Discussion:State Lottery

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Discussion Forum Index --> Tax Questions --> State Lottery


Kurious (talk|edits) said:

8 November 2005
Suppose I won 10,000 in a state lottery but I also lost 3,000 betting on horse races; what would I report on my income tax return?

Thanks Tarak

tgandhi@comcast.net

MEJungman (talk|edits) said:

15 November 2005
See the page Gambling Income and Expenses. In summary, you must report your full income from gambling (the 10,000), regardless of your loses. You can deduct gambling losses as a miscellaneous itemized deduction—but only if you itemize deductions and no more than your total gambling winnings. And you should keep a record, with receipts, etc. of your losses. — MEJungman 11:32, 15 November 2005 (CST)

DZCPA (talk|edits) said:

22 November 2005
Do not write off 3,ooo loss on the horses on your state tax return since the 10,000 winnings are not taxable on state return.

Jmrmdcpa (talk|edits) said:

22 November 2005
Contact the state lottery agency or check with your state taxing agency to determine if the lottery winnings are taxable in your state. Maryland does consider lottery winnings to be taxable to the State of Maryland, both for residents and for non-residents.

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