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Originally Posted by cmfhb411
you gotta pay taxes on that ticket,since Uncle Sam don't care how many
losing tickets you played to get there.
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actually, he does:
"Gambling winnings are taxable on your tax return. You can deduct gambling losses on your tax return only if you itemize tax deductions and only to the extent of your gambling winnings. Claim your gambling losses as a miscellaneous tax deduction on Schedule A of Form 1040. It is important to keep an accurate diary or similar record of your gambling winnings and gambling losses. To deduct your gambling losses on your tax return, you must be able to provide receipts, tickets, statements or other records that show the amount of both your gambling winnings and gambling losses. You cannot deduct or carry forward a net gambling loss on your tax return; even if you are a professional gambler."