How Taxes on Lottery Winnings Work

If you itemize your deductions on Schedule A , you can deduct gambling losses you had during the year, but only up to the amount of

You may deduct gambling losses only if you itemize your deductions on Schedule A and kept a record of your winnings and losses The amount of losses

can you only buy lottery tickets with cash If you have made money gambling, you can deduct any gambling expenses up to the amount of income you generated So, for $10, you could buy $1,000 worth of

can you pass lottery winnings to family if you die Having a winning ticket in the Pennsylvania lottery is taxable If your winnings are at least $600, you will receive a W-2G form If the prize