score on Dec. 29th, go to a racetrack on the 30th and scap up thousand of dollars of losing tickets all dated the same day.

Reply #11

zinniagirl — Wed, 16 Sep 2015 14:27:46 GMT

Jmine are shredded and used as kitty litter....

Reply #10

zephbe — Wed, 16 Sep 2015 14:03:19 GMT

or decoupage a wooden coffee table in my den

Reply #9

Crazy Wombat — Wed, 16 Sep 2015 13:52:31 GMT

How about insulation? ... maybe tie them in bundles and stuff them in the wall or fill up the attic.

Probably the most expensive insulation money can buy !

CW

Reply #8

rcbbuckeye — Wed, 16 Sep 2015 13:35:40 GMT

I think I'll suggest that to my wife. Hey Babe, I got a decorating idea .

If you don't see me on LP anymore, you'll know why.

Reply #7

mikeintexas — Wed, 16 Sep 2015 13:23:20 GMT

I don't throw my losing tickets away; instead, I use them as wallpaper.

So far I've done the living room, the bedroom and am about halfway through with the utility room.

Reply #6

Ron5995 — Wed, 16 Sep 2015 11:55:36 GMT

For relatively low amounts, such as under $50K, the IRS may simply accept the tax filer's claim of having gambling losses up to that amount. And, if pressed, having losing lottery tickets in possession supporting the claim of such losses may be sufficient. However, if the IRS chooses to press the issue further, the auditor will want to see a detailed journal of all wins, regardless of amount, and losses. How many here keep such detailed records?...

For those who gamble very heavily, better ha... [ More ]

Reply #5

savagegoose — Wed, 16 Sep 2015 08:07:52 GMT

uif i was losing 10k a year on lotto, i would have bigger problems than taxes. but yeah if taxes are due, and money can be claimed, for those small wins like $5k , it would take some of the bite out. on a big pot win like $100M i dont think anyone would care. Im just glad we dont have to deal with that here.

Reply #4

Wcminor15 — Wed, 16 Sep 2015 07:04:31 GMT

With all due respect..

Who's to say that you don't find a lot of thrown away tickets. I can find and organize thousand of dollars worth, say they were mine.

wCm

Reply #3

RedStang — Wed, 16 Sep 2015 05:07:01 GMT

Can you use tickets from 10yrs ago. I see them for sale on Ebay.

Reply #2

chopperman8238 — Wed, 16 Sep 2015 04:52:40 GMT

Never cared about this snip . I work overseas and dont have to pay any Taxes

This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

Reply #1

Coin Toss — Wed, 16 Sep 2015 04:20:11 GMT

CashCrown,

See, most people don't know that you can USE those losing tickets for tax purposes

Most people on this board know this.

The Biggest Mistake that Lottery Players Make (I SEE this!)

CashCrown — Wed, 16 Sep 2015 04:05:04 GMT

There is a BIG mistake that Lottery players make every day, in every State, City, wherever there is Lottery. I see this happen all the time and I sometimes see a person make this mistake and I will sometimes make their mistake my gain. I would say 95% of all people make this mistake and don't even know they are doing it. As a person who has wagered for 25-30 years, I know NOT to do this and I sometimes mention it when I see someone do this.

AND - it really doesn't have much to do with the Lot... [ More ]