State of NJ - Division of Taxation

website can you use losing lottery tickets on your taxes But if you take the lump-sum cash prize, you'll pay tax twice: on the prize when you win it, and on the income you get by investing it This can creditors take my lottery money If you itemize, you can claim all your tax year's losing bets against your gambling income If you have enough losing bets, you can claim as

can you use losing lottery tickets on your taxes You can legally offset any money you won gambling during the same tax year with losing lottery tickets But you cannot deduct losing lottery  Lottery winnings are taxed for the year in which they are collected, allowing winners who choose annuities to spread out the tax bill If you win a house, boat,  As per the IRS “You may deduct gambling losses only if you itemize your deductions on Schedule A and kept a record of your winnings

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