GREAT DAD: Gives $400K lottery ticket to daughter

Comment #19

KY Floyd — Wed, 04 May 2011 05:57:35 GMT

He didn't tear up the ticket so that nobody collected. He gave it to somebody who did collect. I trust you see a clear difference between the two. The ticket was worth 400k and he was entitled to that income. He was free to give it away, but nobody had the right to take it from him. It's being entitled to the money without substantial limitations that constitutes constructive receipt. Simply put, it's yours now if you want to pick it up. You probably already understand constructive receipt as it... [ More ]

Comment #18

GYM RICE — Tue, 03 May 2011 19:47:59 GMT

KY Floyd

So if the father got drunk and ripped up the winning ticket on camera(youtube) and said to himself the hell with it-no one is going to claim this winning prize ---are you saying he would still owe taxes on that winning ticket

Comment #17

KY Floyd — Tue, 03 May 2011 05:48:32 GMT

The ticket very definitely has a value before it's redeemed, and in theory it could cost the father between 110k and 140k, depending on his other income and his filing status. Assuming the father scratched it and knew it was a winner before giving it to the daughter he had constructive receipt of the 400k under IRS rules, so his taxable income for 2011 increases by 400k. Applying the rules strictly, he owes over 100k in taxes, even though he gave the ticket away.

Since the IRS doesn't seem to... [ More ]

Comment #16

ressuccess — Mon, 02 May 2011 20:55:35 GMT

That was a great gift right there.

Comment #15

dk1421 — Sun, 01 May 2011 13:11:23 GMT

I hope she gives him some of the cash

Comment #14

RJOh — Sat, 30 Apr 2011 20:14:59 GMT

The person who has to pay taxes on it will receive a W-G form from the state and they only send those out to the person claiming the money.

Comment #13

HoLeeKau — Sat, 30 Apr 2011 19:49:35 GMT

That's what I was thinking when I saw the headline. If he had given it to her before it won, it was only worth a dollar and no problem. But it was still his when it became worth $400K, so I think he owes taxes on it. Then when he gives the rest to her she owes on that amount. I hope I'm wrong.

Comment #12

winalotto — Sat, 30 Apr 2011 15:41:09 GMT

Very touching story, I wonder if my father will do the same as Aisha's Father.

Comment #11

RJOh — Sat, 30 Apr 2011 14:57:59 GMT

The story didn't mention if her daughter's father was still around. I wonder if he's a great Dad too

Comment #10

ameriken — Sat, 30 Apr 2011 11:59:29 GMT

Great story and what a great Dad. He can adopt me anytime

Comment #9

dallascowboyfan — Sat, 30 Apr 2011 09:38:23 GMT

Comment #8

savagegoose — Sat, 30 Apr 2011 09:21:20 GMT

dad prob has $200k in medical expenses owing, hehehe

Comment #7

HaveABall — Sat, 30 Apr 2011 06:30:59 GMT

Comment #6

Piaceri — Sat, 30 Apr 2011 03:26:10 GMT

What a generous and loving thing for a father to do for his daughter. God bless their family.

Comment #5

sully16 — Sat, 30 Apr 2011 01:45:56 GMT

WOW,Awesome Dad , Congrats to the whole family, they don't just have a winning lottery ticket, they have Love. Can't beat that.

Comment #4

Litebets27 — Fri, 29 Apr 2011 23:06:16 GMT

What a considerate loving father. I applaud his generosity.

God bless him for his unselfishness.

Comment #3

rdgrnr — Fri, 29 Apr 2011 23:05:56 GMT

Great story, great man. That probably made him feel better than anything else he could have done with that money.

God bless him.

Comment #2

imagine — Fri, 29 Apr 2011 21:39:37 GMT

The ticket had no value till redemed. Can't imagne it would be a problem.

Comment #1

GamerMom — Fri, 29 Apr 2011 21:29:23 GMT

mum shoulda been the word on this father's gift. It will be interesting to see if the IRS man considers this a gift...

GREAT DAD: Gives $400K lottery ticket to daughter

Lottery Post — Fri, 29 Apr 2011 20:40:06 GMT

A Savannah, Georgia, dad can expect more than a tie for Father's Day after giving his daughter a winning lottery ticket worth $400,000.

Aisha Prater, 32, was shocked when her father handed her the winning ticket Friday.

He gave me a call and said to come home as soon as possible, said Prater, also a Savannah resident. It was a surprise.

The top prize in the 20X The Money scratch-off game was purchased at Country Convenience #1, 12403 White Bluff Road, Savannah.

According to Prater,... [ More ]