2007-01-19 15:30:20 · 10 answers · asked by scott j 1 in Business & Finance ➔ Taxes ➔ United States
Gambling losses like losing lottery tickets can only be used to offset gambling winnings.
Example:
You won $2000 gambling and spent $1000 on losing tickets. You can use the $1000 lost to reduce the amount won to $1000.
Other that that, there is no deduction on your federal income tax return for gambling losses.
2007-01-19 15:39:13 · answer #1 · answered by TaxGurl 6 · 1⤊ 0⤋
The only way that you can write off lottery ticket losses is if you win and claim the winning. Then you can deduct how much you invested into the winning. Say you spent $25 on tickets and won $100, then you would only claim that you won $75. Be sure to save all the loosing tickets, if you are audited, they want to see proof
2007-01-19 15:39:45 · answer #2 · answered by Gary S 5 · 0⤊ 0⤋
If you have gambling winnings showing on your tax return, then you can deduct gambling losses that year up to the amount of your gambling winnings, but only if you itemize deductions. If you take the standard deduction, then no, you can't.
2007-01-19 18:25:09 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
yes, you can claim your lossing tickets against your winning.
but be careful as i heard of a case where a guy picked up lossing bet slips at a race track and try to claim them against his winnings and the gov't said no way as these tickets were dirty and had foot prints on them....they knew he just picked them up off the street.
2007-01-19 16:05:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
actually you can in some states....if you live in a state that has a lottery you can deduct NON winning tickets. ( we have this law in FL)
2007-01-19 15:36:23 · answer #5 · answered by Chrys 7 · 0⤊ 0⤋
You may be able to, provided you declare your winnings. Talk to a tax specialist.
2007-01-19 15:38:25 · answer #6 · answered by Anonymous · 0⤊ 0⤋
As long as you show winnings in excess of ticket expenses.
2007-01-19 15:39:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yeah gambling losses
I've seen that in there
2007-01-19 15:34:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes, but only if you are also claiming winnings
2007-01-19 15:38:04 · answer #9 · answered by silentdreamin 3 · 0⤊ 0⤋
no - that is not a valid write off
2007-01-19 15:34:15 · answer #10 · answered by Genius 1 · 0⤊ 0⤋