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Tax write offs: Scratch offs vs. Online game losers

Topic closed. 4 replies. Last post 6 years ago by TheOtherOne.

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TheOtherOne's avatar - Lottery-027.jpg
Nashville, TN
United States
Member #86739
February 9, 2010
483 Posts
Offline
Posted: February 4, 2011, 12:31 am - IP Logged

I have been searching through this site for insight on tax deductions. I think I have the answer, but some things are unclear as far as, should I save scratch offs as receipts, or losing tickets such as Mega millions, powerball, etc.

Here's the scenario: I won $1,000 from a Giant Jumbo Bucks scratch off here in TN. The lottery HQ gave my w2g.

So now I want to save tickets as receipts, but that is one thing: I never actually receive a receipt when I buy a scratch off (or online game for that matter).

1. Should I request and keep receipts for these games?

2. Does it matter which ones I save, or should I strictly save proof of other Giant Jumbo Bucks losers?

 

I see where it may be a good idea to keep a log of what I buy, along with the losing scratch off.

3. What exactly does this log need to entail-- name of ticket, date, amount paid, location purchased?

Any and all help is appreciated.

Thanks!

    Avatar
    Kentucky
    United States
    Member #32652
    February 14, 2006
    7318 Posts
    Offline
    Posted: February 4, 2011, 11:26 am - IP Logged

    I have been searching through this site for insight on tax deductions. I think I have the answer, but some things are unclear as far as, should I save scratch offs as receipts, or losing tickets such as Mega millions, powerball, etc.

    Here's the scenario: I won $1,000 from a Giant Jumbo Bucks scratch off here in TN. The lottery HQ gave my w2g.

    So now I want to save tickets as receipts, but that is one thing: I never actually receive a receipt when I buy a scratch off (or online game for that matter).

    1. Should I request and keep receipts for these games?

    2. Does it matter which ones I save, or should I strictly save proof of other Giant Jumbo Bucks losers?

     

    I see where it may be a good idea to keep a log of what I buy, along with the losing scratch off.

    3. What exactly does this log need to entail-- name of ticket, date, amount paid, location purchased?

    Any and all help is appreciated.

    Thanks!

    We're allowed to deduct any gambling loss up to the value of the winnings which includes any online lottery games, scratch-offs, race tracks, and casino losses if the play is tracked with a players card. You should have no problem claiming $1000 in losses because that's only averages $20 per week. However to claim the $1000 loss, you'll lose your standard deduction.

    Professional gamblers are required to keep records of every bet they make and the results.

     

     

      ameriken's avatar - 33ojew2
      Denver, Co
      United States
      Member #103046
      December 29, 2010
      546 Posts
      Offline
      Posted: February 4, 2011, 12:43 pm - IP Logged

      I save all my scratch-offs and losing lottery slips for the day that I win something taxable, plus I keep a daily record of cash spent on tickets and my winnings.

        Raven62's avatar - binary
        New Jersey
        United States
        Member #17843
        June 28, 2005
        49813 Posts
        Online
        Posted: February 4, 2011, 2:27 pm - IP Logged

        I have been searching through this site for insight on tax deductions. I think I have the answer, but some things are unclear as far as, should I save scratch offs as receipts, or losing tickets such as Mega millions, powerball, etc.

        Here's the scenario: I won $1,000 from a Giant Jumbo Bucks scratch off here in TN. The lottery HQ gave my w2g.

        So now I want to save tickets as receipts, but that is one thing: I never actually receive a receipt when I buy a scratch off (or online game for that matter).

        1. Should I request and keep receipts for these games?

        2. Does it matter which ones I save, or should I strictly save proof of other Giant Jumbo Bucks losers?

         

        I see where it may be a good idea to keep a log of what I buy, along with the losing scratch off.

        3. What exactly does this log need to entail-- name of ticket, date, amount paid, location purchased?

        Any and all help is appreciated.

        Thanks!

        Lottery Post Forums Search is Your Friend:

        http://www.lotterypost.com/news/79646

        A mind once stretched by a new idea never returns to its original dimensions!

          TheOtherOne's avatar - Lottery-027.jpg
          Nashville, TN
          United States
          Member #86739
          February 9, 2010
          483 Posts
          Offline
          Posted: February 4, 2011, 3:38 pm - IP Logged

          Lottery Post Forums Search is Your Friend:

          http://www.lotterypost.com/news/79646

          Thanks for the input everyone.

           

          Raven62 that is exactly what I needed, thank you. When i searched it only returned forum results.

           

          One other question that wasnt answered there: How long into next year should I hold on to the old tickets and records? I.e, if I were to get audited would it take place before the *next* tax season (in other words would I just need to hold them for 2012 then trash them)?