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Christmas Day Powerball lottery winner claims $48.8M jackpot

Topic closed. 15 replies. Last post 6 years ago by HaveABall.

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HaveABall's avatar - rocket

United States
Member #72448
March 18, 2009
1228 Posts
Posted: February 9, 2011, 5:29 pm - IP Logged

Well, joshuacloak, it's a creative idea.  However, don't accidentally forget about the CAP on deductions -- usually it isn't worth obtaining more gambling losses.  That's why a renowned, tax attorney is probably the FIRST resource to hunt down during the month that you spend interviewing and asking these "professionals." Often, the multi-million dollar winner's focus is instead about creating some type of tax sheltered corporation, foundation, charity, and/or family trust (if one has children or dependents) BEFORE claiming the lottery win with a "name" written on the physical ticket and claim form. 

This is why it's a good idea to check one's tickets within a week of buying them ... seeing that this may require several weekly evening and weekend appointments to meet and quiz 'professionals,' without actually giving one's real name to them before hiring (because one may find several ignorant 'professionals' who advice the opposite of what the IRS.gov website indicates).  Probably you'd spend the first 2 weeks focusing 12 hours per day on reading and re-reading the appropriate sections of the IRS.gov website; and writing down questions to ask the several tax attorneys that you meet with.  However, if the 'professional' doesn't understand what concepts, guidelines, tax rates, etc. you are inquiring and reading to them; quickly end the meeting without hiring them.  Sadly, a winner only has 2 months after the jackpot drawing to claim the prize before it automatically BECOMES an annual annuity payout spanning over 2 decades (which you can submit ticket and claim form within 6 to 12 months of jackpot drawing date; depending on the state you purchased the ticket in).

Having several millions of dollars in my financial accounts means receiving several valuable services each day!