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Lottery Taxation with representation

Topic closed. 4 replies. Last post 3 years ago by sully16.

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p4wanbi's avatar - Lottery-062.jpg
WA
United States
Member #122238
January 27, 2012
180 Posts
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Posted: February 17, 2014, 10:35 pm - IP Logged

So i queried w-2g and found some useful info regarding filing tax return. Now tax season us around the corner and I'm wondering any of lp lucky winners out there filing w-2g for 2013? Did you retain your loss tickets and if in case someone did not keep them, can a bank withrawal statement be sufficient to proof to the irs the deductible loss amount? 

 

Thanks all

playing what can be afforded...spend half of what was reclaimed.

    sully16's avatar - sharan
    Ringleader
    Michigan
    United States
    Member #81740
    October 28, 2009
    41977 Posts
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    Posted: February 18, 2014, 8:57 am - IP Logged

    Unless I win something big, I am not going to bother with it.

     HyperBe Happy.

      mrcraft's avatar - images3lp4 zps7dbb4a10.jpg
      Los Angeles, California
      United States
      Member #149492
      December 2, 2013
      919 Posts
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      Posted: February 18, 2014, 12:00 pm - IP Logged

      You should seek advice from a tax professional.  That being said, I've read posts from folks that got audited.  From their experiences, it seems the IRS requires a detailed daily journal of your lottery activity along with documentation like losing tickets.  I don't think bank withdrawal statements will be sufficient.

        p4wanbi's avatar - Lottery-062.jpg
        WA
        United States
        Member #122238
        January 27, 2012
        180 Posts
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        Posted: February 18, 2014, 2:08 pm - IP Logged

        okay...thanks!

        playing what can be afforded...spend half of what was reclaimed.

          sully16's avatar - sharan
          Ringleader
          Michigan
          United States
          Member #81740
          October 28, 2009
          41977 Posts
          Offline
          Posted: February 20, 2014, 7:41 am - IP Logged

          You should seek advice from a tax professional.  That being said, I've read posts from folks that got audited.  From their experiences, it seems the IRS requires a detailed daily journal of your lottery activity along with documentation like losing tickets.  I don't think bank withdrawal statements will be sufficient.

          Yeah, that's why I said unless I win something big, they have enough info on me, I am not giving them a reason to poke some more.

           HyperBe Happy.