Welcome Guest
Log In | Register )
You last visited March 26, 2019, 11:29 pm
All times shown are
Eastern Time (GMT-5:00)

help please with figuring out

Topic closed. 17 replies. Last post 14 years ago by slotplayer.

Page 2 of 2

United States
Member #3676
February 10, 2004
425 Posts
Posted: October 23, 2004, 6:35 pm - IP Logged

Yeah just make sure you pick up 2500 worth of losers so you get a nice fat return next year!

    st.germain's avatar - Tarlor
    chicago ill.
    United States
    Member #3600
    February 4, 2004
    337 Posts
    Posted: October 26, 2004, 4:16 pm - IP Logged

    Save those non winners... I believe illinois has a game for people holding non winning tickets..I'm not sure how it is played  because I throw away my tickets....On the other hand , the year that I won a lot of money...I had saved bad tickets and went to some stores and collected bad tickets by the shopping bag and was  able to write off like 15 ,000 bucks. Then , you only get  a percentage of that back in return, the I.R.S. has funny rules. Not only do you get taxed when you win...you have to claim the rest as income and get taxed again.Obiviosly ,winning puts you into a higher tax bracket resulting in a hugher tax.

      United States
      Member #7962
      October 19, 2004
      27 Posts
      Posted: October 28, 2004, 9:06 pm - IP Logged

      In MA its only 5.35% at $600 and up, you can deduct the cost of the ticket but not any losses.

      On the fed return you can deduct any losses up to winning, so it's a wash. $2500 is less than $7 a day, with todays lottery that's nothing, especially if your lottery has $10 tickets.