Save losing lottery tickets as a tax write-off.

Reply #17

Stack47 — Fri, 16 Aug 2019 22:06:27 GMT

or is there some reason that think it's relevant?

The topic is about tax write-offs and I'm pretty sure people might want to hear from someone having experience winning large sums rather than someone that just read about it on the Internet . And why I suggested checking with a reliable tax accountant.

Using Schedule A for gambling deductions is not one size fits all depending on the amount of the gambling winnings because we lose our standard deductions which is $24,000 for married filin... [ More ]

Reply #16

Brennie — Thu, 15 Aug 2019 22:32:22 GMT

LOL, too funny! That would be a sight to see. I know my kids are wondering why I am laughing so hard right now.

Reply #15

KY Floyd — Mon, 12 Aug 2019 04:14:06 GMT

Just wondering, have you won enough to get a W-2G and then deducted gambling losses using Schedule A?

If you're just wondering does that means it's strictly curiosity, or is there some reason that think it's relevant?

Wouldn t you have to prove that you re able to live off of your winnings?

How about once more with context

Reply #14

Soledad — Sun, 11 Aug 2019 15:54:25 GMT

Wouldn t you have to prove that you re able to live off of your winnings? Just curious.

Reply #13

rcbbuckeye — Sun, 11 Aug 2019 12:51:56 GMT

Great idea!

I've been wondering what to do with all the losing tix I've accumulated over the years

Reply #12

mikeintexas — Sun, 11 Aug 2019 09:43:10 GMT

Great idea! I never thought of doing that!

I've just been using my losing tickets to wallpaper my walls. So far, I've done two bedrooms, the kitchen and have started in on the den.

Reply #11

Stack47 — Sat, 10 Aug 2019 07:21:32 GMT

Just wondering, have you won enough to get a W-2G and then deducted gambling losses using Schedule A

Reply #10

KY Floyd — Sat, 10 Aug 2019 07:05:19 GMT

after I won that I would just go out and buy a bunch of scratchers and claim those losers against the winning amount

All the extra losers don't help you out because you spend more to buy them than you save by having the deduction. OTOH, the deduction does mean that your cost to buy the tickets is less. Overall you probably still lose, but if you already had a big enough win the deduction in a few high tax states makes the real cost of a $1 ticket pretty close to 50 cents.

At least in theo... [ More ]

Reply #9

Coin Toss — Sat, 10 Aug 2019 04:43:57 GMT

maximumfun,

No poor little mind on your part..........your idea was certainly better than someone looking to write off 'losers' and hanging out at a sports book, horse racing track or Keno lounge and gathering up a bunch of tickets ....................all dated within the same day or two (it's been done)

But lets just say you go buy a bunch of scratchers to offset your winnings.........you're going to scratch them of course so you can show losers.......but one of them gives you even more i... [ More ]

Reply #8

maximumfun — Fri, 09 Aug 2019 18:45:22 GMT

That is way too sad for my poor little mind.

Reply #7

Coin Toss — Fri, 09 Aug 2019 05:04:05 GMT

maximimfun,

The tax people are wise to such moves.

Reply #6

maximumfun — Thu, 08 Aug 2019 02:24:17 GMT

You are doing great to be planning ahead. I was thinking that after I won that I would just go out and buy a bunch of scratchers and claim those losers against the winning amount... your way is much better.

Reply #5

Stack47 — Wed, 07 Aug 2019 03:45:21 GMT

If you win say $7000 that is the amount you enter on line 21 of your 1040. And any gambling losses are reported on line 28 of Schedule A.

But like I said in the other post, if you win enough to get a W-2G and want to deduct gambling losses, talk to an accredited tax accountants.

Reply #4

Coin Toss — Wed, 07 Aug 2019 00:26:15 GMT

LiveInGreenBay,

This has been discussed before, a few years back..........

If you win let's say $7000 and lost $2000 you have $5000 in winnings. The law is you can write off your winnings up to your losses.

Someone also posted that losing tickets aren't enough proof, you need a log book to reflect the tickets, not like this;

Aug 6 2019 $4 lottery

but more like this

Aug 6 2019

$1 scratcher

$3 Mega millions

Reply #3

aux8b — Tue, 06 Aug 2019 20:54:40 GMT

Yes I do . I keep all of non winning tickets in one box,and take them to my tax office when I file. I try to get a receipt from the stores where I buy my tickets. And cash in tickets.

Reply #2

Stack47 — Tue, 06 Aug 2019 20:26:47 GMT

We can claim up to $6000 in losses on $6000 winnings by itemizing deductions. Claiming gambling losses is more complicated than just reporting it. Here's a list of what you'll need.

But to be safe, talk to an accredited accountant on anything IRS related.

Reply #1

mzacct1913 — Tue, 06 Aug 2019 20:24:41 GMT

you can write off gambling losses = to gambling winnings!

Tax Accountant (MsAcct1913

Save losing lottery tickets as a tax write-off.

LiveInGreenBay — Tue, 06 Aug 2019 16:10:24 GMT

Does anyone here save their losing lottery tickets as a tax write-off against any winnings? For instance, if I were to win $6,000 and if I had 6K worth of losing tickets, could I write-off the entire 6K or just the tax I paid on the 6K? Just curious if anyone here does that.