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Need some losing Ohio Lottery tickets from 2011

Topic closed. 32 replies. Last post 4 years ago by Coin Toss.

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Zeta Reticuli Star System
United States
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January 17, 2006
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Posted: March 27, 2013, 7:28 pm - IP Logged

Does anyone have any losing Ohio lottery tickets to sell? Need a couple thousand for taxes...

RJoH once posted that just the ticlets aren't enough, you need a journal of your play, too.

It's a little obvious when someone starts collecting losing tickets, especially from Keno parlors and racetracks, all dated within a few days of each other, or the same day, like Dec 31.

Granted scratchers aren't dated on the tickets, but still.

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.

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    Kentucky
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    Posted: March 28, 2013, 1:01 am - IP Logged

    RJoH once posted that just the ticlets aren't enough, you need a journal of your play, too.

    It's a little obvious when someone starts collecting losing tickets, especially from Keno parlors and racetracks, all dated within a few days of each other, or the same day, like Dec 31.

    Granted scratchers aren't dated on the tickets, but still.

    They need a journal if they are a professional gambler. If someone won $200,000 in the middle of the year, had a $50,000 annual income, and claimed $25,000 in losses for the entire year, the IRS probably would say nothing.

    "It's a little obvious when someone starts collecting losing tickets, especially from Keno parlors and racetracks, all dated within a few days of each other, or the same day, like Dec 31."

    If you're audited, put all the losing tickets (yours or from dumpsters) into a shoe box, set them in the garbage can the night before, add dried banana peels for affect, and carry them into the IRS office wearing latex gloves. Nobody will check them.

      RJOh's avatar - chipmunk
      mid-Ohio
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      Posted: March 28, 2013, 1:14 am - IP Logged

      They need a journal if they are a professional gambler. If someone won $200,000 in the middle of the year, had a $50,000 annual income, and claimed $25,000 in losses for the entire year, the IRS probably would say nothing.

      "It's a little obvious when someone starts collecting losing tickets, especially from Keno parlors and racetracks, all dated within a few days of each other, or the same day, like Dec 31."

      If you're audited, put all the losing tickets (yours or from dumpsters) into a shoe box, set them in the garbage can the night before, add dried banana peels for affect, and carry them into the IRS office wearing latex gloves. Nobody will check them.

      If he's planning to use tickets bought by someone else, he probably want them bought in an area where he normally shoppe.  If he lives and works in Cleveland, he wouldn't want tickets bought in Mansfield, Columbus or Cincinnati, it might be hard to explain why he traveled 100-300 miles to buy his lottery tickets.

       * you don't need to buy more tickets, just buy a winning ticket * 
         
                   Evil Looking       

        New York's avatar - 103h4yr
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        Posted: March 28, 2013, 1:25 am - IP Logged

        Lol is this real? Don't you know the saying:
        "There's two things you can't cheat: death and taxes"

        Lmao!!!


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          Posted: March 28, 2013, 7:43 am - IP Logged

          Maybe they would, maybe they won't. Would you take the gamble.

          If I had enough tickets??? Yeah I just might.....and you know I wouldnt be the first and faaaar from the last

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            CHERRY HILL, NJ
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            Posted: March 28, 2013, 7:55 am - IP Logged

            They need a journal if they are a professional gambler. If someone won $200,000 in the middle of the year, had a $50,000 annual income, and claimed $25,000 in losses for the entire year, the IRS probably would say nothing.

            "It's a little obvious when someone starts collecting losing tickets, especially from Keno parlors and racetracks, all dated within a few days of each other, or the same day, like Dec 31."

            If you're audited, put all the losing tickets (yours or from dumpsters) into a shoe box, set them in the garbage can the night before, add dried banana peels for affect, and carry them into the IRS office wearing latex gloves. Nobody will check them.

            The same advice I actually heard from a Tax Accountant. But remember, the IRS guys gets overtime. They love people who do this, gives them a reason to pull in an all-nighter donning gloves, masks, gloves, lab coats, the works counting receipts. 

            Would this work ? I heard that Harrahs and the other casinos were monitoring players with their loyalty cards. They could stop gaming enthusiasts who they think are over their heads. Thats why, I played at their casinos without those cards and my losses were unrecorded.

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              Kentucky
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              Posted: March 28, 2013, 12:57 pm - IP Logged

              If he's planning to use tickets bought by someone else, he probably want them bought in an area where he normally shoppe.  If he lives and works in Cleveland, he wouldn't want tickets bought in Mansfield, Columbus or Cincinnati, it might be hard to explain why he traveled 100-300 miles to buy his lottery tickets.

              I've always thought deducting gambling losses only applied to professional gamblers who keep logs. A shoe box full of losing tickets proves they probably cashed in several tickets and didn't report them as gambling winnings and only reported whatever winnings were on the W-2G.

              They would first have to explain how they bought so many tickets so far from where they lived and then explain how they only had one winning ticket out of thousands.

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                Kentucky
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                Posted: March 28, 2013, 1:06 pm - IP Logged

                The same advice I actually heard from a Tax Accountant. But remember, the IRS guys gets overtime. They love people who do this, gives them a reason to pull in an all-nighter donning gloves, masks, gloves, lab coats, the works counting receipts. 

                Would this work ? I heard that Harrahs and the other casinos were monitoring players with their loyalty cards. They could stop gaming enthusiasts who they think are over their heads. Thats why, I played at their casinos without those cards and my losses were unrecorded.

                "I heard that Harrahs and the other casinos were monitoring players with their loyalty cards."

                I know a couple who had over $50,000 worth of W-2Gs, but actually lost money playing the slots for the year. Because they had used their player cards, the casinos gave them printouts showing their losses and they deducted the losses with no questions asked. A shoe box worth of losing tickets only creates more questions.

                But it would be funny seeing someone wearing a "HazMet" suit bringing a shoe box full of losing tickets into an IRS office.

                  RJOh's avatar - chipmunk
                  mid-Ohio
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                  Posted: March 28, 2013, 1:26 pm - IP Logged

                  Does anyone have any losing Ohio lottery tickets to sell? Need a couple thousand for taxes...

                  If you can only claim a couple of thousands for gambling loses, you might not exceed the standard deduction everyone gets and end up paying extra taxes for your winnings any way.

                   * you don't need to buy more tickets, just buy a winning ticket * 
                     
                               Evil Looking       

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                    CHERRY HILL, NJ
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                    Posted: March 28, 2013, 1:42 pm - IP Logged

                    "I heard that Harrahs and the other casinos were monitoring players with their loyalty cards."

                    I know a couple who had over $50,000 worth of W-2Gs, but actually lost money playing the slots for the year. Because they had used their player cards, the casinos gave them printouts showing their losses and they deducted the losses with no questions asked. A shoe box worth of losing tickets only creates more questions.

                    But it would be funny seeing someone wearing a "HazMet" suit bringing a shoe box full of losing tickets into an IRS office.

                    I agree. At year end you can request statements from the casinos. However, the context here is to claim losses without receipts. I am offering an idea on how to explain your unrecorded losses.

                    The lottery tickets are bearer instruments, whoever holds them is the presumed owner even if its a losing ticket. Unfortunately it works both ways, either on the winning and losing side of things.

                    Just say that you are a problem gambler and you were trying to play under the radar screen of the casino. I think you can get away with it provided that you have the means to play the amounts you claim you lost.

                    Also, while you can get away with offsetting your winnings with losses, you can still get hit with the AMT, the alternative minimum tax. The alternative minimum tax up to this year uses the unadjusted gross income in its calculations. So, if your winnings will cause you to qualify for the AMT Threshold, you are done for. It will force a recomputation of taxes without the usual deductions and you will need to pay whichever is higher.

                    Good Luck.

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                      CHERRY HILL, NJ
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                      Posted: March 28, 2013, 1:47 pm - IP Logged

                      FYI, ALL BLACKJACK WINNINGS IN CASINOS ARE TAX-FREE ! Dance

                        dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
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                        Posted: March 28, 2013, 2:26 pm - IP Logged

                        Does anyone have any losing Ohio lottery tickets to sell? Need a couple thousand for taxes...

                        Oh no he didn't....No No

                        I Love Pink & Green 1908

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                          London
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                          Posted: March 28, 2013, 3:22 pm - IP Logged

                          FYI, ALL BLACKJACK WINNINGS IN CASINOS ARE TAX-FREE ! Dance

                          How come, I remember watching this documentry about problem gamblers in Vegas. Some guy who owned a mattress company in Canada come to Vegas and blew like 300K. He was feeding the slot machine and hit 5K and he said thats like 3K after tax. Are any other games tax free.

                          2016 Won/Lost

                          EuroMillions / Spent: £22 / Won £0 / Total -£22

                          UK Lotto / Spent: £4 / Won: £0 / Total: -£4

                          2016 Total: -£24

                          Jan: -£22 Feb: £0 ~ Mar: £0 ~ April: £0 ~ May: £0 ~ June: £0 ~ July: £2

                           

                          EuroMillions = £2 Line / Played: x11 [old price] 

                          EuroMillions = £2.50 Line / Played: x0

                          UK Lotto = £2 Line / Played x2

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                            CHERRY HILL, NJ
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                            Posted: March 28, 2013, 5:28 pm - IP Logged

                            How come, I remember watching this documentry about problem gamblers in Vegas. Some guy who owned a mattress company in Canada come to Vegas and blew like 300K. He was feeding the slot machine and hit 5K and he said thats like 3K after tax. Are any other games tax free.

                            No, Only BlackJack winnings are tax-free. All other games are subject to tax.

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                              NY
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                              Posted: March 28, 2013, 11:24 pm - IP Logged

                              How come, I remember watching this documentry about problem gamblers in Vegas. Some guy who owned a mattress company in Canada come to Vegas and blew like 300K. He was feeding the slot machine and hit 5K and he said thats like 3K after tax. Are any other games tax free.

                              You know not to believe everything you hear on the internet, right?

                              In the US all gambling winnings are  subject to federal (and usually state) income tax. The question is how the IRS (and the states) know how much you won. For some reason, the IRS doesn't require casinos to issue a W2 G for some games (blackjack isn't the only one).  If there isn't a W2 G the winnings aren't documented, so the IRS may never know when you forget to list the income on your tax return.

                              Of course a casino can issue a W2 G if they want to, so there's a chance that you'll get one even though it isn't required. I'd guess that the IRS figures that the vast majority of people play for low stakes, and that very few people come out very far ahead, so it would take a lot of effort to track a relatively modest total amount of taxable income. I'm a bit more puzzled that casinos wouldn't want to routinely document their expenses, but I suppose they could under report the amount they won from players as easily as they could over report what they paid out to winners. In the long run, the house edge means that payouts to winners will be very close to a known percentage of the amount wagered.