ben asked in Games & RecreationGambling · 1 year ago

Won money in lottery can I claim all my looser tickets against the win?

4 Answers

Relevance
  • R K
    Lv 7
    1 year ago

    you can't claim more than you won.

    • Commenter avatarLog in to reply to the answers
  • 1 year ago

    In the United States, for federal income tax purposes, gambling losses up to the amount of gambling winnings, may be claimed as itemized deductions. If you do not itemize deduction you will owe federal income tax on the entire amount of gambling winnings.

    For state and local income tax purposes the laws vary by location. In some locations you will owe taxes on gambling winnings but will not be able to deduct gambling losses.

    If you happen to receive Social Security benefits you should also see

    https://www.marketwatch.com/story/gambling-tax-hit...

    • Commenter avatarLog in to reply to the answers
  • 1 year ago

    Yes. As long as you kept all those tickets as proof of the losses.

    • Commenter avatarLog in to reply to the answers
  • Anonymous
    1 year ago

    I don't know where you are but there is no tax due on UK lottery wins.

    • Commenter avatarLog in to reply to the answers
Still have questions? Get answers by asking now.