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Florida Lottery terminates contracts of three retailers

Topic closed. 29 replies. Last post 5 months ago by BuyLow.

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JonnyBgood07's avatar - Patriots logo1.jpg
Connecticut
United States
Member #61623
May 29, 2008
19743 Posts
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Posted: April 23, 2014, 8:25 pm - IP Logged

the funniest part and the biggest lie.."The integrity of the Florida Lottery is essential. The taxpayers of this state demand it, and so do I,""

 

..apparently this is going on all over the country in some form.My question is irregardless if the owners are cashing the tickets

and are knowingly offering lesser amounts in cash to the winners,aren't the owners/signers of assumed winning tickets liable for the taxes paid on the winnings anyhow?

"...Life is not a matter of holding good cards,but sometimes playing a poor hand well...
'Fortune Cookie wisdom'

 


    Jon D's avatar - calotterylogo
    Los Angeles, California
    United States
    Member #103816
    January 5, 2011
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    Posted: April 23, 2014, 8:55 pm - IP Logged

    the funniest part and the biggest lie.."The integrity of the Florida Lottery is essential. The taxpayers of this state demand it, and so do I,""

     

    ..apparently this is going on all over the country in some form.My question is irregardless if the owners are cashing the tickets

    and are knowingly offering lesser amounts in cash to the winners,aren't the owners/signers of assumed winning tickets liable for the taxes paid on the winnings anyhow?

    aren't the owners/signers of assumed winning tickets liable for the taxes paid on the winnings anyhow?

    Yep, that's the key right there.

    It's not illegal to sell your ticket to someone. It's not illegal to buy a ticket from someone, or pay less than the value of the ticket. But doing this transaction probably does involve tax evasion is some form by both parties, otherwise, why do it?

    If a clerk offers to buy your $1000 ticket for $800, there's a good chance he might still have to pay more in taxes on the $1000 win when his total income is summed at the end of the year. So why the discount? Won't he lose money? Well, that's the trick. All he has to do is stick his grubby hand into the trash can at the store, and dig out a handful of losing tickets that customers throw away, and Bing! He's got enough losers to completely offset that $1000 win so no taxes are paid. So he keeps the full $200 profit!

    The lottery can and probably does have rules that can revoke a retailers license if they participate in this activity of "discounting" or buying tickets from customers under the table. While he may not be breaking a law yet, it is conduct unbecoming a lottery retailer, bad character, and probably does involve tax avoidance down the line. And what is the lottery? Fundraising for public benefit, a form of taxes. And the retailer is probably doing tax evasion? No No Kick him to the curb.

      RJOh's avatar - chipmunk
      mid-Ohio
      United States
      Member #9
      March 24, 2001
      17903 Posts
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      Posted: April 24, 2014, 12:35 am - IP Logged

      aren't the owners/signers of assumed winning tickets liable for the taxes paid on the winnings anyhow?

      Yep, that's the key right there.

      It's not illegal to sell your ticket to someone. It's not illegal to buy a ticket from someone, or pay less than the value of the ticket. But doing this transaction probably does involve tax evasion is some form by both parties, otherwise, why do it?

      If a clerk offers to buy your $1000 ticket for $800, there's a good chance he might still have to pay more in taxes on the $1000 win when his total income is summed at the end of the year. So why the discount? Won't he lose money? Well, that's the trick. All he has to do is stick his grubby hand into the trash can at the store, and dig out a handful of losing tickets that customers throw away, and Bing! He's got enough losers to completely offset that $1000 win so no taxes are paid. So he keeps the full $200 profit!

      The lottery can and probably does have rules that can revoke a retailers license if they participate in this activity of "discounting" or buying tickets from customers under the table. While he may not be breaking a law yet, it is conduct unbecoming a lottery retailer, bad character, and probably does involve tax avoidance down the line. And what is the lottery? Fundraising for public benefit, a form of taxes. And the retailer is probably doing tax evasion? No No Kick him to the curb.

      "If a clerk offers to buy your $1000 ticket for $800, there's a good chance he might still have to pay more in taxes on the $1000 win when his total income is summed at the end of the year. So why the discount? Won't he lose money? Well, that's the trick. All he has to do is stick his grubby hand into the trash can at the store, and dig out a handful of losing tickets that customers throw away, and Bing! He's got enough losers to completely offset that $1000 win so no taxes are paid. So he keeps the full $200 profit!"

      A winner can only deduct up to the amount he won on his taxes and that total has to be larger than his standard deduction to counts.  With his standard deduction being $6500, he would have to buy at least seven $1000 tickets or have some other deductions before he could make money buying $1000 tickets at that price.  Now if he's laundering drug money the price doesn't matters as much

      * you don't need more tickets, just the right ticket * 
      * your best chance at winning a lottery jackpot is to buy a ticket * 
           Wink 

        Marilyn222's avatar - 528509 449915025049782_794386330_n.jpg
        Denver
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        Member #117688
        October 12, 2011
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        Posted: April 24, 2014, 6:29 am - IP Logged

        I got 4 numbers but did not get the powerball with power play, how much did I win or did I win?Smile

          Jon D's avatar - calotterylogo
          Los Angeles, California
          United States
          Member #103816
          January 5, 2011
          1530 Posts
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          Posted: April 24, 2014, 8:10 am - IP Logged

          "If a clerk offers to buy your $1000 ticket for $800, there's a good chance he might still have to pay more in taxes on the $1000 win when his total income is summed at the end of the year. So why the discount? Won't he lose money? Well, that's the trick. All he has to do is stick his grubby hand into the trash can at the store, and dig out a handful of losing tickets that customers throw away, and Bing! He's got enough losers to completely offset that $1000 win so no taxes are paid. So he keeps the full $200 profit!"

          A winner can only deduct up to the amount he won on his taxes and that total has to be larger than his standard deduction to counts.  With his standard deduction being $6500, he would have to buy at least seven $1000 tickets or have some other deductions before he could make money buying $1000 tickets at that price.  Now if he's laundering drug money the price doesn't matters as much

          Yeah, I'm aware of the standard deduction, I've paid taxes and had a W-2G before.

          So the amount of the discount would of course depend on each person's individual situation and location. Maybe in CA $800/$1000 is the price, but in FL it is only $600/$1000 discount.(no state income tax) Then maybe it's only done at high traffic stores where they also have many $2000, $5000 and higher winners. And maybe it's mostly by a clerk/owner who has more existing deductions. You can adjust your assessment accordingly, but it will always vary depending on the individual situation. And I don't think it was ever implied that all of the cases of discounting necessarily involved money laundering too, though money laundering can certainly be used in just about anything.

            RJOh's avatar - chipmunk
            mid-Ohio
            United States
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            Posted: April 24, 2014, 8:24 am - IP Logged

            I got 4 numbers but did not get the powerball with power play, how much did I win or did I win?Smile

            As a premium member you have all kinds of places at LP to get the answer to your question.  Check the payout amounts posted at USAMega.

            * you don't need more tickets, just the right ticket * 
            * your best chance at winning a lottery jackpot is to buy a ticket * 
                 Wink 

              Marilyn222's avatar - 528509 449915025049782_794386330_n.jpg
              Denver
              United States
              Member #117688
              October 12, 2011
              429 Posts
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              Posted: April 24, 2014, 8:29 am - IP Logged

              As a premium member you have all kinds of places at LP to get the answer to your question.  Check the payout amounts posted at USAMega.

              Thank you...I'll navigate the system.

                Marilyn222's avatar - 528509 449915025049782_794386330_n.jpg
                Denver
                United States
                Member #117688
                October 12, 2011
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                Posted: April 24, 2014, 8:32 am - IP Logged

                Thank you...I'll navigate the system.

                Awesome! I won!

                  LottoBux's avatar - eye
                  Ontario
                  Canada
                  Member #109247
                  April 9, 2011
                  23909 Posts
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                  Posted: April 24, 2014, 10:42 am - IP Logged

                  I got 4 numbers but did not get the powerball with power play, how much did I win or did I win?Smile

                   Match  Prize Amount 
                  5 numbers + Powerball$150 MillionRolling Jackpot$2 wager
                  5 numbers$1 Million$2 wager
                  4 numbers + Powerball$10,000$2 wager
                  4 numbers$100     $2 wager

                                         

                    Marilyn222's avatar - 528509 449915025049782_794386330_n.jpg
                    Denver
                    United States
                    Member #117688
                    October 12, 2011
                    429 Posts
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                    Posted: April 24, 2014, 11:27 am - IP Logged
                     Match  Prize Amount 
                    5 numbers + Powerball$150 MillionRolling Jackpot$2 wager
                    5 numbers$1 Million$2 wager
                    4 numbers + Powerball$10,000$2 wager
                    4 numbers$100     $2 wager

                    Thank you. I went to the results and payout it seems I won $400 $3 wager. I guess hehehe...

                      Avatar
                      NEW YORK
                      United States
                      Member #90537
                      April 29, 2010
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                      Posted: April 24, 2014, 12:16 pm - IP Logged

                      Thank you. I went to the results and payout it seems I won $400 $3 wager. I guess hehehe...

                      You are a very lucky powerball lottery player. You are in the money.LOL

                        Marilyn222's avatar - 528509 449915025049782_794386330_n.jpg
                        Denver
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                        Member #117688
                        October 12, 2011
                        429 Posts
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                        Posted: April 24, 2014, 12:35 pm - IP Logged

                        You are a very lucky powerball lottery player. You are in the money.LOL

                        I hope so...not bad though for 2 tickets which is $6.00

                          Avatar
                          NEW YORK
                          United States
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                          April 29, 2010
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                          Posted: April 24, 2014, 12:38 pm - IP Logged

                          I hope so...not bad though for 2 tickets which is $6.00

                          Two is better than one. You doubled your chances of winning. Great return on a $6 ticket.

                            Marilyn222's avatar - 528509 449915025049782_794386330_n.jpg
                            Denver
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                            Member #117688
                            October 12, 2011
                            429 Posts
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                            Posted: April 24, 2014, 12:40 pm - IP Logged

                            Two is better than one. You doubled your chances of winning. Great return on a $6 ticket.

                            Thanks...Smile

                              BuyLow's avatar - palm tree.jpg
                              Florida
                              United States
                              Member #61435
                              May 22, 2008
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                              Posted: May 16, 2014, 6:02 am - IP Logged

                              Yesterday.........

                              FLORIDA LOTTERY ANNOUNCES THE SUSPENSION OF 11 RETAILERS

                              TALLAHASSEE - The Florida Lottery today announced it has suspended the sale of its products at 11 retailers

                               

                              Too many winners?????