- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Tax break for lotto winnings
I spent more than i won on lotto, how do i claim that?
Topics:
posted
May 31, 2019
9:34 PM
last updated
May 31, 2019
9:34 PM
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Tax break for lotto winnings
You can't. You can't claim more gambling losses than the amount of gambling winnings that you claim. When you claim your gambling winnings, and continue the interview, a few pages later you can enter your gambling losses, but only up to the amount of winnings that you claim.
Gambling losses do NOT offset gambling winnings dollar for dollar. Instead, they are an itemized deduction. Itemized deductions provide no tax benefit until all of them added together are more than your standard deduction.
Gambling losses do NOT offset gambling winnings dollar for dollar. Instead, they are an itemized deduction. Itemized deductions provide no tax benefit until all of them added together are more than your standard deduction.
May 31, 2019
9:34 PM
Still have questions?
Make a post