Should you save your old lottery tickets
Did you know that every time you throw a losing instant lottery ticket in the trash, you are throwing money away? Yes, there are literally hundreds if not thousands of folks around the world that would love to buy your tickets from you. I have seen losing lottery tickets sell for as high as 15 each, these were tickets that had no redeemableAll good things must come to an end, so they say, and that includes winning lottery tickets. The state agencies that regulate lotteries and other forms of gambling will set expiration dates on when the ticket can be redeemed. Keep the ticket safe, and whatever you do, turn it in on time. should you save your old lottery tickets
Apr 05, 2012 A losing lottery ticket used correctly can actually be a wealth creation tool. Here are three ways losing can make you wealthy: Lottery ticket winners dont necessarily end up wealthier. Many end up bankrupt or broke within a short period of time.
According to Jackson Hewitt, you can legally offset any lottery winnings, as well as other types of gambling winnings, with losing tickets as an itemized deduction on your taxes. You cannot Jan 11, 2016 Rules vary by state, but the general concept is this: If you buy lottery tickets drawingstyle or scratchoffs for certain games, your nonwinning tickets can win you prizes in random drawings. Tickets are only eligible during certain dates and should you save your old lottery tickets May 08, 2008 Since you have to claim income from lottery I am sure you can claim the losing tickets but you need to keep all tickets and receipts showing all the cash paid towards these tickets in case you are asked to prove that you actually lost this money you are claiming to have lost.
We recommend you keep your codes until the 2nd Chance draw for that particular game has concluded. However, throwing away your code does not disqualify you from any drawing, and its not required that you have the original ticket to claim any 2nd Chance prize, but wed rather you be safe than sorry! should you save your old lottery tickets The Internal Revenue Service lets you claim a deduction on your federal income taxes for losing lottery tickets you purchase during the year. But before you count on a hefty deduction for all those losing scratchoff, Keno and Powerball tickets, note that the tax rules significantly limit the amount of lottery tickets you can claim. Jul 23, 2008 Rating Newest Oldest. Best Answer: You can actually save up and then show your accountant all your losses and get money back at the end of the year If you lose more then 2, 000 in a year on gambling you should keep all your losing tickets in a bag. Then you can claim them as a loss. Mar 04, 2010 How long do you keep old (non winning), lottery tickets? Topic closed. 11 replies. Last post 9 years ago by rdgrnr. If they use those old tickets as a way to figure out what's coming next, etc. You DO NOT need to submit the original tickets in order to claim a secondchance drawing prize. After making sure your ticket has not won a prize through regular game play, it is safe to discard it after it's been entered. This is explained under both the FAQs and IF YOU WIN sections of the entry pages for secondchance drawings.Rating: 4.65 / Views: 610