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POWERBALL CREATES WORLD'S FIRST BILLION-DOLLAR JACKPOT

Topic closed. 567 replies. Last post 11 months ago by AbsolutelyFun.

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realtorjim's avatar - images q=tbn:ANd9GcT7U3t20NgScoPlxOqLT6TR0vQeJNBV3_tTswe1XeFDTsdw3NLZ

United States
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February 27, 2011
476 Posts
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Posted: January 10, 2016, 9:07 pm - IP Logged

if I pursued this matter...the only thing you would be able to bet on would either be in Vegas or playing Bingo in Texas!!!!

I, for one, will take that bet!  If there is illegal activity within the lottery and you can prove it then you are obligated to do so... on behalf of every lottery player who is being cheated!  PURSUE IT!

  I'm feeling a jackpot win coming my way!

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    The Windy City
    United States
    Member #171690
    January 10, 2016
    62 Posts
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    Posted: January 10, 2016, 9:07 pm - IP Logged

    Hello All!   I've been lurking here for awhile and figured there is no time better than the present to join.   I've been playing the same numbers in the lottery for 25 plus years now.   Since my powerball/mega ball was 29, I recently had to change the numbers a little to accommodate the new formats.  Never hit anything higher than 3 numbers after all of these years.... so I'm due!

    I was wondering if it's possible to do what I want to do if I won.   I would want to have a trust claim the ticket with at least 100 people being part of the trust claiming the cash payout.  Some receiving more than others.... me obviously receiving the most.   Of course I would meet with an attorney and CPA prior to any of this, but my question to you is if this is possible?   That way many people can reap the benefits without the gift tax kicking in.  Just curious on your thoughts since many of you have been dreaming of winning the lottery for a long time as well.

      LottoLucy's avatar - hereslucy header.jpg

      United States
      Member #131594
      August 14, 2012
      171 Posts
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      Posted: January 10, 2016, 9:14 pm - IP Logged

      For anyone thinking of taking the annuity I highly recommend the book:

      Money for Nothing: One Man's Journey through the Dark Side of Lottery Millions By Edward Ugel

      For about 10 years he worked for one of those companies that bought annuities from lottery winners.  The book has some funny moments but it overall made me sick and sad to see how these people were hounded.  The reason I recommend it, though, is so people can get a sense of what the people who have annuities face and why they decided to sell their annuities.  I don't think that there is one right solution for everyone but in making such an important decision I always find it helpful to hear/read about the experiences of those that have been there, done that.

      My one big take away from the book...annuity, cash it doesn't matter.  Learn how to say NO to even those you love dearly.

      Lotto Lucy

        Groppo's avatar - cat anm.gif

        United States
        Member #162631
        January 7, 2015
        502 Posts
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        Posted: January 10, 2016, 9:15 pm - IP Logged

        Hello All!   I've been lurking here for awhile and figured there is no time better than the present to join.   I've been playing the same numbers in the lottery for 25 plus years now.   Since my powerball/mega ball was 29, I recently had to change the numbers a little to accommodate the new formats.  Never hit anything higher than 3 numbers after all of these years.... so I'm due!

        I was wondering if it's possible to do what I want to do if I won.   I would want to have a trust claim the ticket with at least 100 people being part of the trust claiming the cash payout.  Some receiving more than others.... me obviously receiving the most.   Of course I would meet with an attorney and CPA prior to any of this, but my question to you is if this is possible?   That way many people can reap the benefits without the gift tax kicking in.  Just curious on your thoughts since many of you have been dreaming of winning the lottery for a long time as well.

        I'd first have to know how the attorney and CPA are going to charge me? 

        Is it assumed that they know I've won any part of the Billion dollar jp, and base their fee on that? 

        Will I know ahead of time? 

        Will I be sued right off the bat, somehow?  Should I wait until then, to get a lawyer?

        Or will I be subject to the surprise they'll (the att. and the cpa) spring on me?

          realtorjim's avatar - images q=tbn:ANd9GcT7U3t20NgScoPlxOqLT6TR0vQeJNBV3_tTswe1XeFDTsdw3NLZ

          United States
          Member #106923
          February 27, 2011
          476 Posts
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          Posted: January 10, 2016, 9:17 pm - IP Logged

          Hello All!   I've been lurking here for awhile and figured there is no time better than the present to join.   I've been playing the same numbers in the lottery for 25 plus years now.   Since my powerball/mega ball was 29, I recently had to change the numbers a little to accommodate the new formats.  Never hit anything higher than 3 numbers after all of these years.... so I'm due!

          I was wondering if it's possible to do what I want to do if I won.   I would want to have a trust claim the ticket with at least 100 people being part of the trust claiming the cash payout.  Some receiving more than others.... me obviously receiving the most.   Of course I would meet with an attorney and CPA prior to any of this, but my question to you is if this is possible?   That way many people can reap the benefits without the gift tax kicking in.  Just curious on your thoughts since many of you have been dreaming of winning the lottery for a long time as well.

          It is my belief that if you make gifts or donations out of the trust, the trust may not be responsible for gift taxes, but you as the grantor of the trust would be responsible for filing a gift tax return with the IRS.  Of course run this by your tax professional as my comments are for entertainment purposes only.

            I'm feeling a jackpot win coming my way!

            Avatar
            New Member
            Toronto
            Canada
            Member #170682
            December 12, 2015
            31 Posts
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            Posted: January 10, 2016, 9:22 pm - IP Logged

            No upgrade from the 1.3 billion? 

             

            I guess nobody's buying tickets anymore. The buying frenzy is over! LOL

              Groppo's avatar - cat anm.gif

              United States
              Member #162631
              January 7, 2015
              502 Posts
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              Posted: January 10, 2016, 9:23 pm - IP Logged

              It is my belief that if you make gifts or donations out of the trust, the trust may not be responsible for gift taxes, but you as the grantor of the trust would be responsible for filing a gift tax return with the IRS.  Of course run this by your tax professional as my comments are for entertainment purposes only.

              Does the $13K per offspring Gift tax apply to anyone?

              Or is it just if Mom and Pop , while still alive, want to give some money out to their kids,
              no more than $13K or whatever it is, to each kid, per year?

              But yes, that could be another can of worms, that your tax pro, may need to investigate, like an H/R Block Premium center.

                LottoLucy's avatar - hereslucy header.jpg

                United States
                Member #131594
                August 14, 2012
                171 Posts
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                Posted: January 10, 2016, 9:25 pm - IP Logged

                Hello All!   I've been lurking here for awhile and figured there is no time better than the present to join.   I've been playing the same numbers in the lottery for 25 plus years now.   Since my powerball/mega ball was 29, I recently had to change the numbers a little to accommodate the new formats.  Never hit anything higher than 3 numbers after all of these years.... so I'm due!

                I was wondering if it's possible to do what I want to do if I won.   I would want to have a trust claim the ticket with at least 100 people being part of the trust claiming the cash payout.  Some receiving more than others.... me obviously receiving the most.   Of course I would meet with an attorney and CPA prior to any of this, but my question to you is if this is possible?   That way many people can reap the benefits without the gift tax kicking in.  Just curious on your thoughts since many of you have been dreaming of winning the lottery for a long time as well.

                I think you would have to be able to prove to the IRS that you all previously agreed (before the drawing) to share the prize.  There have been a couple of cases where the IRS has gone after the purchaser of the ticket for gift tax when the prize was shared like that.  Of course, the best thing you can do is go to a good attorney before you turn in the ticket.

                Lotto Lucy

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                  United States
                  Member #171275
                  January 5, 2016
                  105 Posts
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                  Posted: January 10, 2016, 9:26 pm - IP Logged

                  Does the $13K per offspring Gift tax apply to anyone?

                  Or is it just if Mom and Pop , while still alive, want to give some money out to their kids,
                  no more than $13K or whatever it is, to each kid, per year?

                  But yes, that could be another can of worms, that your tax pro, may need to investigate, like an H/R Block Premium center.

                  Gift Tax Law is currently $14K per person per year.  So I can give anyone $14K to anyone once a year.  If I am married then my wife can give another $14K to the same person so the total per person is $28K per person per year assuming that my wife cooperates of course. LOL

                    Avatar

                    United States
                    Member #171275
                    January 5, 2016
                    105 Posts
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                    Posted: January 10, 2016, 9:28 pm - IP Logged

                    I think you would have to be able to prove to the IRS that you all previously agreed (before the drawing) to share the prize.  There have been a couple of cases where the IRS has gone after the purchaser of the ticket for gift tax when the prize was shared like that.  Of course, the best thing you can do is go to a good attorney before you turn in the ticket.

                    Yes LottoLucy I believe that is how they interpret the rules of the Lotto.

                      LottoLucy's avatar - hereslucy header.jpg

                      United States
                      Member #131594
                      August 14, 2012
                      171 Posts
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                      Posted: January 10, 2016, 9:28 pm - IP Logged

                      Does the $13K per offspring Gift tax apply to anyone?

                      Or is it just if Mom and Pop , while still alive, want to give some money out to their kids,
                      no more than $13K or whatever it is, to each kid, per year?

                      But yes, that could be another can of worms, that your tax pro, may need to investigate, like an H/R Block Premium center.

                      In 2016 the annual gift tax exclusion is $14,000 and you can give that to as many people as you like and to anyone you like.  No need to adopt anyone.Wink

                      Lotto Lucy

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                        The Windy City
                        United States
                        Member #171690
                        January 10, 2016
                        62 Posts
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                        Posted: January 10, 2016, 9:30 pm - IP Logged

                        I think you would have to be able to prove to the IRS that you all previously agreed (before the drawing) to share the prize.  There have been a couple of cases where the IRS has gone after the purchaser of the ticket for gift tax when the prize was shared like that.  Of course, the best thing you can do is go to a good attorney before you turn in the ticket.

                        We'll tell the IRS that it was all done subliminally!

                         

                        The gift tax is such a hunk of crud.   The money has already been taxed.

                          realtorjim's avatar - images q=tbn:ANd9GcT7U3t20NgScoPlxOqLT6TR0vQeJNBV3_tTswe1XeFDTsdw3NLZ

                          United States
                          Member #106923
                          February 27, 2011
                          476 Posts
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                          Posted: January 10, 2016, 9:30 pm - IP Logged

                          Does the $13K per offspring Gift tax apply to anyone?

                          Or is it just if Mom and Pop , while still alive, want to give some money out to their kids,
                          no more than $13K or whatever it is, to each kid, per year?

                          But yes, that could be another can of worms, that your tax pro, may need to investigate, like an H/R Block Premium center.

                          You can give $14K to your offspring, your mom and pop, and to me!  Anyone you would like to.  13K was the old amount and changed in 2013, applicable through 2016.  AND your spouse, if applicable can also give the same amount to the same person you did, thus doubling the gift without the tax.  Remember though, these count toward your eventual estate tax exemption so keep track of them. 

                           

                          Comments are for entertainment purposes only.  Consult a tax professional for your own circumstances.

                            I'm feeling a jackpot win coming my way!

                            realtorjim's avatar - images q=tbn:ANd9GcT7U3t20NgScoPlxOqLT6TR0vQeJNBV3_tTswe1XeFDTsdw3NLZ

                            United States
                            Member #106923
                            February 27, 2011
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                            Posted: January 10, 2016, 9:37 pm - IP Logged

                            We'll tell the IRS that it was all done subliminally!

                             

                            The gift tax is such a hunk of crud.   The money has already been taxed.

                            "Hunk of crud" is an excellent way to described it.  I Agree!

                              I'm feeling a jackpot win coming my way!

                              sirbrad's avatar - Lottery-062.jpg
                              PA
                              United States
                              Member #22983
                              October 6, 2005
                              2226 Posts
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                              Posted: January 10, 2016, 9:46 pm - IP Logged

                              this is really stupid because no matter who wins the next jackpot, we now know that same thing can happen again. another long run to a big jackpot that takes peoples money just to make a few millionaires (or one single billionaire)..what is really the purpose of this isht... to make money for the lottery and the states that allow it...median individual income in us is $24,000..median household is $52,000..just dangle a billion dollar carrot jackpot and suckers will buy it at $2 a ticket. there is a sucker born every minute.

                              Yeah and there jackpot multi-millionaires made all the time. I will take my chances being a "sucker" then when I win I will be one happy sucker.

                                 
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