4 ms·
Interesting angle. Of course, most people would not remember to take the deduction for the cost of tickets purchased. I think you can deduct gambling losses, b
by gnicholas 3y ago
Interesting angle. Of course, most people would not remember to take the deduction for the cost of tickets purchased.
I think you can deduct gambling losses, but they can only be used to offset gambling gains. So if you're a net loser (and on average, lottery players are), then they wouldn't be able to deduct the full amount: https://www.irs.gov/taxtopics/tc419 https://www.irs.gov/taxtopics/tc419
- aurizon 3y agoYes, here they ignore gambling wins/losses = no tax or writeoff aspects. They do treat foreign sports books etc differently, US/Canada has a tax treaty where sports wins are share-taxed = Canada gets part and US a part, not sure of how it ramifies = never won any of them. They might also share these big US ones?