How lotteries work and 3 key steps to take if you win one

can you use losing lottery tickets on your taxes
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To claim a winning ticket with a value larger than $600, you must present proof of your Social Security number or Federal Tax ID number and a photo ID to prove

In addition, gambling losses are only deductible up to the amount of gambling winnings So you can use losses to “wipe out” gambling income but

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canada slot machines Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another