Can your non winning lottery tickets be written off for taxes?

Answer 1

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.

Answer 2

Only 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.

Answer 3

In 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.

Answer 4

yes, 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