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Planning On Winning A Jackpot?

Topic closed. 33 replies. Last post 11 years ago by Chewie.

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Sparta, NJ
United States
Member #18331
July 9, 2005
1977 Posts
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Posted: November 22, 2005, 9:49 am - IP Logged

Every year, when you receive gambling winnings, you fill out IRS Form W-2G, Certain Gambling Winnings. Individuals who receive lottery winnings won by someone else or members of a group of winners on the same winning ticket must report their winnings on IRS Form 5754. You attach that to your annual income tax return.  Is that still confusing?

Cheers

|||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

I only trust myself - and that's a questionable choice

    sirbrad's avatar - Lottery-062.jpg
    PA
    United States
    Member #22983
    October 6, 2005
    2226 Posts
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    Posted: November 22, 2005, 10:15 am - IP Logged

    Well if that is the case then $3,000 a month for life now looks like about $1,950 a month for life. Still good, but kinda still is bad because of the IRS. They already got their greedy hands on a huge amount, yet they will continue to take it every year? Is that 13% or 10%?  As I told the PA lottery, they should raise the jackpot to $5,000 a month for life, as the taxes almost make it not worth playing. Not to mention the ticket cost.

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      United States
      Member #24503
      October 23, 2005
      159 Posts
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      Posted: November 22, 2005, 10:42 am - IP Logged

      I would think that %10 would be about average. 

      But don't forget the expense of money.  Lawyers for multi-millionaires don't come cheap.  Financial Advisers don't work for peanuts.  The going rate for a compentent CPA has to be big numbers. 

      If you have half a brain, you've set up an LLC (or something similar) and the expenses of the LLC are deductible; just like any business.  If you follow the Trump rule, you never spend your own money, you borrow and spend some one elses.  Then you make the profits on the good deals, and declare bankruptcy on the bad deals.  Money comes in, never goes out; except for divorces.  Follow the Disney World rule of business, hire your close relatives and friends at the maximum salary allowable, tack on hiring bonuses, expenses, and incentives.  Then, after a short period, fire them, pay them a termination bonus, and allow them to keep the houses and cars as losses.  Then deduct as a business loss.  Then there are off-shore trusts that the Kennedy's and Kerry's have perfected. 

      Lots of ways.  All you need is the one win to get you into the diner where the big boys eat.

      That's depressing.  seriously. 

       

      No wonder there's no money to fund schools, hospitals, roads, healthcare....

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        Sparta, NJ
        United States
        Member #18331
        July 9, 2005
        1977 Posts
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        Posted: November 22, 2005, 12:33 pm - IP Logged

        No wonder there's no money to fund schools, hospitals, roads, healthcare....

        The truth of the matter is, billions - BILLIONS - are awarded in funding bills that have no other purpose than to enhance the corruptability of elected officials.  If they do not get their wishes, they do not vote for the bill.  That is where the real problem is.  Vote for your corrupt official, they give you free things.  The American way!

        As far as the rich finding ways to keep their money.  That is the purpose of the rich.  If the poor took everyting away from the rich, there would still be poor trying to get more.  The more the give-away, the more poor there becomes.  Why work, when you can take!  Look at the tramps living on welfare having kid after kid. Then the kid gets welfare and the cycle is enhanced.  If you stop the trend, you're a monster, if you continue the trend, you get deeping into the muck.  New Orleans is a prime example of givaways not working.  Losers feeding losers to make more losers.

        Cheers

        |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

        I only trust myself - and that's a questionable choice