Tax Write-off

Reply #4

Coin Toss — Tue, 14 Feb 2006 23:58:00 GMT

People here are telling you right (it's refreshing to see people who don't get this all twisted, many do).

You can write off your losses up to your winnings. In other words, you can't win $1700 and show $3,000 in losses, only $1700.

It's also not a good idea to decide you want to gather up all your receipts on Dec. 31 and go to lottery places, race tracks, kemo lounges, etc and gather up losing slips all dated the same day. (People have done this).

As far as online, I'm not sure h... [ More ]

Reply #3

OKCTALK — Tue, 14 Feb 2006 20:35:06 GMT

Thanks for the info that makes sense to me.

Reply #2

CalifDude — Tue, 14 Feb 2006 16:59:00 GMT

Welcome. I agree with konane.

As far as on line betting, I don't know about betslips, but the other place doesn't report winnings to any government agency, so it is tax free. Just be careful about LARGE winnings being withdrawn. It has to go into a bank somewhere in the United States, and all transfers of $10,000 or more are automatically reported by the bank.

Reply #1

konane — Tue, 14 Feb 2006 16:38:30 GMT

My understanding unless the rules have changed is that they are good for the year in which they were bought to use as a loss-deduction against winnings.

Check drawing dates on regular tickets, also find out when scratchers are valid.

BTW, Welcome to Lottery Post!! Hope you find lots to read and learn here, enjoy every minute of it

Tax Write-off

OKCTALK — Tue, 14 Feb 2006 16:22:48 GMT

Hello Everyone, I'm thrilled to be here and make my first official post. I'm wondering if anybody can shed some light on whether or not you can save your old lottery tickets and use them as a tax write-off to off-set your winnings.

If so, can you do the same for online bets if you use services like betslips