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• OKCTALK

  

  OKLAHOMA CITY
  United States
  Member #32,621
  February 14, 2006
  2 Posts
  Offline
  Feb 14, 2006, 11:22 am

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  Hello Everyone, I'm thrilled to be here and make my first official post. I'm wondering if anybody can shed some light on whether or not you can save your old lottery tickets and use them as a tax write-off to off-set your winnings.

  If so, can you do the same for online bets if you use services like betslips?

  There are 3 kinds of people in this world...those you want things to happen, those that make things happen, and those who just wonder what the hell happened!
• konane

  

  USA
  United States
  Member #1,265
  March 13, 2003
  11,443 Posts
  Offline
  Feb 14, 2006, 11:38 am

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  My understanding unless the rules have changed is that they are good for the year in which they were bought to use as a loss-deduction against winnings.

  Check drawing dates on regular tickets, also find out when scratchers are valid.

  BTW, Welcome to Lottery Post!!  Hope you find lots to read and learn here, enjoy every minute of it!! 
  

  Have fun and the best of luck to everyone!
• CalifDude

  

  100

  Poway CA (San Diego County)
  United States
  Member #3,489
  January 25, 2004
  14,120 Posts
  Offline
  Feb 14, 2006, 11:59 am

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  Welcome.  I agree with konane.

  As far as on line betting, I don't know about betslips, but the other place doesn't report winnings to any government agency, so it is tax free.  Just be careful about LARGE winnings being withdrawn.  It has to go into a bank somewhere in the United States, and all transfers of $10,000 or more are automatically reported by the bank.

   
• OKCTALK

  

  OKLAHOMA CITY
  United States
  Member #32,621
  February 14, 2006
  2 Posts
  Offline
  Feb 14, 2006, 3:35 pm

  ▲▼

  Thanks for the info that makes sense to me.

  There are 3 kinds of people in this world...those you want things to happen, those that make things happen, and those who just wonder what the hell happened!
• Coin Toss

  

  Zeta Reticuli Star System
  United States
  Member #30,469
  January 17, 2006
  12,638 Posts
  Offline
  Feb 14, 2006, 6:58 pm

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  People here are telling you right (it's refreshing to see people who don't get this all twisted, many do).

  You can write off your losses up to your winnings. In other words, you can't win $1700 and show $3,000 in losses, only $1700.

  It's also not a good idea to decide you want to gather up all "your" receipts on Dec.  31 and go to lottery places, race tracks, kemo lounges, etc  and gather up losing slips all dated the same day. (People have done this).

   As far as online, I'm not sure how you'd produce receipts, but what CalifDude said about the bank transfers is absolutely correct.

  Casinos also have to report any cash transaction of $10,000 or more.