possible to form a lottery club in mass?

Reply #9

Jake649 — Wed, 16 Mar 2005 20:52:34 GMT

NewClub,Yes, you need a federal employee identification number. I belong to a lottery group and that is what we had to do to claim a group prize.As far as trust is concerned, the group should have some controls in place to minimize the risk. For example, photo copying tickets before the draw or distributing the list of numbers played to everyone in the group is a good idea. We do that and have no problems.Good luck,Jake

Reply #8

RJOh — Wed, 16 Mar 2005 19:23:29 GMT

Quote: Originally posted by NewClub on March 16, 2005I am the most active and trusted one among my friends, so I guess I will be the leader and no need to worry about the trust issue. :) If you ever win a lottery, you'll have a chance to see if your friends agree with you.RJOh

Reply #7

NewClub — Wed, 16 Mar 2005 16:06:24 GMT

Quote: Originally posted by Bingo Long on March 16, 2005I've done a little with lottery pools in MA. In short, it's possible, but a real pain.First off, you know how on the back of the ticket it's got all that legal mumbo jumbo about the official rules and administrative bulletins, etc? Well one of the rules is that you agree to have your photo taken for lottery promotional stuff. So you can't legally go the anonymous trust fund route.Second, only one person can claim the prize if you win. This... [ More ]

Reply #6

CASH Only — Wed, 16 Mar 2005 15:04:53 GMT

NewClub:DO NOT play Megabucks because the jackpot is still annuity-only.

Reply #5

Bingo Long — Wed, 16 Mar 2005 14:24:39 GMT

I've done a little with lottery pools in MA. In short, it's possible, but a real pain.First off, you know how on the back of the ticket it's got all that legal mumbo jumbo about the official rules and administrative bulletins, etc? Well one of the rules is that you agree to have your photo taken for lottery promotional stuff. So you can't legally go the anonymous trust fund route.Second, only one person can claim the prize if you win. This doesn't mean only one person can own the ticket, just th... [ More ]

Reply #4

NewClub — Wed, 16 Mar 2005 12:48:04 GMT

This post could provide a clue to our problem - using a trust fund. I am wondering what is the tax consequence of using a trust fund for the lottery price. Any one knows how difficult and how much it would cost to establish a trust fund? On the other hand, we do not have to establish one before we win the Jackpot.:)Any other ideas?Thank. Mystery winner claims $7 million Ohio lottery jackpothttps://www.lotterypost.com/news/106469.htm

Reply #3

NewClub — Wed, 16 Mar 2005 11:32:35 GMT

Quote: Originally posted by dvdiva on March 16, 2005I would avoid a lottery club period just because it gets really messy if someone wins. You would have to have rules ,etc.If you win a trust would claim any prize then just split the prize. Personally I would never even get involved in a lottery club.Thanks for the reply, dvdiva.Assigning a trustee to claim price would only work for small price. For Jackpot, on top of income tax, anything over $10,000 distributed per person will be subject to gi... [ More ]

Reply #2

Datenda — Wed, 16 Mar 2005 06:25:28 GMT

I am running a small (I would like it to get bigger) syndicate in South Africa. We have no tax problems as winnings are tax free.Cheers,Datenda

Reply #1

dvdiva — Wed, 16 Mar 2005 06:18:48 GMT

I would avoid a lottery club period just because it gets really messy if someone wins. You would have to have rules ,etc.If you win a trust would claim any prize then just split the prize. Personally I would never even get involved in a lottery club.

possible to form a lottery club in mass?

NewClub — Tue, 15 Mar 2005 23:16:03 GMT

hellow, everyone. I am new here.Several friends were talking about forming a lottery club. I think it is a good idea to decrease the average cost of bets. But after searching the internet, I do not see one single place says that Massachusetts accepts group claiming of winning price. That would cause a huge tax problem if we DO win the Jackpot. In several other states, claiming price with FEIN and split W2G is possible.Anyone have some idea about that?Thanks