Lottery Income

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • Blackcat31
    • Oct 2010
    • 36124
    #1

    Lottery Income

    Tom, I was wondering if you could help me out with a question about lottery winnings.

    My husband won a trip via the MN state lottery. The lottery office says the trip is estimated to be worth $11,000 dollars.

    The trip is also to Las Vegas where we will have an opportunity to win more cash via a lottery party put on by MN state lottery.

    How is this money recorded/claimed for our taxes next year? Is there anything special we need to do to claim this? Is it all considered income?

    We have a chance to win UP to a million dollars...what would be the tax implementations for that?
    Tags: lottery, taxes
      • Flag
    • TomCopeland
      Business Author/Trainer
      • Jun 2010
      • 3062
      #2
      lottery

      Originally posted by Blackcat31
      Tom, I was wondering if you could help me out with a question about lottery winnings.

      My husband won a trip via the MN state lottery. The lottery office says the trip is estimated to be worth $11,000 dollars.

      The trip is also to Las Vegas where we will have an opportunity to win more cash via a lottery party put on by MN state lottery.

      How is this money recorded/claimed for our taxes next year? Is there anything special we need to do to claim this? Is it all considered income?

      We have a chance to win UP to a million dollars...what would be the tax implementations for that?
      Congratulations. All the money/services you have or will receive is taxable income. If you win big, consult a tax professional.
      http://www.tomcopelandblog.com
        • Flag

        Comment

        • EntropyControlSpecialist
          Embracing the chaos.
          • Mar 2012
          • 7466
          #3
          Darn taxes...
            • Flag

            Comment

            • Blackcat31
              • Oct 2010
              • 36124
              #4
              Originally posted by TomCopeland
              Congratulations. All the money/services you have or will receive is taxable income. If you win big, consult a tax professional.
              Thank you!

              Another question.....I've heard stories about people saving non-winning tickets to use as deductions against their winnings.

              Is this something we can do? If so, how?
                • Flag

                Comment

                • TomCopeland
                  Business Author/Trainer
                  • Jun 2010
                  • 3062
                  #5
                  gambling

                  Originally posted by Blackcat31
                  Thank you!

                  Another question.....I've heard stories about people saving non-winning tickets to use as deductions against their winnings.

                  Is this something we can do? If so, how?
                  You can deduct your gambling losses, but only up to your gambling winnings. See this article:http://www.irs.gov/uac/Newsroom/Five...e-and-Losses-1
                  http://www.tomcopelandblog.com
                    • Flag

                    Comment

                    • TwinKristi
                      Family Childcare Provider
                      • Aug 2013
                      • 2390
                      #6
                      If you do your own taxes or take them to someone else, they'll know what to do. I won money last year gambling and it's under other income, W-2G. And you can just save your old tickets for the year, I don't recall ever getting a receipt for scratchers or lottery tickets but I suppose you could ask? LOL
                        • Flag

                        Comment

                        Previous template Next
                        Working...