If a friend...

Reply #16

Coin Toss — Tue, 13 Jun 2006 04:05:25 GMT

Anyone who plans on giving someone else a ticket and doesn't play that very same ticket twice, once for themselves and once for the friend, is asking for trouble.

Should it hit that other $1 spent is going to save both people involved multi-millions in grief, literally.

And even at that, if two tickets were played and the winnings were shared, I'd say if one of them went through all the money (how well we know from this board) they'd approach the other person that still had some of thei... [ More ]

Reply #15

LOTTOMIKE — Fri, 09 Jun 2006 00:20:31 GMT

i agree.i would split it and let them shoulder their part of the taxes too.......

Reply #14

justxploring — Fri, 09 Jun 2006 00:01:09 GMT

Don't be an Indian giver I say........

I don't like that expression. The Indians kept their word and they were massacred anyway.

Reply #13

justxploring — Thu, 08 Jun 2006 23:45:27 GMT

Hi, Uff Da!

It is true that you can only send a cash amount of $12,000 annually to any individual without paying a gift tax, but if you wanted to split a jackpot that would not be necessary. Some states will pay more than one winner and deduct the taxes accordingly. In states like Florida where only one person can claim the winning ticket, more than one winner should always form a Trust or LLC and then the trust pays the taxes. That's one way to avoid double taxation. Otherwise nobody woul... [ More ]

Reply #12

pacattack05 — Thu, 08 Jun 2006 23:41:30 GMT

Afterall it was a gift right?????

So 30 percent to them. If they don't like it, well....they should have never bought the ticket in the first place knowing full well of the possible predicaments around the corner.

Don't be an Indian giver I say........

The reason you bought the ticket was hoping that I would hit the Jackpot.

If I hit the Jackpot, then I must feel obligated. That's just the ways theys mades mees......

30 percent is the standard finder's fee.

Reply #11

tntea — Thu, 08 Jun 2006 23:36:52 GMT

I buy tickets for my Dad all the time. Just took him some for Powerball when I went down today..He said he would pay me back if he wins.. lol

Reply #10

konane — Thu, 08 Jun 2006 19:58:18 GMT

Were it not for the person giving me the ticket I would not have won in the first place. I would personally consider the ticket as if we were playing together and split it 50/50 with that person. That way they could assume burden for their own taxes, etc. and let their kindness be a win/win for us both.

Reply #9

RJOh — Thu, 08 Jun 2006 19:46:15 GMT

I've never had a friend buy a lottery ticket for me. Before I retired, if a co-worker was going to Michigan or Indiana to buy BigGame or PowerBall tickets for himself, I would give him $15 and asked him to pick up $10 worth of tickets for me. Had I won big I might have given him an addition bonus, but not split my winnings with him. Had some one been in one of those states to buy tickets for themselves and bought an extra one for me just as a friendly jester and I won big, it would have been... [ More ]

Reply #8

Uff Da! — Thu, 08 Jun 2006 19:25:41 GMT

I'm no attorney, but here is my thinking on this subject. In the absence of a contract otherwise, I would expect that the full federal income tax burden would fall on the individual making the claim, in this hypothetical situation, me. As a gift, there would not have been a contract otherwise. So if I wanted to split the jackpot, if we are talking about a jackpot win, I'd have to make allowance for the amount of taxes I'd actually owe, not just the amount withheld. But wait! That's not... [ More ]

Reply #7

delS — Thu, 08 Jun 2006 19:05:48 GMT

I would split it with the friend; I'm just positive it wouldn't be a 50/50 split. I would give them about 25% of the winnings regardless of the amount won! Nothing more than that

Reply #6

bellyache — Thu, 08 Jun 2006 18:09:35 GMT

I agree that it depends on the circumstances, but I think I would probably split it.

Reply #5

Litebets27 — Thu, 08 Jun 2006 17:38:07 GMT

Large Jackpots mean large tax burdens in my State. I'd split the burden with a friend.

litebets

Reply #4

emilyg — Thu, 08 Jun 2006 17:23:24 GMT

split - if large amount

Reply #3

csfb — Thu, 08 Jun 2006 17:15:05 GMT

I did not vote because I don't know the answer. Besides, my training says not to answer hypotheticals based on facts not in evidence.

Reply #2

LottoVantage — Thu, 08 Jun 2006 16:58:22 GMT

I voted, give the friend a cash amount . There are circumstances which might change the vote for me though.

1. If I gave the money to the friend to buy the ticket.

2. If the ticket was a special occasion gift, (birthday, Christmas, etc.

Reply #1

Rip Snorter — Thu, 08 Jun 2006 16:33:10 GMT

I don't know.

For me the answer would depend a lot on the nature of the friendship, the circumstances of the 'gift' of the ticket, the amount of the win ($10 - not a chance), and probably a lot of other things.

A gift, thinks I, is a gift. What a person might do in the event the wooden nickel someone gave him turned out to be gold seems to require knowing a lot of other things before knowing the answer.

Jack

If a friend...

angelm — Thu, 08 Jun 2006 16:12:30 GMT

I would feel obligated to split the money-though I would prefer to just give a certain cash amount of my choice