Is it really possible to keep your win secret?

Reply #12

CA LotteryGuy — Thu, 02 Nov 2006 16:27:02 GMT

Since a personal check would not be reported, offer to pay by check and wait for a few days to pick up the car once the car dealer knows your check has cleared. The fewer places that have your social security number, the better.

In order to keep people at bay have a seperate checking account that you fund as needed to pay for larger purchases such as houses, cars, etc.

Also on the 6A report, as Coin Toss noted, a transaction is reported, not your bank account balance, etc. What you need... [ More ]

Reply #11

BaristaExpress — Thu, 02 Nov 2006 04:25:34 GMT

Why go all the way to Lake Havasu for? When Lake Mead is so much closer and deeper.....lol

Reply #10

Coin Toss — Thu, 02 Nov 2006 03:13:02 GMT

megamillionaire

That's true that any cash transaction of $10,000 or more has to be reported (it's called Regulation 6 Alpha, 6A), but even at that, the source of the income is not reported, just the person's name, address, and social.

Reply #9

JackpotWanna — Thu, 02 Nov 2006 03:09:15 GMT

It is very hard to keep it a secret. No matter how hard you try to keep your identity hidden, people will always find a way. The only way is to live near other rich people and live a quiet lifestyle. Blend in the rich crowd. I agree paying with cash is not the best way.

Reply #8

megamillionaire — Thu, 02 Nov 2006 02:35:13 GMT

CA Lotteryguy, the problem with your idea, is in this country any money transaction where the item is over 10 thousand dollars And you pay the full price up front, the seller, bank or whoever is required by law to report it to the IRS. A few high end car dealerships have gotrten into trouble for selling expensive cars to drug dealers for cash and not reporting the deals to the IRS.

Reply #7

time*treat — Thu, 02 Nov 2006 01:41:26 GMT

If you have to sign for it, it's not a secret. Think about when someone famous or elected gets a speeding ticket. It's in all the papers. There is always the anonymous leak , and it isn't necessarily the person you're dealing directly with.

I read somewhere that your tax forms will say professional gambler for occupation.

Reply #6

RJOh — Thu, 02 Nov 2006 00:28:34 GMT

A lottery player who just matched 3 straight in a pick3 game for $500.

Reply #5

Coin Toss — Thu, 02 Nov 2006 00:15:25 GMT

Not sure it was the woman referred to in the OP but when I worked in Vegas we had a woman player who had won the California lottery.

She came to town with $40,000 or so cash and said that was going to be her 'fling' and she was going to bet a couple of thousand a day on basketball. She also said that when that was gone, it was gone, and as far as I know we never did see her again.

OK, she came to town with the cash, she put it on deposit in the cage (people do this so as not to carry a l... [ More ]

Reply #4

tntea — Wed, 01 Nov 2006 23:40:40 GMT

Who would want credit after winning the jackpot

Reply #3

weshar75 — Wed, 01 Nov 2006 23:09:13 GMT

I would think a reputable casino/resort would use some discretion and respect to any of their high limit players regardless of how they came into their money. Based on the sole purpose that they would want them to return to their establishment for future use of their property.-weshar75

Reply #2

CA LotteryGuy — Wed, 01 Nov 2006 23:08:51 GMT

petergfn...If I were ever so lucky to win the lottery my approach would be to use cash whenever possible. I would walk into the car dealer and say That is the car I want, how much do you need and will a cashiers check work? I'll be back to pickup the car with the check tomorrow.

No credit report neccessary. If need be, buy the car out of town so no word can get out.

Reply #1

guesser — Wed, 01 Nov 2006 22:56:15 GMT

I didn't think your credit history shows HOW you got rich, it just shows the sum of some of your accounts, or dollar amount deposits, but I could be wrong.

I can't imagine anyone in Vegas letting that kind of info out - they want her there blowing money, and not getting upset and leaving.

You can bet if the Casino owner found out who/if one of his employees spilled the beans, that employee would be wearing concrete boots in Lake Havasu.

Is it really possible to keep your win secret?

petergrfn — Wed, 01 Nov 2006 21:33:38 GMT

I was wondering if you actually can keep your name secret. The reason I ask this is I read about lottery winners (who had claimed there wins publicly) who have gone to buy expensive cars or houses and they were shunned by the salespeople until the salesperson checked there credit report. So even if you claim anonymously, through a trust, or Limited Liability Company you would still have to report your income to the IRS right? When you file the tax forms would they put lottery winner on the for... [ More ]