Scratchers!

[Pokerkitty6]

I love playing the lotto. I have had to pay taxes on my wins for a few years. Usually, I am a lucky gambler....You know what I call the lottery....A poor man's dream!

[BnLM5]

That is a good name for it PK! To up date my lottery winning streak. I stopped by the store on the way home from school today and purchased two more $1 tickets and he lost and I won $2. I always say a push is as good as a win! I am four for four now. Uh Oh! I hope I don't get sick with it!

[TerpZone]

I love playing the lotto. I have had to pay taxes on my wins for a few years. Usually, I am a lucky gambler....You know what I call the lottery....A poor man's dream!

Why not collect losing tickets then to avoid the taxes? My uncle hit $30,000 on a slot in AC once and bought $30,000 worth of losing lotto tickets for $800 from some guy on the street to offset the taxes. He paid nothing to the govt.

[eejit101]

Why not collect losing tickets then to avoid the taxes? My uncle hit $30,000 on a slot in AC once and bought $30,000 worth of losing lotto tickets for $800 from some guy on the street to offset the taxes. He paid nothing to the govt.

That is utter genius

[TerpZone]

That is utter genius

New York City man. You can find someone for anything.

[eejit101]

And you can get milled

[TerpZone]

And you can get milled

milled? Your queen's english has gone over my head.

Shouldn't you be playing a poker game?

[eejit101]

Milled????

Lolz. ill link ya.

Urban Dictionary: milled


Term 2. Tho there used to be a term 3...

"for a woman to have a 3 some in the *** with a canadian and new yorker"

[BnLM5]

That is utter genius

It is practical sense. However in preparing Federal Income Taxes for self or for another that involve winnings from gambling (Bingo winnings, lottery, lotto, Indian Gaming winnings) that exceed the amount of $1199.00 that were not accumulated will be taxed and must be filed with a W-2G form and requires a W-4, and must be filed on a 1040 long form. If you decide to claim a loss in gambling at this point you can only claim up to the amount of your winnings and no more. You must also be able to show proof of the losses if you were to be audited. Which does not always happen. This is where the losing lottery tickets came in as in this case it was a rather large sum of monies. I would have never paid someone that much money for losing tickets as where I live you can collect them by the thousands as people throw them away and there are other ways to account for your losses. Nonetheless choosing to take the loss as opposed to the offset can sometimes prove to be the better way to file. Probably not in this case though. It largely depends on what tax bracket you would fall in, your filing status, and what other types of income may be involved.

It goes without saying just like with credits sometimes it works out better to not get a credit but rather have gotten a grant instead.

The smart thing to have done in this situation IMO would have been to have the taxes taken out at the time of winning the money.

The genius thing here is to collect the loosing lottery tickets and save them up til tax time and find someone out there that was lucky and won and sell them to them for the offset. I have a whole new outlook on lottery tickets now. They may prove to be profitable for me after all.

Oh and update on the winning streak ticket # 5 was a loser for me and a winner for my hubby, he won a free ticket.

Gotta go look for loosing lottery tickets.....