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Signing your ticket?

Topic closed. 9 replies. Last post 11 years ago by MADDOG10.

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justxploring's avatar - villiarna
Wandering Aimlessly
United States
Member #25360
November 5, 2005
4461 Posts
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Posted: April 8, 2006, 3:17 pm - IP Logged

When I first joined, I mentioned that I usually sign my tickets. I remember Todd telling me not to sign my ticket right away because I might want to claim it as a Trust or LLC.  That's really good advice, but I'm wondering if the same person who wins a jackpot then creates a Trust, if that signature would really keep him from collecting the money. Do you really think a state lottery would contest it? Every time I get on a state lottery site they always say to sign your ticket immediately. Many put this in bold letters and say "SIGN YOUR TICKET AS SOON AS YOU BUY IT" because it is a bearer instrument. So let's say I win $42 million tonight. I would then want to spend some time making plans, contacting an attorney, etc. and I'd worry if it weren't signed. I'm not sure that even a safe deposit box in a bank is completely safe. 

 

 

    RJOh's avatar - chipmunk
    mid-Ohio
    United States
    Member #9
    March 24, 2001
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    Posted: April 8, 2006, 3:30 pm - IP Logged

    States don't send out a W-G for winning tickets less than $600 but those winnings should still be included with your taxable income.  Some people don't sign those tickets because they don't want a chance of a paper trail back to them if they don't include those winnings as income.  I think most store throw those tickets away after recording them but I have seen some stores save them to a container.  I suppose if a store had a lot of such winners those tickets might get audited, why take a chance and have to include your lottery winnings and losses on you tax form if you don't win big?

     * you don't need to buy more tickets, just buy a winning ticket * 
       
                 Evil Looking       

      Uff Da!'s avatar - InCelebration 001.jpg
      Washington State
      United States
      Member #33973
      February 26, 2006
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      Posted: April 8, 2006, 3:36 pm - IP Logged

      I'm no attorney, but I suspect that if it is signed in your own name, the IRS would expect the tax would be payable by you personally.  That would eliminate some of the tax-saving advantages of having a trust.  I expect someone will come along more familiar with details of how the tax law works in that regard.

      Personally, I'd leave the tickets unsigned.  As soon as I knew I had a big winner and before I told anyone, I'd put them in a bank safe deposit box until I was ready to turn in the tickets.  Of course, if I learned I had a winner on Friday night, I wouldn't be able to get to my box until Monday, so I'd just hide them in the house in the meantime. 

        CSenior's avatar - 2016 03_10_19_01_18.png
        Florida
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        January 15, 2006
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        Posted: April 8, 2006, 4:16 pm - IP Logged

        When I win I am going to claim it as Trust to gain more on the tax side... JM2¢

          LOTTOMIKE's avatar - cash money.jpg
          Tennessee
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          October 15, 2004
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          Posted: April 8, 2006, 6:38 pm - IP Logged

          i leave my tickets unsigned and in my wallet......

            Coin Toss's avatar - shape barbed.jpg
            Zeta Reticuli Star System
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            January 17, 2006
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            Posted: April 8, 2006, 6:54 pm - IP Logged

            They are telling you to sign it immediately because it's exactly like you said, a bearer instrument. Let's say you have a winning ticket but lose it and someone finds it...bearer instrument.

            There have been court cases but in the latest one the guy who cashed the ticket was proven to have known who bought, and lost the ticket.

            Might be yet another reason to play solo. 

              dvdiva's avatar - 8ball

              United States
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              September 17, 2003
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              Posted: April 8, 2006, 11:08 pm - IP Logged

              Matching a poorly writen signature to a SSN number would be too difficult for the IRS to bother with on small prizes. My signature is so bad it could only be copied by an epileptic monkey. Unless you won multiple pick 3 straights and are an English teacher I wouldn't worry.

                truecritic's avatar - PirateTreasure
                Michigan
                United States
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                September 24, 2005
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                Posted: April 9, 2006, 6:17 am - IP Logged

                I have no idea if paranoia would set in for a winning ticket - but I never sign mine. Don't think I would put it in a safe deposit box either.

                  paurths's avatar - underground
                  Switching between Fairfax, VA and Belgium
                  Belgium
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                  July 29, 2005
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                  Posted: April 9, 2006, 6:29 am - IP Logged

                  I never sign my tickets either,

                  why would i, never win anything playing the lotto...

                  anyway, if i would win, no one would know about it until after the money was on my bankaccount.

                    MADDOG10's avatar - smoke
                    Beautiful Florida
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                    July 18, 2004
                    20119 Posts
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                    Posted: April 9, 2006, 8:24 am - IP Logged

                    Matching a poorly writen signature to a SSN number would be too difficult for the IRS to bother with on small prizes. My signature is so bad it could only be copied by an epileptic monkey. Unless you won multiple pick 3 straights and are an English teacher I wouldn't worry.

                     ROTFL 





                                                                 

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