How BIG can a lottery pool be?

Reply #15

d1nnl2 — Thu, 10 Oct 2013 19:12:27 GMT

Exactly the same reason BANKS package your mortgage into itsy-tiny-bits and sell them off to investors world-wide and make twice as much money.

Its because the THING HAS VALUE

Reply #14

billionaire2bee — Thu, 10 Oct 2013 17:13:47 GMT

If in fact you had the winning jackpot ticket....why would you sell it to a bunch of people

Reply #13

RJOh — Thu, 10 Oct 2013 16:40:24 GMT

Sorry, I'm already educated about what a pool of one has to pay and that's the only size pool I play in.

Reply #12

Jill34786 — Thu, 10 Oct 2013 16:27:48 GMT

Sorry, but if you win the big one, I think you're just going to have to suffer the indignity of paying more in taxes than most people make in a year.

Actually if you win the big one you will end up paying more in taxes than most people make in a lifetime. Gloria, the 84 yearl old lady that won the $590 million PB with a cash option of $370.9 million will end up having paid out over $145 million in Federal taxes...good thing Florida doesn't have a state income tax or she would be respons... [ More ]

Reply #11

d1nnl2 — Thu, 10 Oct 2013 16:01:59 GMT

Maybe you can educate us by telling us what the limit is.

If so many people can join a class-action lawsuit against BIG TOBACCO, then a whole set of people can join a pool and buy the winning ticket off the hands of the original winner.

Its being done now, it just has not happened with a BIG WIN yet. My question is can it be done

Reply #10

RJOh — Thu, 10 Oct 2013 15:58:37 GMT

IF THEY WILL ALLOW A WHOLE MAINTENANCE DEPARTMENT TO SHOW UP AND BE RECORDED AS JOINT WINNERS, MY QUESTION IS WHAT IS THE LIMIT?

HOW BIG CAN THE LOTTERY POOL BE?

You can probably get an answer by going to the IRS website and reading a copy of the form that pool members fill out before claiming their winnings.

Reply #9

d1nnl2 — Thu, 10 Oct 2013 15:55:15 GMT

I value your opinion and you maybe right. But I think in our capitalist market, everything of value has a price and its sale is what keeps our way of life going.

If the Government invented this creation called, The Lottery, to attract people into paying for a miracle which for 99.9% is sure not to happen, then it should deal with the consequences of the 99.9% coming up with a way to make sure it happens

Reply #8

RJOh — Thu, 10 Oct 2013 15:49:22 GMT

Consider this: When you collect a prize won by a pool you have to include all the members names and social security numbers for tax purposes. How many names can you write on a single form or two? Do you really think the IRS is going to play this silly game

Reply #7

d1nnl2 — Thu, 10 Oct 2013 15:48:38 GMT

I think the Iowa case is very different. In that case, the winner/winners wanted to remain anonymous.

In the case I am describing, THE POOL OF INVESTORS who will buy the winning ticket, WANTS TO BE EXPOSED, PHOTOGRAPHED, FILE INCOME TAXES, GET A CHECK, BE RECORDED AS LOTTERY WINNERS.

THEY ARE FOR ALL INTENT AND PURPOSES LEGAL WINNERS AS THEY POSSESS THE WINNING TICKET WHICH IS A BEARER INSTRUMENT.

IF THEY WILL ALLOW A WHOLE MAINTENANCE DEPARTMENT TO SHOW UP AND BE RECORDED AS JOINT WIN... [ More ]

Reply #6

RJOh — Thu, 10 Oct 2013 15:37:08 GMT

Your ticket would probably end up like that HOT LOTTO ticket did in Iowa not being paid since such a scheme would be to avoid paying taxes which is illegal. Since so many would have so little invested, they would probably just forget about it rather than pay the legals fees to fight it.

Reply #5

d1nnl2 — Thu, 10 Oct 2013 15:25:02 GMT

Consider this, in the age we live in where your tweets or youtube postings can go viral in days. Consider that crowd-sourcing is now a reality. Consider the millions who play the Lotteries and are sure never to win the BIG PRIZE in their life-time. Consider the need for anonymity that winners crave. Consider the disgust the winner feel when they realize how much TAXES they have to pay for their good fortune.

ALL this will be solved by offering your Lottery Ticket to the millions of people who... [ More ]

Reply #4

billionaire2bee — Thu, 10 Oct 2013 01:48:47 GMT

Well the Sargento people was 100 strong and they split 207 million and got like 660,000 each after taxes

Reply #3

Six balls — Thu, 10 Oct 2013 00:40:45 GMT

I don't get it. What would be the incentive to buy the ticket at cash value?

10/12/13 MM advertised $22 mil JP, $15 mil cash value

Pool of 1500 people kick in $10k apiece to get $10k back from lottery immediately OR get 1/1500th of the annuity of $846,154. At $564.10 per year, you don't don't get your $10k back until year 18. The 26 payments will get you a total of $14,666.60 for an annualized return of 1.48%. Oh, and that's assuming that your belief that somehow this dodges taxes is... [ More ]

Reply #2

Anfang71 — Wed, 09 Oct 2013 13:42:09 GMT

....Now, why on earth would you even consider being in a pool with that many people in the first place ?

Pool is not the place to be.... well save some small exceptions family...and perhaps if you realy are close with some your co-workers/best friends. I could not do it...I mean 3 is the maximum for me right now any how. Not really a pool as just who ever buys a random ticket an wins we will share 3 ways.

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Reply #1

rdgrnr — Wed, 09 Oct 2013 10:05:23 GMT

There is only one guarantee.

The government will confiscate whatever they consider to be their share.

How BIG can a lottery pool be?

d1nnl2 — Tue, 08 Oct 2013 23:07:22 GMT

Picture this. A BIG PB or MM was hit in 1 State with 1 Ticket. An anonymous, encrypted tweet comes in on asking for bids on the winning Lotto Ticket. How big can a Group be to offer to buy the Winning Ticket AT PAR (CASH VALUE)?

Can the solo Ticket holder avoid Sales Income Taxes in the sale of this Winning Ticket?

Can the Treasury be denied income taxes after the Prize is divided up by the buyers (Lottery Pool), such that the division would end up being small enough for them to offset the... [ More ]