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You may deduct the amount of your losses to the extent total of your winnings. In other words if you won $10, and lost $20, you can only claim a loss of $10. $10 winnings minus $10 in losses equals $0.00 ... moot point ... so why even put it down on the form.
Wiki User
∙ 16y ago
Wiki User
∙ 15y agoThe answer is yes.
You can deduct up to the amount you won from your taxes.
For example, lets say you won $200 but you lost $300 in total.
You can only deduct $200 from your taxes and not the full $300.
Wiki User
∙ 13y agoyes but only if you have won
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Can losing lottery tickets be a tax write-off?
You can write-off gambling losses up to the amount of gambling winnings.
How many years can you keep lottery tickets for a tax write off if you win?
You can take an itemized deduction for gambling losses only in the year you made the wager. Your deduction cannot exceed taxable gambling wins. For example, on your 2008 return, you can only deduct lotto tickets purchased in 2008 and only if you collected a taxable gambling win in 2008.
Is it legal for a ga lottery agent to charge sales tax on lottery tickets when using a credit card?
It is illegal in the state of ga to buy lottery tickets with anything but cash. So there's something fishy going on there
Is a rainbow vacuum a medical tax deduction?
No, a rainbow vacuum is not a medical tax deduction.
Do scratch tickets equate to a tax on the poor?
No, scratch off lottery tickets are not a tax on the poor. That's because anyone over 18 or 21 depending on the state can buy a scratch off ticket. No one is forced to buy a ticket and so a poor person has a choice. If they do choose to buy a ticket, then their dollar becomes a voluntary tax. One other thing to consider is that buying lottery tickets is gambling. Gambling is an addictive activity. It is conceivable that a poor person with a gambling addiction may be compelled by the disease to buy tickets and that could be construed to be a involuntary tax on the poor. But that's a real stretch.
Java code for tax deduction in database connection?
Java code for tax deduction in database connection?
Is there a medicare tax deduction?
No
Are cats a tax deduction?
Pets are not tax deductions.
Are settlement charges to borrower a tax deduction?
On settlement statement from HUD there is a settlement charge. Is this entire charge a tax deduction?
Can I receive a tax deduction if I donate my truck?
Yes, you may receive up to $500 tax deduction if you donate your truck.
How is tax calculated on lottery winnings?
How much you pay ultimately depends on your own tax situation and tax rate. There is no specific rate or category for income from types of gambling. The withholding (like from a payroll, as an estimate of the tax) required at the casino is normally a minimum of 20%, but can depend again on your situation too. It is NOT the amount you pay...just a payment in advance to assure the amount you owe is paid. Lottery and Gambling winnings are taxed like any other income. That amount, or percent, of course changes with everyones personal situation, other income, expenses, deductions, exemptions, STATE (and state income tax is a deduction to Federal taxable income, so that changes many things), dependents, etc. It is fair to say that 2 people, winning the same lottery would normally pay different amount of taxes. Proveable losses are deductible against winning, so keep those losing lottery tickets! Many people have tried to claim the winnings as Capital in nature, for the lower tax rate. The courts have denied that in each case. If you are a professional gambler, the tax handling may change, as it is income from self employment...there are both good and bad aspects to this.
Can I get a tax deduction for my roth IRA?
There is no Roth IRA tax deduction, but this does not mean that the Roth IRA does not have tax implications. More information can be found by asking an accountant.
