Save losing lottery tickets as a tax write-off.Prev TopicNext Topic

• KY Floyd

  

  NY
  United States
  Member #23,834
  October 16, 2005
  4,771 Posts
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  Aug 12, 2019, 12:14 am

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  "Just wondering, have you won enough to get a W-2G and then deducted gambling losses using Schedule A?"

  If you're just wondering does that means it's strictly curiosity, or is there some reason that think it's relevant?

  "Wouldn’t you have to prove that you’re able to live off of your winnings?"

  How about once more with context?
• Brennie

  

  United States
  Member #182,947
  July 9, 2017
  242 Posts
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  Aug 15, 2019, 6:32 pm

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  In response to mikeintexas

  Quote: Originally posted by mikeintexas on Aug 11, 2019

  Great idea!  I never thought of doing that! 
  
  I've just been using my losing tickets to wallpaper my walls.  So far, I've done two bedrooms, the kitchen and have started in on the den.

  LOL, too funny! That would be a sight to see. I know my kids are wondering why I am laughing so hard right now.
• Stack47

  

  Kentucky
  United States
  Member #32,651
  February 14, 2006
  10,301 Posts
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  Aug 16, 2019, 6:06 pm

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  In response to KY Floyd

  Quote: Originally posted by KY Floyd on Aug 12, 2019

  "Just wondering, have you won enough to get a W-2G and then deducted gambling losses using Schedule A?"

  If you're just wondering does that means it's strictly curiosity, or is there some reason that think it's relevant?

  "Wouldn’t you have to prove that you’re able to live off of your winnings?"

  How about once more with context?

  "or is there some reason that think it's relevant?"

  The topic is about "tax write-offs" and I'm pretty sure people might want to hear from someone having experience winning large sums rather than someone that just "read about it on the Internet". And why I suggested checking with a reliable tax accountant. 

  Using Schedule A for gambling deductions is not "one size fits all" depending on the amount of the gambling winnings because we lose our standard deductions which is $24,000 for "married filing jointly". So if someone wins $25,000 and can deduct $25,000 in losses, they lose their standard deductions for whatever other income they have. Most tax programs help in deciding which method is better to use. 

  Do you have real experience using Schedule A to deduct gambling losses?