2006-10-19 08:24:24 · 7 answers · asked by llauramcnulty 2 in Business & Finance ➔ Taxes ➔ United States
Yes, you can use losing lotto tickets as proof for gambling lost up to offset your gambling winnings.
The $5000 winning goes onto Line 21 of 1040 and the sume of losses goes onto 27 of Schedule A.
You can take advantage of this deduction only if you itemize. For 2006, the standard deduction for a single person is $5150(Married filing joint is $10300 and head of household is $7550). Unless you have other deductions, like medical expenses, real estate tax, state income tax, mortgage interest/points etc. that would help you exceed $5150, I wouldn't be too quick on collecting lotto tickets from garbage bin at 7-11 yet.
Best wishes.
Best wishes.
2006-10-19 08:35:42 · answer #1 · answered by JQT 6 · 2⤊ 0⤋
Just be sure you can substantiate the figures, this is one they'd be more likely to look at for an audit.
You can use any gambling loss to offset winnings, but as was written earlier, only up to the winnings. So, you can deduct losses at the Blackjack table against Lotto winnings, but you better have receipts, or at least a journal you kept.
2006-10-19 08:33:17 · answer #2 · answered by open4one 7 · 0⤊ 0⤋
Yes. Losses are offset by gains but you need proof. Losing lotto tickets are your proof.
2006-10-19 08:27:04 · answer #3 · answered by EAA Duro 3 · 0⤊ 0⤋
Yes, you can. You can declare gambling losses up to the amount of your gambling winnings.
In other words, if you win more than you lose, you are taxed on the overall winnings. If you lose more than you win, you can't deduct the excess losses.
2006-10-19 08:28:39 · answer #4 · answered by Polymath 5 · 1⤊ 0⤋
Yes, up to the value of your winnings.
2006-10-19 08:26:40 · answer #5 · answered by luv2fish 2 · 0⤊ 0⤋
Yes!
2006-10-19 08:27:54 · answer #6 · answered by edwilliams67 1 · 0⤊ 0⤋
NO.
2006-10-19 08:27:40 · answer #7 · answered by cork 7 · 1⤊ 3⤋