Treasurer eyes tax-evading Lottery winners

Comment #8

RJOh — Fri, 12 Sep 2003 14:13:18 GMT

luckycat,I do remember how I won, I got lucky. The system I used would have rejected any combination with all 6 of the winning numbers, but include combinations that had five of the winning numbers. I posted my system in the system sections sometime back, so I won't go into it here. The point I was making was an average lottery player is not going to come out ahead in his taxes unless he wins more than $5K or the amount he spent on lottery tickets.RJOh

Comment #7

luckycat — Fri, 12 Sep 2003 02:55:01 GMT

rjohyour the first I heard won somthing better than 50$do u remember how you picked the ticket??maybe u should go back and rem how u did it and maybe get the jackpot.cong/on your winmore green bucks to u and blessings too

Comment #6

RJOh — Thu, 11 Sep 2003 22:56:36 GMT

Last year I spent a little over $3100 playing lotteries and had loosing tickets to prove it. I matched 5 of 6 in OhioSuperLotto for $1500. I added the $1500 to my taxable income, but could only deduct as a loss the amount I won ($1500). $1500 did not raised my listed deductions up to the standard deductions I had coming anyway, so I ended up paying ~$300 more in State and Federal taxes. As a professional gambler, I would had paid on my profits($1500-$3100=0) rather than my gains($1500).I've... [ More ]

Comment #5

winsumloosesum — Thu, 11 Sep 2003 22:29:23 GMT

Like we don't pay enough taxes in this country!!Save your loosing tickets!!!State shouldn't tax you for winning in your own state. Should they!!Pretty soon there will be tax for buying a lottery ticket!!Who's making out on this deal

Comment #4

RJOh — Thu, 11 Sep 2003 22:04:49 GMT

If taxes on lottery winnings were figured the same way for everybody, then the average winner would not gain anything by selling his winning tickets to a professional gambler. Allowing a single professional agent to legally charge 10% of the winning ticket probably is an incentive to create a crew of professional gamblers to bring in more business. For the lottery winners that are in the 28%+ tax bracket, it can be a win, win and win deal for everybody but the tax collector. Changing the tax w... [ More ]

Comment #3

CASH Only — Thu, 11 Sep 2003 12:39:10 GMT

Connecticut now withholds on virtually all wins $600 and above.

Comment #2

tg636 — Thu, 11 Sep 2003 11:23:53 GMT

>That raises suspicions that a small number of people who don't pay taxes are paying cash to buy winning tickets from legitimate players who want to avoid taxes.Can someone explain why the people who don't pay taxes don't pay taxes? It looks like the state has their name and information.

Comment #1

fja — Thu, 11 Sep 2003 10:22:53 GMT

Show me a Law, and I'll show you a loophole.....

Treasurer eyes tax-evading Lottery winners

Lottery Post — Thu, 11 Sep 2003 08:27:19 GMT

Massachusetts State Treasurer Tim Cahill plans to tighten Lottery regulations following an audit report issued Wednesday that shows winners often employ suspicious ticket cashing methods to avoid paying millions of dollars in taxes.''As a result, millions of dollars in taxes were evaded, lost and not reported that could have been used for much-needed state and municipal programs,'' state Auditor Joseph DeNucci said in his report.DeNucci conducted the ''transition audit'' at the request of Cahill... [ More ]