If you win a lottery prize, the IRS awaits
A lottery prize means federal income tax obligationsWith the Tennessee Lottery to start in a week, participants might just be dreaming about a new house, a new car and traveling around the world. But it also means thinking about how playing the lottery can affect the filing of your federal income tax return.Winning a lottery prize may open the door to many financial opportunities, but it may also result in a significant federal income tax obligation. Keeping good records of your winnings and lo ...
Jan 13, 2004, 5:06 am - Lottery News forum
Indiana Bill Targets Deadbeat Parents' Gambling Winnings
Children Would Get Cut Of Gambling Winnings Under BillDeadbeat parents who gamble at riverboats and racetracks would have to give their children a cut of their winnings under a bill being considered by the Indiana Senate.The bill, sponsored by Sen. Richard Bray, R-Martinsville, would garnish the winnings of gamblers who owe child support. The program is similar to one already used by the Hoosier Lottery.Casinos, betting parlors and racetracks would be required to check the name of any person who ...
Jan 9, 2004, 5:26 am - Lottery News forum
International Lottery Game Collapses
20 states won't be getting millions of dollars in new revenue from a high-jackpot lottery after plans for the proposed international game collapsed amid a protest of U.S. military action in Iraq.The states were working toward the development of a lotto-style game that would have allowed 350 million residents scattered throughout the United States, Canada, Central America, Europe and Australia to compete for prizes that could have reached a total of $1 billion in a single drawing.But negotiations ...
Jan 5, 2004, 6:29 am - Lottery News forum
Lucky charms' effectiveness 'all in the mind'
Researchers have found that lucky charms work but only in the minds of those who carry them.The first test of charms' effectiveness found they do not increase luck in dvents of pure chance, but users often felt luckier and more confident.The study, by Professor Richard Wiseman of the Psychology Department of the University of Hertfordshire, found carrying a charm had no effect on the chances of choosing winning lottery numbers.However, 30% of those tested felt their luck had improved.Though scep ...
Jan 5, 2004, 6:20 am - Lottery News forum
Lottery scam costs Fresno man $2,300
A new twist to a scam involving the Canadian lottery has cost a 77-year-old Fresno man $2,300, Fresno police reported Wednesday.David Case, a detective assigned to the department's elder abuse unit, said the victim received a letter from the International Lottery Sweepstakes of Canada, accompanied with a check for $2,450, notifying him that he had won $100,000 in the Canadian lottery.To collect his winnings, however, the victim was instructed to deposit the check and then send $2,300 (to cover C ...
Dec 26, 2003, 3:44 am - Lottery News forum
Multi-state jackpots could bring holiday cheer
Just in time for the holidays, the nation's two multi-state lottery games have jackpots that have grown to thresholds that usually produce frenzied buying.The Mega Millions game, played in eleven states, now has a jackpot of $100 million dollars for Tuesday night's drawing.The Powerball game, played in 24 states, Washington D.C., and the Virgin Islands, is now sporting a top prize of $137 million dollars for Wednesday's drawing.If all this seems eerily familiar, that may be because last December ...
Dec 22, 2003, 6:18 am - Lottery News forum
Lottery winner pleads guilty to assaulting deputy
The saga of lottery winner Jody Lee Taylor seems to indicate that he's anything but lucky.It's still unclear why he was naked.But there's no doubt it was Jody Lee Taylor, 1992 Virginia Lottery winner, who got high on crack cocaine and Crown Royal blended whiskey one night in June, drove his new Ford pickup the wrong way down U.S. 58 in Axton and then tried to run down a Henry County deputy.Being a lottery winner didn't cause Taylor's problems, his friends and family say, but it sure didn't help. ...
Dec 19, 2003, 3:13 am - Lottery News forum
Court deciding legality of NY gambling law
A state appeals court is expected to take about two months to make a ruling into whether the 2001 legislation expanding gambling in New York is legal.Anti-gambling forces argue that several aspects of the law are unconstitutional.The bill provided for video lottery terminals at horse-racing tracks, up to six new Indian casinos and New York's entry into the Mega Millions lottery game.
Dec 18, 2003, 4:10 am - Lottery News forum
Lottery Scam Reaches N.D. Sen. Conrad
The letter looked official, but Sen. Kent Conrad thought the offer was fishy: wire $700 to Germany, then $715,810 in Spanish lottery winnings was his.The North Dakota Democrat even had an agent willing to talk him through -- or into -- the deal. I'm going to go right home and tell my wife, Conrad told the man who claimed to be an international lottery official. This is going to make a very merry Christmas in the Conrad household. Conrad was one of the latest targets of a mail scam that has r ...
Dec 18, 2003, 3:55 am - Lottery News forum
Elderly woman loses $20,000 in lottery swindle
Police have issued a fraud alert after an 87-year-old Oakville woman was cheated out of more than $20,000.Halton police say the woman, who lives alone, had taken out bank drafts and couriered money to a Quebec address believing she had won $5 million in a lottery.Had police not become involved, they say the woman would have sent at least $50,000. It's an extremely sad situation because it appears this woman has sent money to this address at least four times, Halton Sergeant Val Hay said. Even ...
Dec 12, 2003, 5:32 am - Lottery News forum