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irs

Topic closed. 4 replies. Last post 13 years ago by interceptor.

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United States
Member #3004
December 11, 2003
248 Posts
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Posted: January 6, 2004, 9:05 pm - IP Logged

whats this i hear about being able to cash in on losing tickets if you have a business? is this foooey?

    luckycat's avatar - animaniacs24

    United States
    Member #1687
    June 16, 2003
    1047 Posts
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    Posted: January 6, 2004, 9:10 pm - IP Logged

    maybe it means if you win over a certain amount.  you can claim your loseing tickets>if u have proof<ex winn 1000  have tickets/ losing tickets to deduct from the 1000 spent> maybe

     

        luckycat        >>>>>>>    purr-purr--purrfect                           

      four4me's avatar - gate1
      MD
      United States
      Member #1701
      June 18, 2003
      8390 Posts
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      Posted: January 6, 2004, 9:28 pm - IP Logged

      Interceptor if you hit the lottery say for 5000 and you have to pay the tax on it. You can claim your losers on your taxes when you file. See your tax preparer for the forms. You won't get all of it back but most. Different states may or not have different rules concerning this but I think it's in place in most states.

        johnph77's avatar - avatar
        CA
        United States
        Member #2987
        December 10, 2003
        832 Posts
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        Posted: January 7, 2004, 3:50 am - IP Logged

        As in any other method of gambling, your losses are deductible only to the extent where they do not exceed your winnings. You must retain your records - i.e. losing tickets - in the dvent of an audit. I'm not sure what the IRS does if you claim your profession is "Professional Gambler."

        Blessed Saint Leibowitz, keep 'em dreamin' down there..... 

        Next week's convention for Psychics and Prognosticators has been cancelled due to unforeseen circumstances.

         =^.^=


          United States
          Member #3004
          December 11, 2003
          248 Posts
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          Posted: January 7, 2004, 7:11 am - IP Logged

          ok cause when i worked at the c-store i had many people picking up bags full of losing tickets. i asked them why and they said they could cash them in at irs for business expense.