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

1 to 6 months

[ 11 ]

[ 18.6% ]

Up to 1 year

[ 27 ]

[ 45.8% ]

2 to 5 years

[ 6 ]

[ 10.2% ]

There shouldn't be a time limit

[ 13 ]

[ 22.0% ]

I'm not sure

[ 2 ]

[ 3.4% ]

Total valid votes

[ 59 ]

Discarded votes

[ 3 ]

brizzad

Baton Rouge
United States
Member #38,766
May 4, 2006
6 Posts
Offline

Aug 8, 2006, 1:16 pm

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

United States
Member #41,382
June 16, 2006
1,969 Posts
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Aug 14, 2006, 12:54 am

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

Wandering Aimlessly
United States
Member #25,359
November 5, 2005
4,461 Posts
Offline

Aug 14, 2006, 1:56 am

Quote: Originally posted by guesser on Aug 14, 2006
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.
DoubleDown

Coastal Georgia
United States
Member #2,653
October 30, 2003
1,866 Posts
Offline

Aug 14, 2006, 10:49 am

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

United States
Member #2,338
September 17, 2003
2,063 Posts
Offline

Aug 14, 2006, 3:36 pm

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

Wandering Aimlessly
United States
Member #25,359
November 5, 2005
4,461 Posts
Offline

Aug 14, 2006, 4:17 pm

Quote: Originally posted by dvdiva on Aug 14, 2006
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

Wandering Aimlessly
United States
Member #25,359
November 5, 2005
4,461 Posts
Offline

Aug 14, 2006, 4:46 pm

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

United States
Member #12,618
March 18, 2005
2,060 Posts
Offline

Aug 14, 2006, 5:42 pm

Quote: Originally posted by DoubleDown on Aug 14, 2006
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.
RJOh

100

mid-Ohio
United States
Member #9
March 24, 2001
20,272 Posts
Offline

Aug 14, 2006, 6:19 pm

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 every combination, just the winning ones *
LOTTOMIKE

Tennessee
United States
Member #7,853
October 15, 2004
11,352 Posts
Offline

Aug 19, 2006, 7:48 am

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

Wandering Aimlessly
United States
Member #25,359
November 5, 2005
4,461 Posts
Offline

Aug 20, 2006, 5:23 pm

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.
mynameswayne

portland, maine
United States
Member #45,427
August 21, 2006
1 Post
Offline

Aug 21, 2006, 3:03 am

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
DoubleDown

Coastal Georgia
United States
Member #2,653
October 30, 2003
1,866 Posts
Offline

Aug 21, 2006, 6:07 am

Quote: Originally posted by mynameswayne on Aug 21, 2006
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

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

Wandering Aimlessly
United States
Member #25,359
November 5, 2005
4,461 Posts
Offline

Aug 22, 2006, 12:06 am

" 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!
DoubleDown

Coastal Georgia
United States
Member #2,653
October 30, 2003
1,866 Posts
Offline

Aug 22, 2006, 10:04 am

Quote: Originally posted by justxploring on Aug 22, 2006
" 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 ?

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