irs

Reply #4

interceptor — Wed, 07 Jan 2004 12:11:55 GMT

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.

Reply #3

johnph77 — Wed, 07 Jan 2004 08:50:02 GMT

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.

Reply #2

four4me — Wed, 07 Jan 2004 02:28:31 GMT

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.

Reply #1

luckycat — Wed, 07 Jan 2004 02:10:03 GMT

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

irs

interceptor — Wed, 07 Jan 2004 02:05:00 GMT

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