Yea, I won $1,000.00 on a scratch off, which I have to claim on my 2008 taxes as lottery winnings. How much lottery loss can I claim now to offset the winnings on my taxes?. I have saved all my losing scratch-offs and tickets. Any CPA's out there that can tell me. Thanks.
Good luck with that one! Better off puttin it in IRA for the deduction. (Not that I'm a CPA or anything...:mrgreen: )
Wow congratulations!! I won $100 today and I thought that was good..but $1000 is waaaay better. What kind of scratch off was it? Sorry but I can't help you on the tax info.
Call the NC Dept of Revenue Tax Payer Assistance Line and ask. I don't have the number, but I am sure you can find it online.
Tyndall Stoud CPA's 863-4180 Derek Stroud That's who I use. Congratz on your win. You buying the rounds? :mrgreen: :cheers:
First, congraculation on your win.. If you put the whole 1,000 in an IRA account, you can get about 100 - 300 back from your tax return depends on your personal tax rate. Not sure if you can qualify for the expenses on buying lotto... HTH
Wait, I'm not sure we have my question right. In New York, if you win more than $600.00 that has to be claimed on your taxes, then you can deduct up to $600.00 in lottery losses on your taxes. So you can win 100,000. say but only deduct $600.00 in losses. So can I deduct $600.00 in losses or NC doesn't do that? I won it on the $130 Million Blockbuster scratchoff. Hey, I spent it already,, by chance my car insurance came in the mail first, and then I bought the scratchoff 3 hours later and thanked the lord my vehicles would be insured for another 6 months
Yes, you can deduct losses up to the amount of your winnings, if you itemize deductions. NC tax is based on federal, so it's the same rule. http://www.irs.gov/newsroom/article/0,,id=172190,00.html
Thank You very much KDsGrandma for the info. So it looks like if I can gather up $1,000.00 in tickets I can claim the whole thing as a loss. No limit on the losses as long as they are no more than the winnings.
That's correct, if you have $1,000 in receipts, you can take that amount as an itemized deduction. You do need to include the winnings in income, so it may affect a few other things, depending on what's involved in your tax return. For example, it would reduce your deductible medical expenses by $75; some of your miscellaneous deductions are subject to a 2% floor, so it would reduce that by $20; some other tax provisions are phased out at certain income levels, so it could have an effect on those. There are 2 types of miscellaneous deductions on Sch. A - some are subject to the 2% floor and some are not. Gambling losses are not subject to the 2% floor.
