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Do you save your tickets?

Topic closed. 38 replies. Last post 9 years ago by jarasan.

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March 25, 2008
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Posted: March 28, 2008, 3:34 pm - IP Logged

I do. I have a large stack dating back to August of 07 when I first began buying. Consists of Powerball and Hoosier Lotto tickets.

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    mn
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    Posted: March 28, 2008, 3:41 pm - IP Logged

    Of course, they are tax-refundable.

    "Gee Brain, what do you want to do tonight?"
    "The same thing we do every night, Pinky- try to take over the world."

      dphillips's avatar - littleuns
      Albuquerque, New Mexico
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      Posted: March 28, 2008, 3:44 pm - IP Logged

      No, I do not save my tickets! 

      See Ya!-- Bye, bye!  When you win, may you glow as brightly as theSun Smiley

        Uff Da!'s avatar - InCelebration 001.jpg
        Washington State
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        Posted: March 28, 2008, 3:47 pm - IP Logged

        Only for the current year.  If I haven't won anything big enough to enter on my taxes, I don't have gambling gains; therefore I can't declare gambling losses.  So out the old ones go.

          ThatScaryChick's avatar - x1MqPuM
          Idaho
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          Posted: March 28, 2008, 3:52 pm - IP Logged

          I used to save my old tickets, but I decided it was a waste to keep them around so I now throw them away after a month of so.

          "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

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            Zeta Reticuli Star System
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            Posted: March 28, 2008, 4:11 pm - IP Logged

            In the hope that I'll hit something and have the tickets to prove losses to write off, yes.

            My play is under $1,000 a year though, so....

            On Dec 31st of every year if there was no prized that were claimable   (>$600) we have a "ticket shredding party" to bring in the New Year.

            FYI, someone here (I'm prety sure it was RJOh) that keeping the tickets isn't enough, you also have to have a log of your play - that's one of the things I learned here at LP.

            Wink

            Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

            Lep

            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.

              player345's avatar - hani
              buffalo, new york
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              Posted: March 28, 2008, 4:12 pm - IP Logged

              This year for sure I am keeping my losing  tickets as for the first time ever I hit a 4 digit straight for $5K.    Smile   

              A friend of my sister said to keep all losing tickets (racetrack included) until December 31 so one can claim their winning ticket(s)  against their losing tickets on their income taxes the following year.  One could hit for $1K on December 31 and not have any losing tickets to claim and thereby would have to pay the whole tax for the $1K, as an example.

              Not claiming losing tickets against winning tickets is one of the most overlooked tax deductions besides claiming mileage for looking for a job.

              player345

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                Posted: March 28, 2008, 5:08 pm - IP Logged

                I'm keeping mine in case I ever win the big one so I can see just how much it took to get to that point and see what I really won.

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                  Kentucky
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                  Posted: March 28, 2008, 5:13 pm - IP Logged

                  This year for sure I am keeping my losing  tickets as for the first time ever I hit a 4 digit straight for $5K.    Smile   

                  A friend of my sister said to keep all losing tickets (racetrack included) until December 31 so one can claim their winning ticket(s)  against their losing tickets on their income taxes the following year.  One could hit for $1K on December 31 and not have any losing tickets to claim and thereby would have to pay the whole tax for the $1K, as an example.

                  Not claiming losing tickets against winning tickets is one of the most overlooked tax deductions besides claiming mileage for looking for a job.

                  player345

                  You can deduct up to the amount you won in gambling losses but to do that, you must use itemized deductions. When I hit the pick-4, I still had to use the standard deductions because I didn't have enough other deductions to make it worthwhile.

                  A tax software will give you both results and if somebody does your taxes they will try both ways too.

                  Congratulations on your nice win!

                    OldSchoolPa's avatar - Lottery-057.jpg
                    Gurnee, Illinois
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                    Posted: March 28, 2008, 5:33 pm - IP Logged

                    No I don't save my tickets...my wife likes to snoop through my stuff and saving a lot of lottery tickets would make it just too easy for her to find out that I do indeed play the lottery (fyi she doesn't believe in playing the lottery).  Although I try to be tax savy up to a certain point, I obviously cannot claim lottery losses (try passing that one by your wife who doesn't believe in playing the lottery).  Besides, I play to win and I don't think she will have any problem at all when I report that huge gain...then again, I do know how I can mask that huge win from her (no nothing sinister) and cover up from whence the inflow of funds is coming from (trust me, I have a way to do it so all you naysayers need not bombard me on this one).

                    Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                    The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!


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                      Posted: March 28, 2008, 5:46 pm - IP Logged

                      I've had enough gambling wins in the past several years that I not only save my lottery tickets,I'll pick up tickets that other people throw away.I've never been audited by the IRS,but if I ever do I intend to be able to prove that I spent more on gambling than I won.I keep them in bags next to my tax returns.

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                        Posted: March 28, 2008, 5:54 pm - IP Logged

                        No I don't save my tickets...my wife likes to snoop through my stuff and saving a lot of lottery tickets would make it just too easy for her to find out that I do indeed play the lottery (fyi she doesn't believe in playing the lottery).  Although I try to be tax savy up to a certain point, I obviously cannot claim lottery losses (try passing that one by your wife who doesn't believe in playing the lottery).  Besides, I play to win and I don't think she will have any problem at all when I report that huge gain...then again, I do know how I can mask that huge win from her (no nothing sinister) and cover up from whence the inflow of funds is coming from (trust me, I have a way to do it so all you naysayers need not bombard me on this one).

                        LOL

                             OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

                          player345's avatar - hani
                          buffalo, new york
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                          Posted: March 28, 2008, 6:02 pm - IP Logged

                          You can deduct up to the amount you won in gambling losses but to do that, you must use itemized deductions. When I hit the pick-4, I still had to use the standard deductions because I didn't have enough other deductions to make it worthwhile.

                          A tax software will give you both results and if somebody does your taxes they will try both ways too.

                          Congratulations on your nice win!

                          Hi Stack47!

                          Thanks :)   Congrats to you to for hitting a 4 digit also.  It's a great feeling for sure!  Continued good fortune to you.

                          Yes we do itemize deductions.  Thanks for telling me that because no one mentioned that part of the equation! 

                          player345

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                            Posted: March 28, 2008, 6:17 pm - IP Logged

                            Get a Sexy, Colorful and Cute Comment from Commentsdump.com TODAY! are you saying that the old lottery tickets i have save for years are good for taxes because i have tickkets from 2003and 2004-2005-2006-2003i have a stack too

                              player345's avatar - hani
                              buffalo, new york
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                              Posted: March 28, 2008, 6:24 pm - IP Logged

                              Hi xthundercat2003!

                              If you won during those years and itemized deductions I imagine they are good.  Someone will chime in who knows the rules like Stack47 does. 

                              I believe it is just for this year's tickets only.  We (hubby and I)  would claim our  winnings on our  2008 income tax return in 2009.

                              I hope you can get something for those tickets thundercat!  :)

                              player345