Are lottery tickets tax deductible?

Answer The cost of lottery tickets is only tax deductible against lottery winnings. In other words, if you spend $500 on tickets in the course of a year and win $5,000, you are allowed to deduct the $500 ... Read More »

Top Q&A For: Are lottery tickets tax deductible

How to Win on Lottery Tickets?

Buying lottery tickets is easy. Anybody can do it, but since state-run lotteries in the USA typically pay out only half of their revenue to the winners, it's one of the worst investments one can ma... Read More »

Are Lottery Losses Tax Deductible?

Lottery losses are tax deductible for those who choose to itemize their deductions on their annual U.S. Individual Tax Return. Gambling losses may be claimed on Form 1040, Schedule A. However, lim... Read More »

How old do you have to be to sell cigarettes& lottery tickets in Alberta?

You must be at least 18 years of age to sell cigarettes and lottery tickets in the province of Alberta. The standard legal age to buy cigarettes and lottery tickets is also 18 in Alberta.References... Read More »

Do senior citizens have to pay taxes on Massachusetts lottery tickets?

Yes the same as anyone else they would have include the lottery winnings on the 1040 income tax return and the the amount will be added to all other gross worldwide income and taxed at the marginal... Read More »