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Can I Write My Lottery Losing Tickets Off If I Have Saved Them During The Year?

Topic closed. 19 replies. Last post 5 years ago by Stack47.

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United States
Member #120281
December 15, 2011
35 Posts
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Posted: January 26, 2012, 10:36 am - IP Logged

LOL...not I am not professional yet. I started playing the lottery on Jan. 2 of this year.  Started buying scratch offs after Christmas but stopped when I won $200 on the first day of playing Cash 4.  But you make a good point here.  When the cashier handed me the $200, I noted that those who win $600 or less do not have to pay taxes on it.  But those who win $700 do have to pay taxes.  I asked the same questions you did.  This is what I came up with: the reason we don't have to pay taxes on the amount given to us by the cashier is because they don't have time to ask all the winners to fill out a form and then have the hassle of keeping up with all the paperwork on every single win.  Plus, the fact of people like myself who would not want a store clerk or any complete stranger to have a shot at my social security number.  And being that the millions of wins  fall into the category of $1 to $600, the Lottery staff gets to turn their head the other way (courtesy of Uncle Sam) and not deal with all of that paper work.  This is just my take on it.Smile

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    Orlando, FL
    United States
    Member #115785
    August 28, 2011
    259 Posts
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    Posted: January 26, 2012, 12:19 pm - IP Logged

    Yes Joyce, you can.

    But you have to win first.

    THEN you can DEDUCT the cost of losing tickets against the taxes of your win.

     

    Good Luck!!

     

    If you don't win at all, then yes it is a total loss.

      rdgrnr's avatar - walt
      Way back up in them dadgum hills, son!
      United States
      Member #73904
      April 28, 2009
      14903 Posts
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      Posted: January 26, 2012, 12:35 pm - IP Logged

      With 16 dependent deductions for hound dogs those lottery tickets would be a drop in the bucket. Wink

      Dadgum straight!


                                                   
                           
                                               

       

       

       

       

                                                                                                         

      "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                  --Edmund Burke

       

       

        rdgrnr's avatar - walt
        Way back up in them dadgum hills, son!
        United States
        Member #73904
        April 28, 2009
        14903 Posts
        Offline
        Posted: January 26, 2012, 12:38 pm - IP Logged

        I thought I read somewhere here in LP that he had at least 1 kid in each state?Eek

        Not EVERY state.

        Nope, not all 57 of 'em.


                                                     
                             
                                                 

         

         

         

         

                                                                                                           

        "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                    --Edmund Burke

         

         

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          Kentucky
          United States
          Member #32652
          February 14, 2006
          7322 Posts
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          Posted: January 27, 2012, 2:42 pm - IP Logged

          LOL...not I am not professional yet. I started playing the lottery on Jan. 2 of this year.  Started buying scratch offs after Christmas but stopped when I won $200 on the first day of playing Cash 4.  But you make a good point here.  When the cashier handed me the $200, I noted that those who win $600 or less do not have to pay taxes on it.  But those who win $700 do have to pay taxes.  I asked the same questions you did.  This is what I came up with: the reason we don't have to pay taxes on the amount given to us by the cashier is because they don't have time to ask all the winners to fill out a form and then have the hassle of keeping up with all the paperwork on every single win.  Plus, the fact of people like myself who would not want a store clerk or any complete stranger to have a shot at my social security number.  And being that the millions of wins  fall into the category of $1 to $600, the Lottery staff gets to turn their head the other way (courtesy of Uncle Sam) and not deal with all of that paper work.  This is just my take on it.Smile

          "And being that the millions of wins  fall into the category of $1 to $600, the Lottery staff gets to turn their head the other way (courtesy of Uncle Sam) and not deal with all of that paper work.  This is just my take on it."

          Losing tickets are proof of gambling losses and the IRS would have to count every one of them. Can you imagine if millions of lottery players handed IRS agents shoe boxes full of losing tickets?

          BTW, welcome to LP!