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Reply #9: Speaking of lottery tickets... [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
jmowreader Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-16-08 11:02 AM
Response to Reply #2
9. Speaking of lottery tickets...
If you play the lottery (or the horses, like a DUer recommended one do as an investment vehicle) AND you itemize, keep track of your winnings and losses. You are allowed to deduct gambling losses up to the amount of gambling winnings.

Gambling winnings go on Line 21 ("Other Income") of the 1040; gambling losses go down as "miscellaneous expenses" on Schedule A.
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