2007-03-18 14:57:45 · 10 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you are a professional gambler, you can 'expense' the losses on schedule C. Be sure to keep written documentation. Any individual who itemizes deductions (schedule A), can claim the losses - BUT only up to the amount of winnings reported.
2007-03-19 13:35:43 · answer #1 · answered by broboca3 2 · 1⤊ 0⤋
In general, no.
However, if you win a substantial prize, you can claim the losing tickets as a Schedule A deduction not subject to the 2% limitation.
Dont even think of claiming a losing lottery ticket as a Charitable Deduction for Educational purposes.
2007-03-20 09:04:04 · answer #2 · answered by bold4bs 4 · 0⤊ 0⤋
You can only use gambling losses as a tax write off against gambling winnings.
Example: If over the course of 1 year you purchased 100 (losing) lottery tickets, and then won $100 on one ticket, you could take a tax deduction of your 100 losses against your winnings, and pay zero taxes on your $100 winnings.
2007-03-18 15:09:38 · answer #3 · answered by mdboze 2 · 1⤊ 1⤋
Save those losing tickets in case you ever hit the jackpot!
If you win, you get to deduct the cost of all those bleeping losers!
2007-03-18 19:00:01 · answer #4 · answered by T H 4 · 0⤊ 0⤋
If it is not, then it does not make sense. They want tax on winnings but no deductions on non-winning tickets. Law makers need to make changes.
2007-03-18 15:39:50 · answer #5 · answered by djgelee 1 · 1⤊ 0⤋
You can take a deduction only if you itemize on schedule A. It would be miscellaneous deduction not subject to the 2% limit but can not exceed the gambling winnings on line 21 of the 1040.
2007-03-18 15:28:48 · answer #6 · answered by ? 6 · 1⤊ 2⤋
You can deduct gambling losses -- only to the extent of gambling winnings -- on Schedule A as an itemized deduction.
2007-03-18 15:09:29 · answer #7 · answered by Bostonian In MO 7 · 4⤊ 1⤋
yes,but need to keep the tickets
2007-03-18 15:05:52 · answer #8 · answered by Anonymous · 0⤊ 1⤋
well if you can,it'll be a world first.Gambling debts are'nt tax deductable
2007-03-18 15:03:20 · answer #9 · answered by Anonymous · 0⤊ 5⤋
You are joking right?
Hahahah pretty funny there....
2007-03-18 15:30:18 · answer #10 · answered by Anonymous · 0⤊ 6⤋