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Saving losing tickets?

Topic closed. 20 replies. Last post 8 years ago by Classic47.

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Litebets27's avatar - power
Maryland
United States
Member #10465
January 14, 2005
6065 Posts
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Posted: May 18, 2009, 9:45 pm - IP Logged

Lightbets i only said what i did because my tax man told me it. The rules may have changed since then i don't know.

He also told me to keep them in a safe place in the event i get audited.

When i won 9 grand in November back in 1997 he said only the tickets i purchased after my win would count to-wards some of the estimated taxes i owed and would get a refund on.

I was pretty riled up because the lottery taxed me up front, then the state and feds wanted some more money at the end of the year on my win based on what i received after the lottery took their cut.

I am talking about doing the long form estimated taxes for homeowners not the short form and not the form professional gamblers use.

I firmly believe lottery winnings should be tax free. Since the feds and the state didn't contribute any money to me to play the lottery why should they collect.

I totally agree with your last statement, Four.

Feeling,  PRICELESS!!!Banana

Come on Jackpot!!!

    Avatar
    NY
    United States
    Member #23835
    October 16, 2005
    3474 Posts
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    Posted: May 19, 2009, 1:43 am - IP Logged

    Lightbets i only said what i did because my tax man told me it. The rules may have changed since then i don't know.

    He also told me to keep them in a safe place in the event i get audited.

    When i won 9 grand in November back in 1997 he said only the tickets i purchased after my win would count to-wards some of the estimated taxes i owed and would get a refund on.

    I was pretty riled up because the lottery taxed me up front, then the state and feds wanted some more money at the end of the year on my win based on what i received after the lottery took their cut.

    I am talking about doing the long form estimated taxes for homeowners not the short form and not the form professional gamblers use.

    I firmly believe lottery winnings should be tax free. Since the feds and the state didn't contribute any money to me to play the lottery why should they collect.

    I presume your "tax man" is simply the guy who does your taxes? If so I'd suggest finding somebody who knows what they're doing to replace him. Gambling losses anytime during the tax year are deductible against any gambling winnings anytime in that year, period. I'd never suggest that the law always treats everybody the same way, but do you really think that if two people both play $1 on pick 3  every day, and one wins $500 on January 1st and the other wins $500 on December 31st that the first guy gets a deduction that's $365 more than the second guy's?

    As far as the actual taxes, the income is taxable and that's that. If you don't like it you don't have to play. For the vast majority of us, the government doesn't contribute to any of our taxable income. Would you suggest that should make most income tax exempt?

      four4me's avatar - gate1
      MD
      United States
      Member #1701
      June 18, 2003
      8362 Posts
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      Posted: May 19, 2009, 1:57 pm - IP Logged

      I presume your "tax man" is simply the guy who does your taxes? If so I'd suggest finding somebody who knows what they're doing to replace him. Gambling losses anytime during the tax year are deductible against any gambling winnings anytime in that year, period. I'd never suggest that the law always treats everybody the same way, but do you really think that if two people both play $1 on pick 3  every day, and one wins $500 on January 1st and the other wins $500 on December 31st that the first guy gets a deduction that's $365 more than the second guy's?

      As far as the actual taxes, the income is taxable and that's that. If you don't like it you don't have to play. For the vast majority of us, the government doesn't contribute to any of our taxable income. Would you suggest that should make most income tax exempt?

      KY Floyd we can always count on your wisdom in these matters.
       
      Maybe it was because i didn't know any better after all it was 12 years ago when i won the money maybe back then i didn't save my tickets. The guy that does my taxes is pretty smart. He always managed to get me the most money back of any of the other tax prepairers i had. Regardless of anything what matters is one can only claim so much loss on a winning ticket i forget what percent. Maybe what he said was keep all your loosing tickets until the end of the year so i can get you some money back on the taxes you paid out.
       

      You said:

      As far as the actual taxes, the income is taxable and that's that. If you don't like it you don't have to play. For the vast majority of us, the government doesn't contribute to any of our taxable income. Would you suggest that should make most income tax exempt?

      Yes i realize unearned income is taxable and no matter what i say I'll never convince you or any body else who doesn't already know we are taxed to the hilt for just about everything that a tax can be placed on and if the government wanted to they can rescind a tax at any time. While i won't hold my breath that they will do this it always a good point to make that lottery winnings should not be taxed after all the lotteries say it's just a game. Moreover if we win a jackpot and claim the cash value they take their cut and then tax you on the rest. When they take their cut it can be said that they do it because you didn't want the annuity and their not making any money off your win if they give you the full amount. This isn't really true because they make plenty of money week after week and year after year on money they received and didn't have to pay out.

      Lottery tax is just another way they rob you. In Maryland the game Bonus Match 5 jackpot was 50 grand tax free for 3 years or more then all of the sudden after a group of people won 50 grand a few times which has a cap on it. They started taxing everybody who won the 50 grand.

      When Ohio joined mega millions they didn't have a tax on the jackpot winnings either but after a few people won the jackpot they changed the rules and now if a person wins the jackpot their taxed. So it can be said that they can tax you or not depending on how their charter is set up.

      I say NO TAXES should be placed on lottery winnings. Because i say it doesn't mean it will happen the people have to make them change the rules. After all this county was started because we were taxed to death. Now we are being taxed to death again.

       

       

       

      Big John says. You don't hit the number. The number hits you!!!!

                     I'm not Big John, I'm Four4me, Big John's a friend.
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        United States
        Member #73512
        April 16, 2009
        106 Posts
        Offline
        Posted: May 19, 2009, 6:36 pm - IP Logged
        KY Floyd we can always count on your wisdom in these matters.
         
        Maybe it was because i didn't know any better after all it was 12 years ago when i won the money maybe back then i didn't save my tickets. The guy that does my taxes is pretty smart. He always managed to get me the most money back of any of the other tax prepairers i had. Regardless of anything what matters is one can only claim so much loss on a winning ticket i forget what percent. Maybe what he said was keep all your loosing tickets until the end of the year so i can get you some money back on the taxes you paid out.
         

        You said:

        As far as the actual taxes, the income is taxable and that's that. If you don't like it you don't have to play. For the vast majority of us, the government doesn't contribute to any of our taxable income. Would you suggest that should make most income tax exempt?

        Yes i realize unearned income is taxable and no matter what i say I'll never convince you or any body else who doesn't already know we are taxed to the hilt for just about everything that a tax can be placed on and if the government wanted to they can rescind a tax at any time. While i won't hold my breath that they will do this it always a good point to make that lottery winnings should not be taxed after all the lotteries say it's just a game. Moreover if we win a jackpot and claim the cash value they take their cut and then tax you on the rest. When they take their cut it can be said that they do it because you didn't want the annuity and their not making any money off your win if they give you the full amount. This isn't really true because they make plenty of money week after week and year after year on money they received and didn't have to pay out.

        Lottery tax is just another way they rob you. In Maryland the game Bonus Match 5 jackpot was 50 grand tax free for 3 years or more then all of the sudden after a group of people won 50 grand a few times which has a cap on it. They started taxing everybody who won the 50 grand.

        When Ohio joined mega millions they didn't have a tax on the jackpot winnings either but after a few people won the jackpot they changed the rules and now if a person wins the jackpot their taxed. So it can be said that they can tax you or not depending on how their charter is set up.

        I say NO TAXES should be placed on lottery winnings. Because i say it doesn't mean it will happen the people have to make them change the rules. After all this county was started because we were taxed to death. Now we are being taxed to death again.

         

         

         

        AMEN BROTHER!!!

        It's bad enough the odds are against you, it's bad enough jackpot winners only get half of their winnings BEFORE taxes, and it's bad that the state gets their share of YOUR winnings, but to add in the extra tax is criminal!  First they deduct your winnings by 25% and 4% more for state, THEN they tax you even more?  How much of the 9000 dollars did you actually get to keep?

          four4me's avatar - gate1
          MD
          United States
          Member #1701
          June 18, 2003
          8362 Posts
          Offline
          Posted: May 19, 2009, 9:44 pm - IP Logged

          AMEN BROTHER!!!

          It's bad enough the odds are against you, it's bad enough jackpot winners only get half of their winnings BEFORE taxes, and it's bad that the state gets their share of YOUR winnings, but to add in the extra tax is criminal!  First they deduct your winnings by 25% and 4% more for state, THEN they tax you even more?  How much of the 9000 dollars did you actually get to keep?

          The lottery cut me a check for 6700 bucks it think. Boy was i hot about that they said because of my tax bracket they thought it was best they took the tax out right then and there.  All i remember is it wasn't 7 grand. Then i only had from November the 15th to Dec 31 to come up with some losing tickets, cant remember all the details of how much more the feds and state got. I couldn't wait until after the first of the year to cash it because at the time i was living from paycheck to paycheck.

          All in all i was glad we were able to have a good Thanksgiving and Christmas everyone was happy they got all the gifts they asked for from Santa.

          Big John says. You don't hit the number. The number hits you!!!!

                         I'm not Big John, I'm Four4me, Big John's a friend.
            Avatar

            United States
            Member #73512
            April 16, 2009
            106 Posts
            Offline
            Posted: May 19, 2009, 11:57 pm - IP Logged

            They shouldn't deduct winnings in the first place.  Income tax is more than enough.