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Unclaimed lottery tickets

Topic closed. 44 replies. Last post 10 years ago by DoubleDown.

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How much time should someone have to turn in a lottery ticket?

1 to 6 months [ 11 ]  [18.64%]
Up to 1 year [ 27 ]  [45.76%]
2 to 5 years [ 6 ]  [10.17%]
There shouldn't be a time limit [ 13 ]  [22.03%]
I'm not sure [ 2 ]  [3.39%]
Total Valid Votes [ 59 ]  
Discarded Votes [ 3 ]  
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New Member
Baton Rouge
United States
Member #38767
May 4, 2006
6 Posts
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Posted: August 8, 2006, 1:16 pm - IP Logged

A year is definitely enough time for someone to claim their prize.  It amazes me how many tickets go unclaimed, even with current expiry times.

    guesser's avatar - Lottery-017.jpg

    United States
    Member #41383
    June 16, 2006
    1969 Posts
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    Posted: August 14, 2006, 12:54 am - IP Logged

    Letsee,

    Win the lottery - check

    Get a divorce - check

    Move far far away - check

    Wait a predetermined amount of time - 1-2 years for 'legal paperwork' to clear - check

    Incorporate an LLC Trust - check

    Now go claim lottery winning - in the name of the LLC Trust, of course. - check

     

    Checklist complete, except for 1, 2, 3, 4, 5 and 6 above.   (LOL) 

      justxploring's avatar - villiarna
      Wandering Aimlessly
      United States
      Member #25360
      November 5, 2005
      4461 Posts
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      Posted: August 14, 2006, 1:56 am - IP Logged

      Letsee,

      Win the lottery - check

      Get a divorce - check

      Move far far away - check

      Wait a predetermined amount of time - 1-2 years for 'legal paperwork' to clear - check

      Incorporate an LLC Trust - check

      Now go claim lottery winning - in the name of the LLC Trust, of course. - check

       

      Checklist complete, except for 1, 2, 3, 4, 5 and 6 above.   (LOL) 

      Guesser, I agree!  But there was once an article in the paper about a man who won the FL Lotto and was "hiding out" for a while until his divorce became final. He had to pay up anyway, although if they already agreed to separate & started the legal paperwork, I don't see why.

        Avatar
        Coastal Georgia
        United States
        Member #2653
        October 30, 2003
        1866 Posts
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        Posted: August 14, 2006, 10:49 am - IP Logged

        There was a guy here in S Ga that won the Lotto South and tried to hide it from his wife and divorce her. I believe they were separated at the time.

        Well, when the divorce became final he had to split it with her and I support the Judge's decision on it one thousand percent .

        This is one instance where the lack of anonimity actually helped .

        She was entitled..... 

        .DD

         

                                       

                      

         

         

          dvdiva's avatar - 8ball

          United States
          Member #2338
          September 17, 2003
          2063 Posts
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          Posted: August 14, 2006, 3:36 pm - IP Logged

          I think 1 year is enough. After that the prize should go into the prize pool as a bonus jackpot. As far as taxes go you would have to claim it during the tax year you won unless you win in December or so. At least in the US.

            justxploring's avatar - villiarna
            Wandering Aimlessly
            United States
            Member #25360
            November 5, 2005
            4461 Posts
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            Posted: August 14, 2006, 4:17 pm - IP Logged

            I think 1 year is enough. After that the prize should go into the prize pool as a bonus jackpot. As far as taxes go you would have to claim it during the tax year you won unless you win in December or so. At least in the US.

            Can you post a statement from the IRS that dictates this?  I believe any prizes, including the lottery, are taxed when received. So if a person wins this week and decides to wait until Jan, he will pay 2007 taxes.  I'm not 100% positive about this, by the way. Maybe the lottery is an exception, but a ticket is just a bearer instrument, not the actual money.  This is what I copied from www.irs.gov  regarding lottery taxation:

            When Paid

            A payment of winnings is considered made when it is paid, either actually or constructively, to the winner. Winnings are constructively paid when they are credited to, or set apart for, that person without any substantial limitation or restriction on the time, manner, or condition of payment. However, if not later than 60 days after the winner becomes entitled to the prize, the winner chooses the option of a lump sum or an annuity payable over at least 10 years, the payment of winnings is considered made when actually paid. If the winner chooses an annuity, file Form W-2G each year to report the annuity paid during that year.

             

            Edit:  Hmm. Guess you're right. It DOES look as if the IRS expects taxes to be paid for the year of the drawing unless it was after Nov 1.  Then you have 60 days. Dec has 31 days, Jan 1 is a holiday, so the drawing would have to be Nov 3 or later.  Interesting.

              justxploring's avatar - villiarna
              Wandering Aimlessly
              United States
              Member #25360
              November 5, 2005
              4461 Posts
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              Posted: August 14, 2006, 4:46 pm - IP Logged

              Please edit my edit!!  What I mean to say is that, SINCE you only have 60 days...

              So DvDiva is right. I wouldn't wait too long, because I'd be losing so much interest, but I never realized that taxes were due in the year the lottery was won.

                bellyache's avatar - 64x64a9wg

                United States
                Member #12618
                March 18, 2005
                2060 Posts
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                Posted: August 14, 2006, 5:42 pm - IP Logged

                There was a guy here in S Ga that won the Lotto South and tried to hide it from his wife and divorce her. I believe they were separated at the time.

                Well, when the divorce became final he had to split it with her and I support the Judge's decision on it one thousand percent .

                This is one instance where the lack of anonimity actually helped .

                She was entitled..... 

                .DD

                There was also a case in Canada where a man tried to pull the same thing and he lost. I think if you win the lottery before you get divorced expect to give you spouse half or at least some.

                Dance like no one is watching.

                  RJOh's avatar - chipmunk
                  mid-Ohio
                  United States
                  Member #9
                  March 24, 2001
                  19903 Posts
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                  Posted: August 14, 2006, 6:19 pm - IP Logged

                  A year or so ago, there was a thread started by a women who had left her husband and moved to Florida from Illinois who claimed her husband made it known to her through friends and family that he won a MM jackpot but would rather see it go unclaimed than share it with her.  She actually traveled back to Illinois to file an unsuccessful claim for the prize along with about 10 other people who claimed they lost the winning ticket.  She was asking LP members from the area where the winning ticket was sold to send her their losing tickets bought at the same time as the winning tickets so she she could construct a more believable claim for the money.  As far as I know, she didn't get any help or sympathy for any LP members.  I alway thought it was just a case of the x trying to aggravate her which he did.

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

                    LOTTOMIKE's avatar - Lottery-063.jpg
                    Tennessee
                    United States
                    Member #7853
                    October 15, 2004
                    11338 Posts
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                    Posted: August 19, 2006, 7:48 am - IP Logged

                    i agree rjoh.in fact i don't think we've heard anymore from her in quite a while.....

                      justxploring's avatar - villiarna
                      Wandering Aimlessly
                      United States
                      Member #25360
                      November 5, 2005
                      4461 Posts
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                      Posted: August 20, 2006, 5:23 pm - IP Logged

                      Yes, Mike & RJOh.  Money makes people do some crazy things.  I mean, there are documented cases where someone purposely gets hit by a car or falls down stairs to claim the insurance!  So using a lottery ticket (or an imaginary one) to irritate or embarrass an "ex" wouldn't surprise me.

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                        New Member
                        portland, maine
                        United States
                        Member #45428
                        August 21, 2006
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                        Posted: August 21, 2006, 3:03 am - IP Logged

                        waynebyras@yahoo.com  we have a unclaimed lottery tickett and dont know how to claim help us please e-mail us and i supposedly have won one million

                         

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                          Coastal Georgia
                          United States
                          Member #2653
                          October 30, 2003
                          1866 Posts
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                          Posted: August 21, 2006, 6:07 am - IP Logged

                          waynebyras@yahoo.com  we have a unclaimed lottery tickett and dont know how to claim help us please e-mail us and i supposedly have won one million

                           

                          Dupe Alert  Sure you do, and I have some real nice mountain property in Florida I would like to show you..

                          Do not try to spam us...we are smarter than that.

                           

                                                         

                                        

                           

                           

                            justxploring's avatar - villiarna
                            Wandering Aimlessly
                            United States
                            Member #25360
                            November 5, 2005
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                            Posted: August 22, 2006, 12:06 am - IP Logged

                            " Sure you do, and I have some real nice mountain property in Florida I would like to show you.."

                             

                            DD, must be that lot up the road from my house!

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                              Coastal Georgia
                              United States
                              Member #2653
                              October 30, 2003
                              1866 Posts
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                              Posted: August 22, 2006, 10:04 am - IP Logged

                              " Sure you do, and I have some real nice mountain property in Florida I would like to show you.."

                               

                              DD, must be that lot up the road from my house!

                              I believe it is...

                              What is the elevation on that particular mountain range ?