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    Lottery Winner

    In Jan 2016, a client won $10,000 in the New York Lottery. He presented me with a bag of losing lottery tickets purchased in 2016 and a signed statement that these losing tickets add up to an amount that exceed $10,000. Is this adequate to meet the Sch A write off or are there other restrictions. Thanks!

    #2
    Sounds like it may be since you are reviewing the supporting info BUT reference The Taxbook Tabs 3-18 & 4-25 for additional info that you need to make your final decision.
    Always cite your source for support to defend your opinion

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      #3
      Originally posted by David7548 View Post
      In Jan 2016, a client won $10,000 in the New York Lottery. He presented me with a bag of losing lottery tickets purchased in 2016 and a signed statement that these losing tickets add up to an amount that exceed $10,000. Is this adequate to meet the Sch A write off or are there other restrictions. Thanks!
      Did he present a bag of the occasional winnings on lottery tickets? I gather he won a $10,000 prize on a single W-2G. You would have a hard time convincing me that he won nothing else during the course of the year on all those lottery tickets. Thus, lottery winnings probably exceed the $10K.

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        #4
        Are there any shoe prints or garbage stains on any of the losing tickets?
        "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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          #5
          Originally posted by New York Enrolled Agent View Post
          Did he present a bag of the occasional winnings on lottery tickets? I gather he won a $10,000 prize on a single W-2G. You would have a hard time convincing me that he won nothing else during the course of the year on all those lottery tickets. Thus, lottery winnings probably exceed the $10K.
          Excellent point... my thoughts exactly, which my client does not support... Thank you

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