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Level 1
February 27, 2022
Question

Can you deduct losing scratch off lottery tickets?

  • February 27, 2022
  • 2 replies
  • 24 views
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2 replies

Level 15
February 27, 2022

Yes, you can claim the cost of scratch-off lottery tickets as an itemized deduction. Your total itemized deduction would have to be greater than the standard deduction which is $12,550 for a Single person, and $25,100 for Married Filing Joint.

 

Most people find that the standard deduction reduces their taxable income more than itemizng. You can search for gambling and click on the Jump  to link to see which is best

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Mike9241
Level 15
Level 15
February 27, 2022

even if you can itemize, these write-offs can't exceed your reported gambling winnings

 

Mike9241