TDS on Commission, etc on Sale of Lottery Tickets

Yes, Lottery prizes are taxable income under federal and state law For prizes over $600, you will receive a W-2G form from the Lottery to report your winnings

Therefore, Taxpayer Davis may not deduct the cost of the losing lottery tickets on her Massachusetts return However, since federal law taxes the gain from

can an llc claim lottery winnings in new york Add that amount to any other income, including gambling winnings, you're reporting on your state and federal tax returns Can I deduct my

can you buy ny lottery tickets online Generally, you cannot deduct gambling losses that are more than your winnings Example: If you won $10,000 but lost $15,000 You may deduct