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Hawaii residents now taxed on Vegas winnings even if they loseNews Story
Huh? A new bill signed into law this month by Gov. Linda Lingle has some frequent Las Vegas visitors and local CPAs scratching their heads. Under House Bill 1495, no longer will gamblers be able to offset their winnings with their losses for Hawaii state income tax purposes. Previously gamblers would be taxed only on their net winnings, but now they will be taxed on gross winnings. A Hawaii resident who wins $10,000 in a year, for example, and loses $9,000 in the same year used to be ta
Jul 30, 2009, 9:13 am - Lottery News

N.J. Lottery goes from zero to highest tax rate in the USANews Story
Adding insult to injury, 11% taxes are retroactive back to Jan. 1 Local Mega Millions winner calls it Pathetic money grab , as feel-good story about workers' winning jackpot is transformed into an example of oppressive government that finds it easier to take from a few lucky winners than to stop wasteful government handouts and spending. The limits of luck are becoming clear to Lynn Sellari, whose Cash 5 lottery ticket left her with a windfall of money in May. Over the past few days, Se
Jul 2, 2009, 11:40 pm - Lottery News

New Hampshire crushes lottery winners with new 10% taxNews Story
Two $1M winners rush to get prizes before taxes skyrocket Will higher taxes have the wrong effect and reduce revenue to the state? The day before a massive 10 percent state tax on lottery prizes went into effect in the Granite State, two winners claimed separate $1 million jackpots something never before witnessed by a 20-year veteran of the lottery. Milford High School teacher John Kasparek, 42, of Brookline, took a lump sum cash payment of $650,000 before taxes after a NH Millionaire'
Jul 1, 2009, 8:11 pm - Lottery News

Elderly $144M Powerball lottery winner shows right way to claim jackpotNews Story
Winner protects his identity, while D.C. protects its tax revenue The winner of a $144 million Powerball jackpot has finally stepped forward, nearly three weeks after the lottery drawing, demonstrating one of the best ways for a lottery player to claim a big prize. The 82-year-old from Washington D.C. had his lawyer claim the prize on Monday on behalf of a corporation set up to keep his identity secret. The moves frustrates reporters in the media seeking to reveal his personal story, bu
May 5, 2009, 7:31 am - Lottery News

N.C. Lottery snatches back some prizesNews Story
Some lottery winners have no luck. Before anyone can claim a big prize, state law requires lottery officials to first check on whether the winner owes the government any money. Lots do. Since the first ticket went on sale in North Carolina in March 2006, the lottery has collected $1.3 million in back taxes, delinquent child support, overdue student loans and other debts. For some winners, the hit is a few hundred dollars out of thousands. For others, the debt wipes out their whole prize
Apr 28, 2009, 10:37 pm - Lottery News

N.C. Lottery foe confident that lottery will be ruled an illegal taxNews Story
By Steve Ford, News Observer Bob Orr has an agreeably youthful look about him, and not just because he's four days younger than I (a trivia item once called to his attention). Maybe it's only my imagination, but these days there seems to be even a hint of mischief in his smile as if he were a kid who had just poked a stick into an ant hill and was enjoying the confusion. If Orr prevails in his latest legal venture, lots of Raleigh's political ants will be running in tight circles.
May 29, 2007, 9:20 am - Lottery News

Is the lottery a tax? N.C. appeals court hears argumentsNews Story
The profit from the sale of lottery tickets in North Carolina is really a tax on the state's residents, which means the law that created the games was passed unconstitutionally, attorneys for a group of taxpayers argued Tuesday before the state Court of Appeals. The fundamental criteria is that the revenue is going to the general benefit of the public, Robert Orr, the taxpayers' lawyer, told the three-judge panel. The lottery was sold as a revenue-raising proposition to raise money for edu
May 22, 2007, 8:55 pm - Lottery News

Lawsuit challenges N.C. LotteryNews Story
Plaintiffs say the lottery is a tax because of the education allocation and was passed unconstitutionally An esoteric argument under way in the courts over the North Carolina lottery Is a part of each ticket a tax or is the state just making a profit? could have an effect that's easy to understand: No more lottery. The N.C. Court of Appeals will hear arguments in three weeks. The case is pushed by a nonprofit legal group that sees the lottery as a tax that didn't go through the req
Apr 29, 2007, 5:20 pm - Lottery News

Tax Court Reaffirms Lottery Payments are 'Ordinary Income'News Story
The Tax Court reaffirmed that proceeds from the sale of a right to future annual lottery payments constitutes ordinary income, not capital gain, after reviewing two test cases involving winners of the Florida State Lottery. In both cases, petitioners in the cases won the lottery and reported the annual installment payments as ordinary income for a number of years. Eventually, however, the petitioners sold the right to their remaining installment payments and claimed that the resulting gain (a
Nov 9, 2006, 7:39 am - Lottery News

Poland faces EU legal action over foreign lottery tax lawsNews Story
The European Commission has said Poland must end discriminatory taxation against foreign lottery winnings or face legal action. Currently, winnings from lotteries in other member states are subject in Poland to higher taxation than winnings in domestic lotteries. Poland exempts winnings from domestic lotteries or subjects them to a flat rate tax of 10 pct, whereas winnings from lotteries in other member states are taxed at the progressive income tax rates of 19 to 40 pct. The commissio
Oct 12, 2006, 1:55 pm - Lottery News