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Old 03-12-2014, 02:30 PM
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Blackcat31 Blackcat31 is offline
 
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Question Lottery Income

Tom, I was wondering if you could help me out with a question about lottery winnings.

My husband won a trip via the MN state lottery. The lottery office says the trip is estimated to be worth $11,000 dollars.

The trip is also to Las Vegas where we will have an opportunity to win more cash via a lottery party put on by MN state lottery.

How is this money recorded/claimed for our taxes next year? Is there anything special we need to do to claim this? Is it all considered income?

We have a chance to win UP to a million dollars...what would be the tax implementations for that?
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Old 03-12-2014, 03:43 PM
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TomCopeland TomCopeland is offline
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Default lottery

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Originally Posted by Blackcat31 View Post
Tom, I was wondering if you could help me out with a question about lottery winnings.

My husband won a trip via the MN state lottery. The lottery office says the trip is estimated to be worth $11,000 dollars.

The trip is also to Las Vegas where we will have an opportunity to win more cash via a lottery party put on by MN state lottery.

How is this money recorded/claimed for our taxes next year? Is there anything special we need to do to claim this? Is it all considered income?

We have a chance to win UP to a million dollars...what would be the tax implementations for that?
Congratulations. All the money/services you have or will receive is taxable income. If you win big, consult a tax professional.
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Old 03-12-2014, 04:17 PM
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Darn taxes...
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Old 03-13-2014, 10:52 AM
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Blackcat31 Blackcat31 is offline
 
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Originally Posted by TomCopeland View Post
Congratulations. All the money/services you have or will receive is taxable income. If you win big, consult a tax professional.
Thank you!

Another question.....I've heard stories about people saving non-winning tickets to use as deductions against their winnings.

Is this something we can do? If so, how?
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Old 03-13-2014, 11:00 AM
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TomCopeland TomCopeland is offline
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Thank you!

Another question.....I've heard stories about people saving non-winning tickets to use as deductions against their winnings.

Is this something we can do? If so, how?
You can deduct your gambling losses, but only up to your gambling winnings. See this article:http://www.irs.gov/uac/Newsroom/Five...e-and-Losses-1
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Old 03-13-2014, 11:01 AM
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TwinKristi TwinKristi is offline
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If you do your own taxes or take them to someone else, they'll know what to do. I won money last year gambling and it's under other income, W-2G. And you can just save your old tickets for the year, I don't recall ever getting a receipt for scratchers or lottery tickets but I suppose you could ask? LOL
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