[HN Gopher] Those Billion-Dollar Lottery 'Jackpots' Aren't Even ...
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Those Billion-Dollar Lottery 'Jackpots' Aren't Even Half That Big
Author : gnicholas
Score : 6 points
Date : 2024-03-29 19:13 UTC (3 hours ago)
(HTM) web link (www.nytimes.com)
(TXT) w3m dump (www.nytimes.com)
| aurizon wrote:
| Here in Canada, the lottery is tax free, because if it was
| taxable the cost would be a deduction - small if you won a
| $billion, but the aggregated deductions when take from taxable
| income would exceed the tax collected. In the USA they chose to
| cheat the tax payer = pay taxes, yet zero deduction. Are declared
| professional gamblers treated this way?? What if we all declare
| as pro gamblers = get the deduction of the $1-20/week of the
| typical gambler?? How does Las Vegas win/loss play out?
| gnicholas wrote:
| Interesting angle. Of course, most people would not remember to
| take the deduction for the cost of tickets purchased.
|
| I think you can deduct gambling losses, but they can only be
| used to offset gambling gains. So if you're a net loser (and on
| average, lottery players are), then they wouldn't be able to
| deduct the full amount: https://www.irs.gov/taxtopics/tc419
| addicted wrote:
| Lottery winnings and costs in the U.S. are treated exactly the
| same as any other gambling winnings and costs.
|
| You can deduct the costs of a lottery ticket but only against
| any winnings. You cannot deduct it against other income.
|
| https://turbotax.intuit.com/tax-tips/general/everything-you-...
| goles wrote:
| https://archive.is/cq3EW
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