This is an interesting question.
I have a client who won the lotto in 2001.
He gets paid 400,000 per year for 25 years.
However, he spends about 10,000 per year now on lotto tickets that he does not win on.
Can the 10,000 per current year lotto losses, be used on shedule a as a deduction?
Thanks,
Harvey Lucas
I have a client who won the lotto in 2001.
He gets paid 400,000 per year for 25 years.
However, he spends about 10,000 per year now on lotto tickets that he does not win on.
Can the 10,000 per current year lotto losses, be used on shedule a as a deduction?
Thanks,
Harvey Lucas
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