Loosing Lottery Tickets To Save Them Or Not?

Reply #10

James1 — Mon, 18 Apr 2011 21:34:38 GMT

Thats awful. Well I actually found that out today. Kind of gave me a sour taste on playing anymore.

Reply #9

TheOtherOne — Mon, 18 Apr 2011 17:02:51 GMT

This is how TN is as well

I think this is also the reason so many people play cash3 -- if they hit the 500 prize, it isnt taxed.

I also started saving most of my losing tickets back in February after hitting 1000 on a scratch off. I plan to keep saving them all year and hopefully I will have an even bigger win

Reply #8

B$Rizzle — Mon, 18 Apr 2011 16:50:32 GMT

James - in FL anything over $599 gets added to your taxable income. They just dont withhold taxes on any claim less than $5K when you claim it at the lotto office.

If you claim a Play4 for $5,000, the lottery office will hand you a check for $5,000. If you claim a $10,000 prize, you will walk away from the lottery office with a check for $7,500.

Regardless the IRS will get thier cut off anything over $599, whether its at the lottery office, or at the end of the year when you do y... [ More ]

Reply #7

pam88 — Mon, 18 Apr 2011 03:22:09 GMT

Here in OH anything over $ 600.00 , you have to pay taxes on.

Reply #6

James1 — Mon, 18 Apr 2011 03:14:50 GMT

If im not mistaken anything up to $5K is not taxed right ?

I believe its the $5K + wins you gotta worry about.

Reply #5

Lucki723 — Mon, 18 Apr 2011 02:54:58 GMT

You can actually Deduct that $4k win you recently got.

Reply #4

James1 — Mon, 18 Apr 2011 02:20:50 GMT

I started saving last month. Now have thousands $$ worth of losing tickets waiting for that big winner

Reply #3

pam88 — Sun, 17 Apr 2011 16:17:32 GMT

I save all my losers, I hit the pick 4 straight last year. Helped me big time with taxes.

Reply #2

Love Notes — Sun, 17 Apr 2011 15:54:21 GMT

Hi, I am also a new member. However, I believe the loosing tickets are for the year in which you win.

The loosing tickets must be retained in the event the IRS asks for proof of this deduction when you file your

tax return.

Good Luck. I hope we both win huge jackpots in 2011 year!!!

.

Reply #1

Lucki723 — Sun, 17 Apr 2011 14:06:09 GMT

Save Them in a show box.

Loosing Lottery Tickets To Save Them Or Not?

chinalinda143 — Sun, 17 Apr 2011 12:43:17 GMT

Hi Everyone, I have a curiosity that i have searched high and low for and can't seem to find the answer. On loosing Lottery tickets if you save them and get a large win and have to go to the Disctrict office to claim that Big win if you take these Loosing Lottery tickets could you have them deducted from the amount of Taxes they would take out from your big win?

And if so, would the Loosing tickets be good from year to year or does this matter