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The answer may vary depending on the country or state you are in, so this is not definitive advice. However generally, I believe you can only write off the cost of losing tickets if you have a win and pay tax on the win.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoOnly if you had winnings to be reported on your 1040 income tax return and then only if you would be using the schedule A itemized deductions of the 1040 tax form as a part of your miscellaneous itemized deductions.
Go to the IRS.gov web site and use the search box for Publication 529, Miscellaneous Deductions.
Not subject to the 2% of adjusted gross income limit Gambling losses up to the amount of gambling winnings.
Deductions Not Subject to the 2% Limit
You can deduct the items listed below as miscellaneous itemized deductions. They are not subject to the 2% limit. Report these items on Schedule A (Form 1040), line 28, or Schedule A (Form 1040NR), line 16.
Gambling losses up to the amount of gambling winnings.
Wiki User
∙ 13y agoIn certain circumstances, yes. Consult with a tax professional, to be sure, in your particular situation.
Gambling winnings are taxable. Proven losses, like losing tickets, are able to be written off AGAINST THAT INCOME. Not against other income.
Wiki User
∙ 12y agoyes, but you can only deduct up to what you have won. for example, if you spent $2000 and won $1000, you can only deduct $1000. The best bet is to save $1000 worth of losing tickets and bring them to your tax guy, or save them in case you are audited
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What would you owe in taxes for a lump sum cash Wisconsin lottery winning?
your lumps sum lottery winning are subjected to upwards of 40 percent lottery windfall tax then again at the end of the year for earned income
What if no one paid taxes?
If no one paid taxes then all government spending would be financed solely by the sale of lottery tickets.
What if you die after winning the lottery?
Same as dying anytime. Your assets are given to next of kin and taxes.
Can taxes on winning lottery be sent in after winning?
Well maybe if they come up with a new tecnoligy to do that then ya y not my so far no.sorry.
What is ny state lottery federal id number to file taxes from winning ticket?
what is the n.j. lottery federal id number
What percentage of tax do you pay on an 800000 dollar inheritance?
taxes on lottery winning of 800,000 in the state of WA
How are lottery winning taxes used?
Usually distributed mostly to the department of transportation (roads/bridges) and education (schools)
Are there any bad sides to winning the lottery?
Taxes and family and friends asking for money then getting angry when they don't get any.
Is there any reason to save your non-winning lottery tickets?
If you were to win a large amount (say +1000) you could get out of paying taxes on your winnings by showing that you have returned your winning (ie. bought more tickets). *Below is the original answer, before I messed with it... no. well, if you'd like to recycle them, you would help the Earth! the lotto companies never reuse tickets, exept, if you contact the lotto comp. they should have a recycling polisy (im 11 ok?). that is where they somtimes reuse tickets. hope this answers your question. <3
Can you have your daughter claim your lottery winnings to avoid high taxes?
No. The payer of the lottery winning issued you and the IRS the same information from the copies of the 1099-G that has your social security number and name on the 1099-G showing the amount of your winnings.
where do i cash a scrach off more then 800 dollors?
By winning a lottery Related 6 Tips to Save Using the Most Popular Food Delivery Apps Learn More → Congratulations! You took a chance and bought a winning lottery ticket. Now, you need to cash it. Winning lottery tickets may only be redeemed in the state where the ticket was purchased. Prizes up to a certain amount may be redeemed at any store or location that sells lottery tickets. However, prizes over a certain amount must be redeemed with the state lottery office. Winnings More Than $600 If your prize is over $600, the prize amount is reported to the IRS and you will have to pay taxes on the amount. As of 2020, the federal tax withheld on lottery winnings is 24%, and state taxes vary across different states, ranging from zero to 13%. The state lottery commission also sends a 1099 to you at the end of the year listing your prize over $600. Prizes that are less than $600 are not reported to the IRS, but this does not mean that they are not taxable. If you've won an enormous prize, such as the Powerball jackpot, you'll also want to decide whether you want to receive your money as an immediate, reduced lump sum or as an annuity spread out over three decades. You may not want to dawdle on that decision, because while some states give you 180 days after winning to claim your prize, others may give only 60 days if you want your payout as a lump sum. Read More: When Are Lottery Winnings Taxable? Tips If you've won a large amount of money, you may want to assemble a trustworthy team of attorneys and financial experts – at the least, a certified public accountant (CPA) to help you claim and control your winnings. Winnings Less Than $600 When you win less than $600, you can take your winning ticket to an authorized lottery retailer. It doesn't have to be redeemed at the same place you purchased the ticket, however, it does have to be redeemed in the same state. You can redeem a winning ticket from any type of lottery game to an authorized retailer when your prize is less than $600. Authorized retailers include stores and other establishments that sell lottery tickets in your state such as, convenience or grocery stores. Contact the State Lottery Office You can also take your lottery ticket to a state lottery office to redeem it. Although the lottery office cashes out winning tickets for any prize amount, many players take tickets showing a prize of over $600 to the lottery office as some authorized lottery retailers may not have enough cash on hand to pay out large winnings. To redeem with the office, visit the website for the winning ticket’s state lottery to find claim office locations. Don't forget, you must sign the back of your ticket in order to make sure you're the only one who can claim it. Mail in a Claim Form If you do not wish to visit the lottery office in person, you may mail your winning ticket, along with a claim form, to the lottery office for the state where the ticket was purchased. If you live in a state other than the state you purchased the winning ticket, you may also use the mail-in method to redeem your prize easily. Locate claim forms on the state lottery website for the state where the winning ticket was purchased for further guidance.
Do airline tickets have taxes?
Taxes and fees.
