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If a friend...

Topic closed. 16 replies. Last post 10 years ago by Coin Toss.

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If a afriend bought you a powerball ticket and you won ,would you

split the money [ 16 ]  [42.11%]
give the friend a cash amount [ 18 ]  [47.37%]
buy the friend a gift [ 1 ]  [2.63%]
send a thank you note [ 0 ]  [0.00%]
give the friend nothing [ 3 ]  [7.89%]
Total Valid Votes [ 38 ]  
Discarded Votes [ 3 ]  
angelm's avatar - anne
richmond ky.
United States
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May 22, 2005
8472 Posts
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Posted: June 8, 2006, 12:12 pm - IP Logged

I would feel obligated to split the money-though I would prefer to just give a certain cash amount of my choice!

    Avatar
    New Mexico
    United States
    Member #12305
    March 10, 2005
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    Posted: June 8, 2006, 12:33 pm - IP Logged

    I don't know. 

    For me the answer would depend a lot on the nature of the friendship, the circumstances of the 'gift' of the ticket, the amount of the win ($10 - not a chance), and probably a lot of other things.

    A gift, thinks I, is a gift.  What a person might do in the event the wooden nickel someone gave him turned out to be gold seems to require knowing a lot of other things before knowing the answer.

    Jack

     

     

    Absorb the good, ignore the bad, weigh the ugly.

    It's about number behavior.

    Egos don't count.

     

    Dedicated to the memory of Big Loooser

     

      LottoVantage's avatar - BRITIS 3.GIF
      Southeastern Ohio
      United States
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      April 16, 2005
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      Posted: June 8, 2006, 12:58 pm - IP Logged

      I voted, "give the friend a cash amount". There are circumstances which might change the vote for me though.

      1. If I gave the money to the friend to buy the ticket.

      2. If the ticket was a special occasion gift, (birthday, Christmas, etc.)

       

        csfb's avatar - Lottery-001.jpg

        United States
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        May 13, 2005
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        Posted: June 8, 2006, 1:15 pm - IP Logged

        I did not vote because I don't know the answer.  Besides, my training says not  to answer hypotheticals based on facts not in evidence.

          emilyg's avatar - cat anm.gif

          United States
          Member #14
          November 9, 2001
          31344 Posts
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          Posted: June 8, 2006, 1:23 pm - IP Logged

          split - if large amount

          love to nibble those micey feet.

           

                                       

            Litebets27's avatar - power
            Maryland
            United States
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            January 14, 2005
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            Posted: June 8, 2006, 1:38 pm - IP Logged

            Large Jackpots mean large tax burdens in my State. I'd split the burden with a friend.

            litebets

            Feeling,  PRICELESS!!!Banana

            Come on Jackpot!!!

              bellyache's avatar - 64x64a9wg

              United States
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              Posted: June 8, 2006, 2:09 pm - IP Logged

              I agree that it depends on the circumstances, but I think I would probably split it.

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                md
                United States
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                April 20, 2005
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                Posted: June 8, 2006, 3:05 pm - IP Logged

                I would split it with the friend; I'm just positive it wouldn't be a 50/50 split.  I would give them about 25% of the winnings regardless of the amount won!  Nothing more than that!

                  Uff Da!'s avatar - InCelebration 001.jpg
                  Washington State
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                  February 26, 2006
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                  Posted: June 8, 2006, 3:25 pm - IP Logged

                  I'm no attorney, but here is my thinking on this subject.  In the absence of a contract otherwise, I would expect that the full federal income tax burden would fall on the individual making the claim, in this hypothetical situation, me.  As a "gift," there would not have been a contract otherwise.  So if I wanted to "split the jackpot," if we are talking about a jackpot win, I'd have to make allowance for the amount of taxes I'd actually owe, not just the amount withheld.  But wait!  That's not enough!  Gift taxes (or the potential of gift/inheritance taxes in the future) would be owed on the money gifted.  So further adjustments would need to be made.

                  Now if the person who had gifted the ticket to me was my grandson, by gifting him any more than one million dollars of the jackpot amount, I'd owe another 55% in generation-skipping taxes, if I understand the IRS rules correctly.  Hmmmmmm, this could get complicated.  Methinks a visit with an attorney would be in order before any decision was reached! 

                    RJOh's avatar - chipmunk
                    mid-Ohio
                    United States
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                    Posted: June 8, 2006, 3:46 pm - IP Logged

                    I've never had a friend buy a lottery ticket for me.  Before I retired, if a co-worker was going to Michigan or Indiana to buy BigGame or PowerBall tickets for himself, I would give him $15 and asked him to pick up $10 worth of tickets for me.  Had I won big I might have given him an addition bonus, but not split my winnings with him.  Had some one been in one of those states to buy tickets for themselves and bought an extra one for me just as a friendly jester and I won big, it would have been a no brainier, I would have split it with them. 

                    After I retired I drove to those states to buy tickets when the jackpot was big and I also bought tickets for my former co-workers at cost.  Now that Ohio has MegaMillions, they can buy their tickets locally and I seldom travel to Indiana for PB tickets unless its jackpot is $200M+ and MM jackpot -$50M. 

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

                      konane's avatar - wallace
                      Atlanta, GA
                      United States
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                      March 13, 2003
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                      Posted: June 8, 2006, 3:58 pm - IP Logged

                      Were it not for the person giving me the ticket I would not have won in the first place.  I would personally consider the ticket as if we were playing together and split it 50/50 with that person.  That way they could assume burden for their own taxes, etc. and let their kindness be a win/win for us both.

                      Good luck to everyone!

                        tntea's avatar - Lottery-059.jpg

                        United States
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                        Posted: June 8, 2006, 7:36 pm - IP Logged

                        I buy tickets for my Dad all the time. Just took him some for Powerball when I went down today..He said he would pay me back if he wins.. lol

                             OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44


                          United States
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                          June 22, 2005
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                          Posted: June 8, 2006, 7:41 pm - IP Logged

                          Afterall it was a gift right?????

                          So 30 percent to them. If they don't like it, well....they should have never bought the ticket in the first place knowing full well of the possible predicaments around the corner.

                          Don't be an Indian giver I say........

                          The reason you bought the ticket was hoping that I would hit the Jackpot.

                          If I hit the Jackpot, then I must feel obligated. That's just the ways theys mades mees......

                          30 percent is the standard finder's fee.

                           

                            justxploring's avatar - villiarna
                            Wandering Aimlessly
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                            November 5, 2005
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                            Posted: June 8, 2006, 7:45 pm - IP Logged

                            I'm no attorney, but here is my thinking on this subject.  In the absence of a contract otherwise, I would expect that the full federal income tax burden would fall on the individual making the claim, in this hypothetical situation, me.  As a "gift," there would not have been a contract otherwise.  So if I wanted to "split the jackpot," if we are talking about a jackpot win, I'd have to make allowance for the amount of taxes I'd actually owe, not just the amount withheld.  But wait!  That's not enough!  Gift taxes (or the potential of gift/inheritance taxes in the future) would be owed on the money gifted.  So further adjustments would need to be made.

                            Now if the person who had gifted the ticket to me was my grandson, by gifting him any more than one million dollars of the jackpot amount, I'd owe another 55% in generation-skipping taxes, if I understand the IRS rules correctly.  Hmmmmmm, this could get complicated.  Methinks a visit with an attorney would be in order before any decision was reached! 

                            Hi, Uff Da!

                            It is true that you can only send a cash amount of $12,000 annually to any individual without paying a gift tax, but if you wanted to split a jackpot that would not be necessary. Some states will pay more than one winner and deduct the taxes accordingly. In states like Florida where only one person can claim the winning ticket,  more than one winner should always form a Trust or LLC and then the trust pays the taxes.  That's one way to avoid double taxation. Otherwise nobody would ever join a lottery pool. At least that's my understanding of how 2 or more people would split a jackpot. 

                            In all honesty, I wouldn't want a friend to buy me a ticket.  It's too complicated.

                              justxploring's avatar - villiarna
                              Wandering Aimlessly
                              United States
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                              Posted: June 8, 2006, 8:01 pm - IP Logged

                              Don't be an Indian giver I say........

                              I don't like that expression. The Indians kept their word and they were massacred anyway.