Five important tips on gambling income and losses

How to write off lottery, sports gambling losses on your taxes can you use losing lottery tickets on your taxes Gambling losses are only deductible up to the amount of your gambling winnings You can never show a gambling loss more than winnings for tax purposes Gambling can i start my own lottery 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 i play the lottery online You cannot deduct more in gambling losses than you report in gambling winnings on your federal income tax return You will need records to prove