Uncle Sam Wins Your Lottery

Comment #13

libra926 — Mon, 05 Dec 2005 19:35:30 GMT

HI BELLYACHE .......12/5You know as many of us have previously posted, UNCLE SAM is greedy, and discovered a Gold Mine in the Lottery games accross the US......He can't lose, because whoever wins, makes him win as well. It's too lucrative a gamble to not Tax.......

Comment #12

bellyache — Mon, 05 Dec 2005 19:19:27 GMT

I wish the US didn't tax the lottery.

Comment #11

libra926 — Mon, 05 Dec 2005 18:54:23 GMT

DECEMBER 5THHI CASH N'CARRY......Is the TRUST a very large group of people, do you all pool your money to buy the tickets

Comment #10

CASH Only — Sun, 04 Dec 2005 18:25:20 GMT

I don't think you can be anonymous in NY. I am part of a trust however.

Comment #9

libra926 — Sat, 03 Dec 2005 17:23:34 GMT

HAPPY SATURDAY......CASH N'CARRY.......12/03You hit the bullseye in that one.........another benefit is that winners of M M or Powerball from the District and Maryland, can choose total annonymity if we desire or do the Press Conference....We can assign an Attorney to collect and deposit our winnings in Trust Funds, without publicizing our identities, and spend as care free as we like.....only GREEDY UNCLE SAM is the wizer.........

Comment #8

CASH Only — Fri, 02 Dec 2005 21:08:19 GMT

libra:At least you (in MD DC) can win first and then decide. In my NY, the current home of the Clintons, you must choose cash or annuity when you PLAY Mega Millions, and cannot change your mind if you win. Of course, you can win a lump sum and purchase an annuity with it, but not versa vice.

Comment #7

libra926 — Wed, 30 Nov 2005 21:44:04 GMT

VERY TRUE.....CASH N'CARRY....LOLOLOLOL...I knew this subject/story would get you reved up........it simply added fuel to your argument that we should always, when offered the option, ask for the LUMP SUM ........case closed........

Comment #6

CASH Only — Wed, 30 Nov 2005 17:42:18 GMT

She was wrong to choose annuity. Back in 1997 the games with cash options required players to make the choice when they bought their ticket. The 60-day rule (adopted by all US lotteries except NY, TX, and MA Megabucks) was signed into law by President Clinton in 1998.

Comment #5

tg636 — Tue, 29 Nov 2005 18:30:40 GMT

Selling your annuity for a reduced sum (reduced from what you would have got if you'd taken a lump sum to start with, otherwise how could these companies make money) to one of these sleazy hack operations strikes me a fiscal irresponsibilty compounded by knuckleheaded tax and legal advice (if she got any advice at all). This is one case when I side with the government. Whatever you choose live with it, pay your taxes, live within your means, save your money, and be thankful you have your days fr... [ More ]

Comment #4

winner2b — Tue, 29 Nov 2005 04:03:43 GMT

Good thing Canadian (and other countries') winners don't have this problem. BUT, our US Jackpots on average are much higer than what those countries have (El Gordo is an exception that comes to mind) Viva La USA BABY lol

Comment #3

CASH Only — Mon, 28 Nov 2005 18:20:59 GMT

Good thing Canadian (and other countries') winners don't have this problem.

Comment #2

DoubleDown — Mon, 28 Nov 2005 16:48:16 GMT

Either way, the real winner is always the Government.They hit the jackpot every time someone wins....

Comment #1

CASH Only — Mon, 28 Nov 2005 14:43:17 GMT

Another reason why LUMP SUM (when you play, or win) is better

Uncle Sam Wins Your Lottery

Lottery Post — Mon, 28 Nov 2005 14:12:00 GMT

Attention, lottery players: If you win a nice big prize, opt to take it as a stream of payments and then change your mind and wish you had taken it as a lump sum, don't expect any special tax benefits if you sell your annuity for immediate cash.Over and over in the past few years and especially since capital gains tax rates were lowered in 2001 lottery winners have sold their rights to future payments and tried to treat what they got in exchange as capital gains.Since capital gains are now t... [ More ]