Is this true about winning a scratch off lottery game in Illinois?
A fellow at a convenience store won $110 in winnings from some Illinois scratch-off tickets and then when I looked at him and I said that's taxable income he replied that he can write it off as a deduction.
Any truth in what he told him?
- zman492Lv 71 month agoFavorite Answer
It is taxable income. However, if a person itemizes deductions gambling losses are deductible, at least on federal taxes..
Because the amount won was too small to be reported it is highly unlikely that he would be caught if he neglected to include it on his tax returns.
- LegFuJohnsonLv 71 month ago
Who is "he" in the "what he told him"? Did you mean you? There were only 2 people in the story.
Any winnings is taxable income. Doesn't mean anyone will know if you don't declare $110.
- J.B.SchneiderLv 71 month ago
There was some TV show about Illinois NOT paying on the winning lottery tickets because they had no money. In other words ----- they were 'freezing' all lottery winnings.