Can you write off lottery tickets?

[kayode10]

I have one of my guys was in debt with someone else on the outside. the person came to his house and he was asking about the money which he was unable to provide. he was thinking of writing off his tickets to receive some cash.

The question that is bugging my mind which I want to ask you guys is that can you write off lottery tickets? I'll be glad if anyone here can tell me how to go about it thanks.

 

[James108]

The answer to this question is a bit complicated, and it depends on a few factors. First of all, the IRS considers lottery winnings to be taxable income, so any winnings over a certain amount will need to be reported on your tax return.