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I came very close to winning, and did win some money. I picked my own numbers. I noticed that the quick pick combinations didn't yield one number that was picked.
Maybe luckier next time.
I believe the quick pick won that last huge lottery...
Right, but can a business take those deductions? And is a business even legitimate if its sole purpose is to play the lottery?
Absolutely they can. Its a cost associated with doing business and all expenses, are deductible..
If I buy 250 million tickets and spend $250 million dollars, thats an expense, and if I sell back the one winning ticket for $350 million, thats the income, thus its a $100 Million dollar gain which is the ONLY amount which is taxable.
The only reason we dont normally hear people writing off their ticket expenses because its usually $10 or so and not worth the effort.
Its no different than buying a business for $250 million and then selling it a week later for $350 million..
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