Don't bet on fooling IRS with bought losing lottery tickets

website can you use losing lottery tickets on your taxes Is it tax deduct ble? Lottery tickets cannot be claimed on a tax return, unless they're for a charity lottery, where you may be able to claim cancelling postcode lottery Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable

can you use losing lottery tickets on your taxes Federal Form 5754 is also used when the person receiving gambling winnings subject to reporting or withholding is not the actual winner This form will list the  According to the IRS, “to deduct your losses, you must be able to provide receipts, tickets, statements or other records that show  You can legally offset any money you won gambling during the same tax year with losing lottery tickets But you cannot deduct losing lottery

Share

Share

Link

Turn off sharing Copy link

See all details