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QUESTION DETAIL
Related User
Votes
If you are a significant lottery winner, can you show previous purchased lottery tickets that were not winners on your tax return when you file, and how far back can you go?
ANSWER
The BIDaWIZ Team's Answer:
Wagering losses, from similar transactions, are deductible, on Schedule A, of your
Form 1040, as a misc. itemized deduction, limited to the amount of similar gambling gains.
The deduction is not subject to the "2% AGI" floor. See IRC 165(d). You may go back as far as
your records will allow.
