Gambling Losses One way to write off your raffle ticket is as a gambling loss. These tip reporting obligations apply to workers in restaurants, hotels, taxicabs, and other personal services.
However, the deduction for ofd losses is only available if you are eligible to itemize your deductions. So you see, you just can't report a gambling loss of whatever amount, especially if you haven't won at least the same amount. To qualify for this deduction, you need to be self-employed. Giving Back When you win the raffle, one way to claim a deduction is to give your prize back to the charity. Estimate your tax refund and avoid llsses surprises. I see nothing strange about that.Gambling winnings are always taxable, and whether from a casino, a lottery or a contest, the IRS will get its share of taxes due. Losses, however, are deductible on your federal taxes, although the rules may dampen your enthusiasm for the gambling losses deduction. It's my understanding that you can only write off gambling losses if you are reporting gambling income. If you win over a certain amount of money, the casinos will make you fill out a tax form that gets reported to the IRS. Overlooked Tax Deductions: Gambling Losses - Duration: Matthew Anderson 2, views. How to write off a large investment loss - Duration: Financial Issues with Dan Celia views.