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Topic closed. 6 replies. Last post 3 years ago by RJOh.

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San Jose
United States
Member #147081
September 21, 2013
12 Posts
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Posted: September 27, 2013, 2:57 am - IP Logged

I keep hearing people say they rather win $500 or two then rather win a $1000 why is that???????

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    Hollywood, fl
    United States
    Member #140096
    March 10, 2013
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    Posted: September 27, 2013, 10:38 am - IP Logged

    I keep hearing people say they rather win $500 or two then rather win a $1000 why is that???????

    Well I know in florida you can cash a $500 win at any retailer and not be taxed while a $1000 win has to be taken to the district office and they give u a check. Then at the end of the year you have to give the IRS a good part of it.

      rcbbuckeye's avatar - Lottery-043.jpg
      Texas
      United States
      Member #55889
      October 23, 2007
      5751 Posts
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      Posted: September 27, 2013, 10:46 am - IP Logged

      Legally you have to pay federal taxes on $500. But..... when you cash in a $500 tic, it's not reported to the IRS. If you cash a tic for $600 or more, it's reported to the IRS. In Tx, a tic worth $600 or more has to be redeemed at claim center, not a store. The claim center will report the winnings to the IRS.

      CAN'T WIN IF YOU'RE NOT IN

      A DOLLAR AND A DREAM (OR $2)

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        woodbine ga
        United States
        Member #142229
        May 6, 2013
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        Posted: September 27, 2013, 11:04 am - IP Logged

        Are lottery tickets tax deductible? If you're big on gambling, you may have pondered this question once or twice. While you are adding up all the money you've spent buying lottery tickets over the course a year, it's also a good time to consider the possible tax deductions that may benefit you. The good news is that Uncle Sam allows you to deduct your gambling losses, but of course there is a catch.

        Understanding Gambling Tax Deductions When you file your taxes, you can treat your gambling losses as an itemized deduction. One great fact about deducting your lottery ticket expenses is that you are not required to meet the stringent miscellaneous deduction of 2% of your Adjusted Gross Income. Instead, your itemized deduction can be much less, which is beneficial to those who are in a high income bracket with a low amount of itemized deductions.

        The catch with listing your lottery losses as deductions is that the amount cannot exceed how much you have won. For example, if you won $1000 in total gambling pursuits, but spent over $5000 in buying lottery tickets, you cannot claim the entire amount of your loss. You can only claim the amount equal to your winnings, which in this example is $1000. Because of this rule, it is difficult to find relief from excessive gambling expenses.

        Making Gambling Losses Work In Your Favor The main advantage to keeping records of your gambling losses (for example, lottery tickets that did not translate into wins) is that you can use the losses to offset your wins. In the above example, you won a $1000 and spent $5000 in lottery tickets. Let's say of the $5000 total that you spent, $100 resulted in wins. You then have $4900 in loss. You must report the $1000 as income, but you can also deduct up to $1000 of your $4900 in gambling losses. It doesn't make you whole, but it does provide some relief.

        A Warning Income earned from gambling will raise your Adjusted Gross Income, which can also affect your standard and miscellaneous deductions. In some cases, the standard deductions will benefit you more than the itemized deductions from your gambling losses. Depending on your state tax laws concerning gambling losses, you may not be able to offset your winnings at all, so it is up to you to check those laws before you try to take these deductions

        i'm trying to channel Aliens cause i know they can travel in time and give me the next winning PB winning numbers
         

          duckman's avatar - ducklogodrake64x64
          Jacksonville Florida
          United States
          Member #23018
          October 6, 2005
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          Posted: September 27, 2013, 12:30 pm - IP Logged

          Taxes are also a reason why Cash 3 games are so popular...

            dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
            Oklahoma
            United States
            Member #82391
            November 12, 2009
            6305 Posts
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            Posted: September 30, 2013, 5:35 am - IP Logged

            Taxes are also a reason why Cash 3 games are so popular...

            Yep I Agree!

            I Love Pink & Green 1908

              RJOh's avatar - chipmunk
              mid-Ohio
              United States
              Member #9
              March 24, 2001
              19895 Posts
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              Posted: October 1, 2013, 11:27 am - IP Logged

              Taxes are also a reason why Cash 3 games are so popular...

              Winning a prizes larger than $599 isn't easy for those playing jackpot type games either.

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