How can I get extensive lottery taxes back,I won money on the lottery and they taxed it heavily.?

Question

I'm sure that the winning amount will place me in a higher tax bracket, but I probably spent thousands in buying tickets to win. how can I recoup some of that tax money. can I claim saved losing tickets as a loss?

Answer 1

Yes you claim the money lost on tickets. You can't claim more than your winning amount. Say you won $1500, you can only claim $1500 in losses.

Answer 2

You can deduct gambling losses against gambling wins in the same tax year.  You must report both as you can not net one versus the other and report net only.  

It is a miscellaneous deduction limited to above 2% of your income.

Answer 3

If you won a substantial amount on the lottery, pay a good tax lawyer to minimize your tax losses.

Sadly, in America, the way a lottery works is that winners get hammered for taxes.

Many countries tax the ticket sales, and winners get to keep their money tax free.  But this is not the American system.

Answer 4

How much did you win?  I can tell you a way to reduce your tax liability.