Writing off gambling losses to offset a winning lottery ticket? : rtax

website are lottery tickets tax deductible Depending on your other income and deductions, amounts withheld by the Lottery on your winnings may or may not be sufficient to meet your total tax obligation are lottery winnings taxable in canada Lottery tickets are non-tax deductible in accordance with Canada Customs and Revenue Agency policies You can make a donation in addition to your ticket

are lottery tickets tax deductible State lottery winnings are reportable to the IRS where the State agency conducting the lottery requires a winner to complete federal Form W-2G, Certain Gambling  Thus, you should never tell the attendees at a bingo night, purchasers of lottery tickets, or casino night bettors that the money they spend is tax deductible   Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable

Share

Share

Link

Turn off sharing Copy link

See all details