The National Lottery can be great news for property owners, although if you are the one who gambles regularly and also spend a great deal of time and  money on it, you will more than likely not come out ahead either way. Although some states do allow you to claim any gambling losses that you have made up to a specific amount, you should also be able to show that you some records of having won occasionally.

In reality this won't  help anyone with a gambling addiction. Many home renters have raised their objections to the lottery credit situation because they themselves do not receive any and they could just as likely be gamblers themselves. This is an issue that will not dissappear in the near future. Not everyone who gambles are homeowners though, and even they can still receive some credits, but you will have to own some property before you can receive any credits and therefore any renters are not benefiting for their own gambling.

Whether you are a lottery player or not, you are still entitled to whats known as the lottery tax credit. This does help lower your property taxes but it is not something you could rely on every year. You may see a small, say $10 lottery credit one year while in the previous year it could easily have been as much as eighty dollars. So if you were expecting another decent credit this year you might find that you have to add to your property tax out of your pocket if it's not as high as you were expecting. Whenever the credit amount is substantial, you can actually pocket that money. Mortgage lenders do not take into consideration your tax escrow to include or exclude lottery credits towards your ability to pay. The reason is that these lottery tax credits amounts are not a guaranteed or even that you will receive one in any given year.

It is a well known fact that property taxes in some states can come with a lottery tax reduction. This is because the state and the lottery have an agreement that says that a certain amount of the money that is spent on lottery tickets less any winnings that they have to pay out is to be used to reduce the property tax of the property owners in that state. The amount is determined by how many property owners there are in that state and by how much profit was made by the lottery organiser. This also depends a lot on the type of property that you own as well.

Each state has various amounts of money to be distributed. Not everyone in every state spends the same amount on each lottery game. Your nearby state may give their property tax payers a hundred dollars this year, while at the same time, your state may only pay you twenty dollars. It all depends on the yearly sales and profit in each state. One state may have also have a higher gambling rate than the people that live in another state so this will also affect the payout.

Understandably, this is a very hot topic in most communities where any lottery credit is returned. If the tax laws and the state laws do not change soon to include every rented home, then tenants will never see any lottery credit returned to them. However, renters do have some other tax benefits that homeowners are not allowed to claim for. Maybe it does work out equal overall and then maybe again, it does not, no one I know has ever tried to work it all out.

So this is one of the reasons the mortgage lenders cant't rely on any lottery credits when they are establishing your property tax payments each and every month!

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