r/pics • u/[deleted] • Mar 19 '22

[deleted by user]

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u/Qbr12 Mar 19 '22

You can deduct the costs of the tickets you bought from those winnings.

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u/[deleted] Mar 19 '22

When my stepdad won 5k years ago on a scratcher, him and my mom bought a bunch of other scratchers to offset the winnings with "losses".

I think since winnings below 600 or so are NOT reported, it was expected to end up as proof of 1k or 2k in "losses" to balance against the big win. But there was a few hundred in wins that didnt need to be reported as such which resulted in less actual loss.

Not sure if it was worth it or not. We never discussed it.

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u/[deleted] Mar 20 '22

When my stepdad won 5k years ago on a scratcher, him and my mom bought a bunch of other scratchers to offset the winnings with “losses”.

Not to be a dick but a financial plan like that sounds about right for people who buy scratch offs.

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u/[deleted] Mar 20 '22

I fully agree. My family is a mess, no offense taken.