losing lottery tickets on 2013 taxesPrev TopicNext Topic

• Danomano

  

  fl
  United States
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  February 6, 2014
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  Feb 6, 2014, 9:39 pm

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  I live in Florida...won 4000 at a local casino (w-2g was recorded on my 2013 taxes).....question...I have over 4000 of losing lottery scratch offs and lotto tickets...the lotto tickets (powerball, megamoney, ect have time stamps on them ....I'm thinking I can off set my win with them)...BUT...can I use the scratch off lottery losses to counter the 4000 casino win?...the scratch offs have no time stamp on them...if the taxman calls me on my claimed losses how can I prove that the scratch offs were losses for 2013...or does it matter...I also have a non itemized Win/Loss statement from the casino for 8000....can I use that in my defense?
• grwurston

  

  100

  Same #'s. Different games.

  United States
  Member #90,247
  April 24, 2010
  13,838 Posts
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  Feb 6, 2014, 10:12 pm

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  In response to Danomano

  Quote: Originally posted by Danomano on Feb 6, 2014

  I live in Florida...won 4000 at a local casino (w-2g was recorded on my 2013 taxes).....question...I have over 4000 of losing lottery scratch offs and lotto tickets...the lotto tickets (powerball, megamoney, ect have time stamps on them ....I'm thinking I can off set my win with them)...BUT...can I use the scratch off lottery losses to counter the 4000 casino win?...the scratch offs have no time stamp on them...if the taxman calls me on my claimed losses how can I prove that the scratch offs were losses for 2013...or does it matter...I also have a non itemized Win/Loss statement from the casino for 8000....can I use that in my defense?

  Try googleing "taxes on gambling winnings." It will take you to the IRS site. But maybe the best thing to do, would be to talk

  to a tax preparerer.

  
• Todd

  

  50

  Chief Bottle Washer

  New Jersey
  United States
  Member #1
  May 31, 2000
  27,941 Posts
  Online
  Feb 6, 2014, 10:32 pm

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  Yes, speak with a tax preparer, but I believe they are both gambling, so you should be able to offset casino gambling winnings with losing lottery tickets.

   

  Check the State Lottery Report Card
  What grade did your lottery earn?

   

  Sign the Petition for True Lottery Drawings
  Help eliminate computerized drawings!
• grwurston

  

  100

  Same #'s. Different games.

  United States
  Member #90,247
  April 24, 2010
  13,838 Posts
  Online
  Feb 6, 2014, 10:39 pm

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  According to the IRS site you can deduct losses up to the amount of your winnings.

  
• RedStang

  

  NY
  United States
  Member #121,955
  January 21, 2012
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  Feb 6, 2014, 10:55 pm

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  Only if you can itemize your deductions. I claim the standard deduction and could'nt use losing scratchers.

  
• IPlayWeekly

  

  Columbus, Ohio
  United States
  Member #128,900
  June 5, 2012
  599 Posts
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  Feb 7, 2014, 7:21 am

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  A good accountant goes along way
• GASMETERGUY

  

  NASHVILLE, TENN
  United States
  Member #33,371
  February 20, 2006
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  Feb 8, 2014, 1:04 pm

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  First, congrats on you good fortune.  May you experience many more.

  Now to the tax problem.  I rarely play the lotto but if, when, or should I develop a successful algorthym for picking P5 numbers, I plan on keeping records on where I go, the miles to and from the lotto machine, and the tickets.  I will keep them organized.  When I win (and I will!), I will present my documents to my tax preparer and let her figure out my deductibles and tax amount.

  As full disclosure, let me add that I probably will throw two dollars at tonight's powerball and not worry about tax deductions.
• RJOh

  

  100

  mid-Ohio
  United States
  Member #9
  March 24, 2001
  20,272 Posts
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  Feb 8, 2014, 1:21 pm

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  Unless you win more than your standard deduction or have other debt that can be used to exceed it then keeping records won't help much, at least that is my problem. 

  Last year I matched 5of6 in Ohio's Classic Lotto for $1500 and the state will send me a W-G2 to add that amount to my taxable income but the standard deduction for federal taxes is $4500 so I'll end up paying extra city, state and federal taxes in spite of the fact that I spent almost $3000 playing the lottery and have tickets and records to prove it.

   * you don't need to buy every combination, just the winning ones * 

         
  
• inittowin

  

  If you don't like it, spit it out!
  United States
  Member #4,756
  May 23, 2004
  3,435 Posts
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  Feb 8, 2014, 1:24 pm

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  some reference:

  https://www.lotterypost.com/thread/226512/3455220

  .
• Danomano

  

  fl
  United States
  Member #152,156
  February 6, 2014
  2 Posts
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  Feb 8, 2014, 6:02 pm

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  Thanks all...if I get questioned by the man...I will let you know how it pans out...it seems to be small potatoes to question...the sad thing is that I lost more than I won this year...I just need to prove it in my records...hope you all have better luck...scratch offs???...your lucky to win half of what you paid...my experience for the last 4 to five years...and I've thrown alot of $$ at it....ive won 1k...500 4 times...100 over 50 times...in the end you lose!!!...IM OUT!!!