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Can lotto tickets be written off?

C

Clever

New member
I just read that they can be but it was on a random blog article by a frugal woman I like to read. I have never heard of this before so I want to see if it is true. If so, I will start saving my tickets. I get spend like $20 a week on them just for fun though I know I really shouldn't. lol
 
Yes they can. I can't remember what it is called by my mother has been doing it for years. I don't play them enough to make it worth it. I maybe get a scratch off like 5 times a year.
 
EarlyRetirementHopeful said:
They can be written off against winnings. So if you spent $500 in a year and won $600, and have receipts, your tax liability is for only the $100 gained.
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I always thought you could write off anything you lost separate from your winnings. Like the winnings are always taxed and lumped in regardless of the amount, or am I wrong? Maybe this depends on the state?
 
I talked to someone online who does this and you can but you can't write off any wins. Those get taxed anyways when they are over $1000 I believe anyways.
 
Poet said:
I talked to someone online who does this and you can but you can't write off any wins. Those get taxed anyways when they are over $1000 I believe anyways.
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I think in some states the minimum is $500. Anything over that gets taxed. I could be wrong. I will have to look into this.
 
Poet said:
I talked to someone online who does this and you can but you can't write off any wins. Those get taxed anyways when they are over $1000 I believe anyways.
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Yeah that is what I was assuming. So the limit for not being taxed at all is $1000 if you win? I always though they can tax you on anything over $100. I don't gamble much to know otherwise. lol
 
Goal Setter said:
I think in some states the minimum is $500. Anything over that gets taxed. I could be wrong. I will have to look into this.
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I will look into this more. I never heard of it being different per state but that would make sense considering not all states have the same exact tax numbers and breakdowns.
 
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