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!
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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 -
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.Originally posted by David7548 View PostComment
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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 GalbraithComment
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Excellent point... my thoughts exactly, which my client does not support... Thank youOriginally posted by New York Enrolled Agent View PostComment
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