Nice Gift!

Reply #7

justxploring — Fri, 01 Aug 2008 04:33:14 GMT

Not true. Why would they get taxed twice? You can give away up to a million dollars in your lifetime without owing gift tax. The recipient of a gift doesn't pay tax.

FYI

http://turbotax.intuit.com/tax-tools/the_gift_tax_turbotax/article

Reply #6

justxploring — Fri, 01 Aug 2008 04:25:29 GMT

Most of the games in FL offer a cash option as well, but you have a point. The story is on the FL site, but I didn't think we were supposed to post links to state websites. Just go to the home page and click on media center and news releases.

Now you've got me wondering if she didn't take the cash option and took the 20 year annuity. Usually every news release says either the winner will get $50,000 a year for 20 years or the winner took the cash option of ....

So maybe she just gave him... [ More ]

Reply #5

ThatScaryChick — Fri, 01 Aug 2008 04:06:46 GMT

Maybe she gave it to him as a present. Who knows. We'll never know why unless she tells us.

Reply #4

time*treat — Fri, 01 Aug 2008 00:35:33 GMT

This way she doesn't have to be bothered with relatives pestering her for money.

Reply #3

JackpotWanna — Thu, 24 Jul 2008 16:22:36 GMT

Very odd story.

Why would she claim the jackpot and give it her son? Why pay double taxes?

Maybe her son won but she wanted to claim the prize?

oh well, enjoy your million.

Reply #2

colthmn — Wed, 23 Jul 2008 02:26:30 GMT

Well, I don't know why they put that show on down there, but I noticed you said the check would probably be for $750,000.00. I visited the Fla. site and in the scratcher section it was stated that all Million dollar prizes were awarded over 20 years. Might her age and the method of payment have something to do with it? Tried to Google it but couldn't come up with the story.

Reply #1

MaddMike51 — Wed, 23 Jul 2008 01:17:20 GMT

Maybe her son is rich and she owed him some money.Turning the check over to him at a news conference gives her video taped proof that she payed him.

Nice Gift!

justxploring — Tue, 22 Jul 2008 19:31:05 GMT

In Florida a woman won $1 million on an instant ticket game called Maximum Millions and the news reports...

Gerbetz is the first winner to receive one of the game's seven $1 million top prizes. After claiming the prize at Lottery headquarters, Cheryl Gerbetz immediately turned the check over to her son Frank.

This is the first time I've seen a press release in Florida where the winner's age isn't mentioned. It was probably a smart move if she's in a lower tax bracket and was going to lea... [ More ]