Economy

[Jogeephus]

I've heard you can do that. I've considered taking a broom and just sweeping up all the lottery tickets that litter the ground and turning them in with my taxes. Do you think that would work for me?

Gambling loss write offs are limited to the $ amount of gambling winnings reported to the IRS.
So unless you have reported winnings, no write offs for gambling losses are allowed.

Hmmmmmm........... every time I do a job for someone I roll the dice and hope they pay me. Is this not gambling?

Using John's link

Gambling income includes but is not limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips.

Every time someone pays me and the check doesn't bounce I consider myself a winner. Besides, doesn't the federal government adamantly say that everyone is a winner? That discrimination is bad? So wouldn't it be discriminatory for them to deny my winnings (aka my unbounced paycheck) from their rules? By their own words it is not limited to casino winnings.

Also, since each of the tickets littering our streets is tangible proof of a legitimate unclaimed tax deduction my possession of said tickets should be unquestionable proof of a valid tax deduction should it not? Sortof like the doppelgänger to the democratic political mindset on income and tax policy.

 

[shaz]

Lottery is not a very sound retirement plan, read somewhere high percentage in the 90's are dead broke again in three years.
Ecconomy is never again going to be what it was with us forcing manufacturing overseas through regulating them to death.
Manufacturing pumps money in a community retail sucks it out along with the taxation thieves.

Job training programs are supposed to help unemployed factory workers. If they had the commitment to be competent skilled labor they would already be plumbers, electricians, computer programmers ect...

Manufacturing offers the unskilled a middle-class life and I can't think of anything else that does.
They can't all be salesmen can they?

 

[dun]

I would be more inclined to just do the home lottery. Just take a dollar bill and crumple it up and throw it in the trash!

 

[Jogeephus]

Lottery is not a very sound retirement plan, read somewhere high percentage in the 90's are dead broke again in three years.
Ecconomy is never again going to be what it was with us forcing manufacturing overseas through regulating them to death.
Manufacturing pumps money in a community retail sucks it out along with the taxation thieves.

Job training programs are supposed to help unemployed factory workers. If they had the commitment to be competent skilled labor they would already be plumbers, electricians, computer programmers ect...

Manufacturing offers the unskilled a middle-class life and I can't think of anything else that does.
They can't all be salesmen can they?

I agree. I grew up in what some would call a mill town and if you graduated high school you could marry your sweetheart and get a job at the mill and it provided you a comfortable living with good health care and recreational opportunities provided. Sadly the unions poisoned the workers minds and made them unhappy with what was a really a pretty good deal and some of the companies closed. What didn't close left later due to government regulation and worker's comp litigation. My SIL had a gravy job at a mill but since it closed she doesn't earn a fraction of what she did before. She is no longer pro-union but its a bit late for her to have come to her senses.

 

[Jogeephus]

I would be more inclined to just do the home lottery. Just take a dollar bill and crumple it up and throw it in the trash!

Same here. It'll never be said that I ever voluntarily paid a tax and throwing it in the trash accomplishes the same thing but does less harm in my mind.

 

[Workinonit Farm]

I would be more inclined to just do the home lottery. Just take a dollar bill and crumple it up and throw it in the trash!

Or do what I do; every now and then take a $1.00, $5.00 or a $10.00 and stash it away somewhere, where you wouldn't normally stash it. After a while you forget about it, and eventually you come across it! **Surprise** It sure does 'feel' like winning a prize. ;-)

 

[Son of Butch]

Oh I normally have to go to lottery office a few times a year to collect my money so it gets reported so not sure of the particulars otherwise

At that time they have you sign for a 1099
Friend of mine has had to sign for 6 so far this year alone.... he's already blown through his winnings and is going to have to empty kid's college savings to scrape up to pay taxes next April.

 

[Commercialfarmer]

Oh I normally have to go to lottery office a few times a year to collect my money so it gets reported so not sure of the particulars otherwise

At that time they have you sign for a 1099
Friend of mine has had to sign for 6 so far this year alone.... he's already blown through his winnings and is going to have to empty kid's college savings to scrape up to pay taxes next April.

I figured they took taxes out before they paid out the bigger winning tickets.

Well, maybe the kid will get an education from all that.

 

[bbirder]

1982vett is correct.

You must report all gambling winnings on your Form 1040 (PDF) as "Other Income" (line 21), including winnings that are not subject to withholding.