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Browse: Home / MONEY / Gambling

Can I offset gambling winnings with losing lottery tickets?

Rich G: Can I offset gambling winnings with losing lottery tickets?
A family member just hit jackpots of $ 1,300 and $ 2,500 in Atlantic City. I’ve heard you can offset gambling winnings if you have non-winning lottery tickets. Is this in fact true? What do they need to do collect them and save them in an envelope for tax time?

Answers and Views:

Answer by Jack P
Consult a tax expert or an attorney. The top contributors most likely to answer your question have misrepresented facts or deliberately lied consistently concerning the legality of online gambling in their answers here. Either way you’d best get your advice from someone trustworthy.

Answer by Jason
I’ve heard you can do this but haven’t personally done it. I would also suggest consulting a tax specialist.

As for this guys answer above, I don’t see how your ramblings about online gaming laws have anything to do with money won in an Atlantic City casino and your articles from 2006 have nothing to do with players getting busted “because that’s never happened”. This one instance only has to do with running online gaming sites within the U.S., which is in fact illegal.

Related Questions:

  • 1.  Are Catholics and Protestants both gambling that their bible versions are the true word of a god?
  • 2.  How long does it take to get a gambling license in Nevada?
  • 3.  What are reasons a casino would kick you out for other than beating them badly or counting cards?
  • 4.  What casino’s in Atlantic City have the biggest and most populated poker rooms?

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