selling a winning ticket

Reply #16

Stack47 — Tue, 21 Aug 2007 01:38:31 GMT

I suppose a corporation could buy lottery tickets and a CEO of some company might buy the ticket from you, probably for under $50 million but when the lottery announced who won the jackpot, the investigated reporters would show up. How long would it take them to find out that the company wrote a huge check to you?

If avoiding the publicity is that important, play the state lotto or any game that nobody cares who won

Reply #15

LckyLary — Tue, 21 Aug 2007 00:53:08 GMT

Buying an instrument for 70m worth 75m means when you cash it you earned 5m therefore you would have to pay tax on THAT. I am not afraid of the publicity.. BRING IT ON

Reply #14

sfilippo — Tue, 21 Aug 2007 00:34:35 GMT

Yes, IRS stands for Internal Revenue Service.

And yes, you can deduct donations if you donate enough. Whatever that may be for your tax laws in Brazil.

Seems like that's what the wealthy do here in the US. They make so much money, that they have to set up some sort of Charitble Foundation in order to prevent the IRS from taxing all of their income. Then they pay these enormous administrative costs within their Foundations, but divvy it out under multiple names at lower tax brackets and eve... [ More ]

Reply #13

Yukio — Tue, 21 Aug 2007 00:12:38 GMT

Is the IRS ( Internal Revenue Service?) similar to the IR (Imposto de Renda) on Brasil?

IR should mean something like Revenue Tax.

If it is (almost) the same , can you deduct some donations

Reply #12

sfilippo — Mon, 20 Aug 2007 23:34:14 GMT

if you won a smaller prize, let's say a powerball ticket worth $200,000.00 or even $10,000.00 and you owed back taxes. The IRS would settle up with your winnings. But if you could find a buyer for your ticket, you could probably get some of that cash in hand and put the IRS on hold a little longer through smaller payments or whatever. Just a thought if someone owed back taxes and wanted to reap something from their winning ticket without the IRS taking it all.

Reply #11

KY Floyd — Mon, 20 Aug 2007 14:40:58 GMT

I don't think there would be any issue with state or lottery rules if you sold a winning ticket. The laws against selling ( or reselling) a lottery ticket are actually prohibitions on selling chances in a gambling enterprise. By selling a ticket before the drawing you're betting the value will be less than the selling price and the buyer is betting the value will be higher. Once the drawing has been held the ticket is either a winner with some real value or a souvenir, so selling it doesn't mean... [ More ]

Reply #10

AuntiePat — Sat, 18 Aug 2007 22:50:50 GMT

Late at night there is an advertisement that comes on the northern OH TV stations asking if you have a Structured settlement that you wish to cash in and ends with It's your cash, use it when YOU want to

This piece of scum advertiser cashed in a structured settlement for some lottery jackpot winner a few years back, giving him about 30% (yes--that's 30%) of what was left of his structured annuity settlement from the lottery in exchange for a lump sum which they promptly tore through..... [ More ]

Reply #9

Yukio — Sat, 18 Aug 2007 22:30:58 GMT

in Brazil.

Actually, sometimes It was possible to sell it for higher than Market price ... To bad that selling things to the Mafia is very much illegal in any part of the World!!!

It is a shame that eBay and other auctions sites don't allow winner tickets ... Yahoo is not selling anymore for America too!

Black Market would be so cool

Reply #8

shrapnel19 — Sat, 18 Aug 2007 20:13:15 GMT

i haven't won a jackpot (i think I gave some of you that impression). This is purely hypothetical.

Anyways, to introduce myself, I'm Rick, nineteen-year-old from California, where even if you claim as a trust, your name is still publicized. Selling the ticket and sacrificing a couple million if the jackpot were huge would be worth it to me to avoid the publicity, seeing as I'm so young my story would be all over the news and I'd be the target of every beggar and scammer. I also have little br... [ More ]

Reply #7

tnlotto1 — Sat, 18 Aug 2007 17:08:29 GMT

welcome to LP shrapnel19. if you are talking about selling your ticket to a company and they give you a cashiers check or send you a wire transfer then if you want to avoid publicity that badly then i can understand that but if you are talking about selling your ticket to one of those structured settlement annuity payment places then i have heard nothing but bad things about them because they offer maybe 50 cents on the dollar for your lottery winnings and you still would have to pay the taxes f... [ More ]

Reply #6

justxploring — Sat, 18 Aug 2007 15:59:04 GMT

I automatically assumed the question for for someone in a state like FL where the winner's name, age and town of residence is always posted in the newspaper and on the website. I guess, since this this member is new, I shouldn't have assumed he/she read all the previous threads on this subject.

I agree that you're right about the Trust, which is a good idea. However, when someone chooses to claim his money in a Trust here, the name of the winner(s) is still printed. Even when a group wins... [ More ]

Reply #5

four4me — Sat, 18 Aug 2007 15:52:47 GMT

I don't know where your from but some states will let you claim your winning through a trust. Contact a lawyer when you win and go over all the details.

Reply #4

justxploring — Sat, 18 Aug 2007 15:36:13 GMT

I am sure you could, but a company with $70 million probably wouldn't want to get involved because of the possible legal problems, although making a $5 million dollar profit for cashing in a ticket is a nice chunk of change.

How would they pay you? If they paid you $70 million after tax that would mean they'd have to somehow claim you as an employee, a contractor, partner or vendor and pay additional taxes? Personally, I don't see anything morally wrong with this idea, but I wouldn't... [ More ]

Reply #3

RJOh — Sat, 18 Aug 2007 15:20:11 GMT

Also if you sold it, you would probably have to sell it for a discount, the group/persons buying it would want to make a profit.

Reply #2

shrapnel19 — Sat, 18 Aug 2007 14:17:13 GMT

i guess the ticket would also have to be left unsigned during the legal process, which scares me.

Reply #1

Big Hitter — Sat, 18 Aug 2007 14:01:14 GMT

The winning ticket is a bearer instrument. Whoever posseses it is entitled to claim it. So yes you can sell it, but a lawyer or CPA sould handle the details. The exchange of that much coin will need to be closely monitored. Selling a winning ticket is very similar to selling an expensive house, lots of paperwork. There are also companies that will pay you cash to take over your annunity payments if you go ahead and claim the ticket yourself. I ain't a lawyer, so don't try to pin me down on this.... [ More ]

selling a winning ticket

shrapnel19 — Sat, 18 Aug 2007 13:02:54 GMT

i dont know if this has been brought up before but, if you won a jackpot, could you sell your ticket to someone or a corporation? Say, if you were to recieve 75 million after lump-sum and taxes, could you sell it for 70 million and avoid the publicity, etc