2007-03-18 15:42:59 · 7 answers · asked by Anonymous in Games & Recreation ➔ Gambling
lottery loss is taxable. you cannot buy lottery tickets with IRA money
2007-03-19 05:03:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
probably because the Powers That Be couldn't care less about what you lose. But any income you get, they will obviously want to get their hands on "their" share. However, I think in some areas, you can claim proven losses against the taxes on a large win. proven losses being mostly losing lottery tickets. look into it
2007-03-18 15:56:13 · answer #2 · answered by UPbeachbuggy 3 · 0⤊ 0⤋
as Waia said; you can claim all your losses up to the amount you won. You have to keep records of when and where the losses occurred and the same with the winnings. Of course you have to also turn in all those winnings as income, so all you can really do is offset what you won (and claimed as income) by your losses. Anything you lost over and above what you won is not claimable.
2007-03-18 16:32:34 · answer #3 · answered by Wiz 7 · 1⤊ 0⤋
They are..from the dollar you spent on a scratcher to the hundreds you spend on a mega ticket...the only catch is you have to claim every win from the free ticket to the millions.
2007-03-18 15:51:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can claim losses only so far as to offset winnings.
2007-03-18 15:50:29 · answer #5 · answered by waia2000 7 · 1⤊ 0⤋
all gambling losses are tax deductable, weather it's lottery, horseracing, casino's ect.
2007-03-18 15:50:55 · answer #6 · answered by lonnie s 3 · 0⤊ 0⤋
They are...you can claim your losses...
2007-03-18 15:47:04 · answer #7 · answered by patriots... 3 · 0⤊ 0⤋