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

these are all instant scratch tickets from the state of Maine
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2 Replies
Anonymous
Not applicable

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

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.

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

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)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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