topic I have thousands of dollars of non winning lottery tickets, can i deduct these losses? in Get your taxes done using TurboTax

I have thousands of dollars of non winning lottery tickets, can i deduct these losses?

theboss449 — Sat, 27 Jun 2020 16:40:32 GMT

these are all instant scratch tickets from the state of Maine

Re: I have thousands of dollars of non winning lottery tickets, can i deduct these losses?

Anonymous — Sat, 27 Jun 2020 16:46:21 GMT

only if you itemize (schedule A - line 16)and only to the extent of gambling winnings.

• Gambling losses (gambling losses
include, but aren't limited to, the cost of
non-winning bingo, lottery, and raffle
tickets), but only to the extent of gambling winnings reported on Schedule 1
(Form 1040 or 1040-SR), line 8.

Re: I have thousands of dollars of non winning lottery tickets, can i deduct these losses?

xmasbaby0 — Sat, 27 Jun 2020 17:53:43 GMT

Gambling

To enter the W-2G or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

Gambling winnings are taxable income. Losses are an itemized deduction. If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

2019 Standard Deduction Amounts

Single $12,200 (+ $1650 65 or older)

Married Filing Separate $12,200 (+ $1300 if 65 or older)

Married Filing Jointly $24,400 (+ $1300 for each spouse 65 or older)

Head of Household $18,350 (+ $1650 for 65 or older)