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can lottery tickets be a gambling lose and taken off on your taxes?
just curious, i do play the lottery every week and figured it could be righten off as a gambling lose. does anybody have the answer
7 Answers
- htm182111Lv 61 decade agoFavorite Answer
You can deduct the gambling loss extent to the gambling winning only.
See this link :
http://www.irs.gov/taxtopics/tc419.html
Good Luck!
- card-ronLv 71 decade ago
Lottery tickets and other gambling losses may be taken as a deduction only 1) If you itemize deductions (as opposed to taking the standard deduction), and 2) Up to the amount of gambling winnings reported on your federal income tax return.
- JudyLv 71 decade ago
Pretty much no. If you have gambling wins showing on your return, then IF you itemize you can deduct gambling losses that year up to the amount of your reported wins, but losing tickets aren't proof they were yours and not your buddy's. To deduct them you'd need a log you kept all year of all of your gambling activity, showing all wins and losses.
- 1 decade ago
Regardless of your situation, you must claim the winnings as income. Then for the losses, you can claim them, to the extent/amount of your winnings, IF you can itemize. If your standard deduction exceeds your itemized deductions, then you are SOL. If you can itemize, then hold on to your losing lottery tickets or at least have copies of them if you sent them in for second chance winnings. You may have to produce them as proof of your losses.
Source(s): tax professional - How do you think about the answers? You can sign in to vote the answer.
- SlickterpLv 71 decade ago
Losses can only be claimed up to the amount of winnings claimed. If you plan to do this, you better have ALL the receipts and losing tickets.
- Anonymous1 decade ago
You have to claim winnings
- troLv 71 decade ago
only to the amount of your winnings, and if you don't have documentation of the loses, forget it!