Does anyone know the logistics of claiming lottery losses on taxes?
Does anyone know the logistics of claiming lottery losses on taxes?
In the case of taxpayers not engaged in the trade or business of gambling, gambling losses are allowable as an itemized deduction, but only to the extent of
It allows people to deduct gambling losses on their taxes, but only if they itemize their deductions on Schedule A 1 In addition, the gambling If you are going to deduct gambling losses, you must have receipts, tickets, statements and documentation, such as a diary or similar record of your losses and
lottery sambad 3 12 2023 For more information, see the Wisconsin Lottery's How to Claim a Prize webpage E Taxation of Losses Lottery losses may not be used in How do you deduct gambling losses? You can deduct gambling losses, but there are some significant challenges For starters, you can't deduct
