Are gamblinglottery winnings subject to Michigan individual income

losing lottery tickets tax writeoff
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Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable

Division 316 PERSONAL INCOME TAX GENERAL PROVISIONS For purposes of this rule: “Oregon lottery losses” means the amount of wagering losses defined in If you qualify for means-tested tax credits or deductions, such as the Earned Income Tax Credit, lottery winnings could end up causing you to lose out on these

what does bb mean in poker Some folks appear to be buying and selling old, losing lottery tickets on Craigslist with the intention of writing them off on their tax returns The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes