Look what I won this morning

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Originally posted by: Roulette Man

I see the $10 price of the scratcher. That is expensive for a scratch off card.

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Originally posted by: Rock'n Rick

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Originally posted by: Roulette Man

I see the $10 price of the scratcher. That is expensive for a scratch off card.

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I do believe that Texas has $50 Scratch Tickets.

Loyd, can you verify ?


Rick

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Originally posted by: Rock'n Rick
I do believe that Texas has $50 Scratch Tickets.

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Originally posted by: albeadle33

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Originally posted by: Chilcoot
Be careful not to confuse "I do not have to report it" for "I don't have to pay taxes on it." They are not the same.

It's true that the lottery doesn't have to give you a W2-G and file it with the IRS. But you do have to pay income taxes on the $1,000. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. If you can't do that, the $1,000 is taxable as income.

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That's just another uneducated statement by the resident liberal. You can deduct losses IF you want, and whether you actually had them or not. You only MAY need offsetting receipts if you get audited and if they want to see them.

Now let's see a show of hands for those who win a few thousand this year and choose to report it in that manner so they can pay more taxes! So onto the real world: who here wins net and chooses to deduct gambling losses on schedule A up to the amount of those wins so they won't be taxed on the wins? Thought so.

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