Are State lotto ticket tax deductible ?

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Are State lotto ticket tax deductible ?

2007-11-23 02:10:01 · 3 answers · asked by BASHARAT I 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

On your federal return, if you report gambling winning, and if you itemize, gambling losses can be deducted up to the amount of the reported winnings. There are a lot more rules for doing this though than just having a box of losing tickets.

2007-11-23 02:58:59 · answer #1 · answered by Judy 7 · 1⤊ 0⤋

In most states, you may deduct the amount paid up to the amount of any winnings. If you spend $50 and win $25, you may only count $25 of the ticket cost and you then have to report the winnings.

2007-11-23 10:26:10 · answer #2 · answered by Tom 6 · 0⤊ 0⤋

No tax is collected on the sale of state lotto tickets.

2007-11-23 10:17:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋