No textNo textNo text

Do you save your tickets?

Avatar
manofmany

I do. I have a large stack dating back to August of 07 when I first began buying. Consists of Powerball and Hoosier Lotto tickets.

rubberbandman's avatar - Spawn Classic.jpg
rubberbandman

Of course, they are tax-refundable.

dphillips's avatar - littleuns
dphillips

No, I do not save my tickets! 

Uff Da!'s avatar - InCelebration 001.jpg
Uff Da!

Only for the current year.  If I haven't won anything big enough to enter on my taxes, I don't have gambling gains; therefore I can't declare gambling losses.  So out the old ones go.

ThatScaryChick's avatar - pI8lWzJ
ThatScaryChick

I used to save my old tickets, but I decided it was a waste to keep them around so I now throw them away after a month of so.

Coin Toss's avatar - shape barbed.jpg
Coin Toss

In the hope that I'll hit something and have the tickets to prove losses to write off, yes.

My play is under $1,000 a year though, so....

On Dec 31st of every year if there was no prized that were claimable   (>$600) we have a "ticket shredding party" to bring in the New Year.

FYI, someone here (I'm prety sure it was RJOh) that keeping the tickets isn't enough, you also have to have a log of your play - that's one of the things I learned here at LP.

Wink

player345's avatar - hani
player345

This year for sure I am keeping my losing  tickets as for the first time ever I hit a 4 digit straight for $5K.    Smile   

A friend of my sister said to keep all losing tickets (racetrack included) until December 31 so one can claim their winning ticket(s)  against their losing tickets on their income taxes the following year.  One could hit for $1K on December 31 and not have any losing tickets to claim and thereby would have to pay the whole tax for the $1K, as an example.

Not claiming losing tickets against winning tickets is one of the most overlooked tax deductions besides claiming mileage for looking for a job.

player345

Avatar
manofmany

I'm keeping mine in case I ever win the big one so I can see just how much it took to get to that point and see what I really won.

Avatar
Stack47
In response to player345

You can deduct up to the amount you won in gambling losses but to do that, you must use itemized deductions. When I hit the pick-4, I still had to use the standard deductions because I didn't have enough other deductions to make it worthwhile.

A tax software will give you both results and if somebody does your taxes they will try both ways too.

Congratulations on your nice win!

OldSchoolPa's avatar - Lottery-057.jpg
OldSchoolPa

No I don't save my tickets...my wife likes to snoop through my stuff and saving a lot of lottery tickets would make it just too easy for her to find out that I do indeed play the lottery (fyi she doesn't believe in playing the lottery).  Although I try to be tax savy up to a certain point, I obviously cannot claim lottery losses (try passing that one by your wife who doesn't believe in playing the lottery).  Besides, I play to win and I don't think she will have any problem at all when I report that huge gain...then again, I do know how I can mask that huge win from her (no nothing sinister) and cover up from whence the inflow of funds is coming from (trust me, I have a way to do it so all you naysayers need not bombard me on this one).

Avatar
MaddMike51

I've had enough gambling wins in the past several years that I not only save my lottery tickets,I'll pick up tickets that other people throw away.I've never been audited by the IRS,but if I ever do I intend to be able to prove that I spent more on gambling than I won.I keep them in bags next to my tax returns.

tntea's avatar - Lottery-059.jpg
tntea
In response to OldSchoolPa

LOL

player345's avatar - hani
player345
In response to Stack47

Hi Stack47!

Thanks :)   Congrats to you to for hitting a 4 digit also.  It's a great feeling for sure!  Continued good fortune to you.

Yes we do itemize deductions.  Thanks for telling me that because no one mentioned that part of the equation! 

player345

xthundercat2003's avatar - 161784 100002045964044_7086045_n.jpg
xthundercat2003

Get a Sexy, Colorful and Cute Comment from Commentsdump.com TODAY! are you saying that the old lottery tickets i have save for years are good for taxes because i have tickkets from 2003and 2004-2005-2006-2003i have a stack too

player345's avatar - hani
player345

Hi xthundercat2003!

If you won during those years and itemized deductions I imagine they are good.  Someone will chime in who knows the rules like Stack47 does. 

I believe it is just for this year's tickets only.  We (hubby and I)  would claim our  winnings on our  2008 income tax return in 2009.

I hope you can get something for those tickets thundercat!  :)

player345 

Log In

Log InCancel

Forgot your username?

Forgot your password?