ler@ihuxb.UUCP (Litzhoff) (01/02/86)
Hey lotto fans, My father is an avid lotto player. Is it true that the amount played on lottery is tax deductible. Is this state only? Or is this federal tax deduction also. thanks L. Litzhoff
rs55611@ihuxk.UUCP (Robert E. Schleicher) (01/03/86)
> Hey lotto fans, > My father is an avid lotto player. Is it true that the > amount played on lottery is tax deductible. Is this state only? > Or is this federal tax deduction also. > > thanks > L. Litzhoff My understanding of federal tax law is that gambling losses are deductible ONLY for offsetting gambling winnings. Thus, you only have to pay taxes on your net gambling "profit". However, you cannot deduct anything for an overall gambling net loss. So, unless you won more at the lottery than you spent, there is no deduction. Bob Schleicher ihuxk!rs55611