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Deductions & credits
You cannot directly offset casino winnings with lottery ticket losses. You report the income separately from the total of the losses, which are itemized deductions.
So using your example the $5 win is income and the $15 loss goes toward the losses that you may be able to deduct if itemizing.
You can learn more about this topic HERE.
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‎April 1, 2025
11:50 AM