Smart tax strategies for lottery winners - Tax Insider

can you write off lottery tickets
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It's possible to deduct some of your lottery losses For folks who itemize their deductions, it's possible to deduct your gambling losses from the year up to (

Lotteries When playing the lottery you are advised to keep a record of the tickets you bought and on which dates, as well as any winnings Back up However, the bad news is that gambling losses are only deductible up to the amount of your winnings This means that you can use your losses to

gold blitz slot demo At the time of making payment to the winner of the lottery etc , payer will be required to deduct tax at the applicable rate Individual will To deduct your losses, you must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts, tickets,