Connecticut Income Tax Treatment of State Lottery Winnings -

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Is it tax deduct ble? Lottery tickets cannot be claimed on a tax return, unless they're for a charity lottery, where you may be able to claim

Even wins as small as $1 should be reported to the IRS, but you can deduct gambling losses to help offset taxes on any winnings Whether you are playing a For example, if you purchase a $ ticket that has a prize of $5,, taxes would not be automatically withheld because the gross proceeds are less than

can you win big on slot machines Even if you buy other tickets during the year, you can only deduct the cost of the winning ticket You cannot deduct losses you claim as itemized can only be ascertained after the expense of doing the business is known The expense budget covers the expected expenditures from each sales dollar ( or