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if you found a winning ticket that wasn't yours

Topic closed. 194 replies. Last post 9 years ago by psykomo.

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if you found a winning ticket that wasn't yours that was worth millions what would you do?

keep it for yourself [ 69 ]  [65.71%]
return it to the lottery office [ 5 ]  [4.76%]
ponder the possibilities [ 10 ]  [9.52%]
give it to the store owner [ 0 ]  [0.00%]
offer it to passerby [ 0 ]  [0.00%]
give it to charity [ 0 ]  [0.00%]
smoke a cigar [ 0 ]  [0.00%]
call a lawyer [ 9 ]  [8.57%]
get a number 3 on the dollar menu(frosty included) [ 4 ]  [3.81%]
other [ 8 ]  [7.62%]
Total Valid Votes [ 105 ]  
Discarded Votes [ 3 ]  
justxploring's avatar - villiarna
Wandering Aimlessly
United States
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November 5, 2005
4461 Posts
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Posted: June 5, 2007, 5:25 pm - IP Logged

I apologize for going so far off topic.  I think what happens on long threads is that we often read a few lines and then comment (I'm often guilty of that myself)  because I never said it was wrong if someone didn't report a small lottery prize.

The original question I was answering asked if someone wins $500 on 10 tickets and claims each ticket at a different store, is he evading taxation?  Of course he is!  I was just stating the obvious, but I never said I wouldn't do it or that the IRS gives a hoot. After all, if it's not avoiding paying tax, then why would he feel he has to do that in the first place?  Then we got even more side-tracked by discussing income from employment.  Jarasan is right - actually only about 1-1/2% of all returns get audited. What we're supposed to do and what most of us would actually do are entirely different animals.

I'm surprised nobody asked me who Arkady Svidrigailov is. 

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
    United States
    Member #30470
    January 17, 2006
    10344 Posts
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    Posted: June 5, 2007, 5:37 pm - IP Logged

    I'm leaning toward what Stack47 said on this one.

    Casino jackpots (slots) are intentionally set up as to avoid being taxed (not the big jackpots, but such as non-progressive video poker). There is a formula or set of rules for each denomination machine, a 25 cent poker machine pays $1199 so as not to be taxed.

    A dollar machine pays more but the amount where the jackpot would be taxed is higher.

    Keno tickets have the same type of payout schedule. One of the biggest beefs I ever sazw was when a Keno manager was going to have a guy fill out a tax form on a solid hit- the Keno manager saidthe guy had won the taxable amount, and the guy said, "No I didn't, take out the @#$% $1 I paid for the ticket, that's why the payoff is what it is." (The guy was right).

    As far as taxing winnings on table games, Regulation 6A says any cash transaction over $10,000 has to be reported (win or lose, and I think the amount has been lowered).  

    The beauty of tables games used to be what you won was yours and  no one else knew anything, but in this age of constant surveillance and tracking players and Reg 6A, well you have to be a little more cautious.  

    The tax laws say you can deduct your winnigs up to your losses but people try to get real slick here and get themselves in trouble.

    You can't win $10,000 on Dec 1st and then hang out in a Keno lounge and collect losing tickets off of the floor until you have enough to offset the $10,000. You also can't win $10,000 and say you lost $55,000, even if you did.

    Nevada has three ways of taxing big winners:

    Foreign nationals are taxed right then and there.

    (And here is the flaw in htis- someone gets off of a plane, goes to a casino, winds $50,000 on Keno- and is taxed. In this case the IRS is assuming the person is going to take the $50G and run. That is hardly ever the case).

    US citizens, non-Nevada residents - usually taxed on the winnings right then.

    US citizens, Nevada residents. It's up tp the person to pay the taxes right then (have the casino take them out of the winnings) or to do it at tax time.

    In a sane system gambling winnings wouldn't be taxed at all.

    I like what one of the Aussies here said about their lotto, the ticlets are $1.03 AUS and that pays the tax.  

    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

    Lep

    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

      Avatar
      Coastal Georgia
      United States
      Member #2653
      October 30, 2003
      1866 Posts
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      Posted: June 5, 2007, 5:40 pm - IP Logged

      I'm surprised nobody asked me who Arkady Svidrigailov is. 

      I'll Bite..... Who is he ???

       

                                     

                    

       

       

        Avatar
        Coastal Georgia
        United States
        Member #2653
        October 30, 2003
        1866 Posts
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        Posted: June 5, 2007, 5:43 pm - IP Logged

        I Agree! 

        One more point: With slots, any jackpot over $1199.00 is taxable income and you will receive a

        W-2G, unless it is a cruise ship in international waters, then no taxes taken and / or W-2G at all.

         

                                       

                      

         

         

          Avatar
          New York, NY
          United States
          Member #13514
          April 7, 2005
          235 Posts
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          Posted: June 5, 2007, 5:50 pm - IP Logged

          I would keep it.  If the person did not sign the slip, finders Keepers, and bills paid in full!!!! 


            United States
            Member #17555
            June 22, 2005
            5582 Posts
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            Posted: June 5, 2007, 6:21 pm - IP Logged

            Justxploring, why would i sign it as Arkady Svidrigailov. 

            That's not my name....

              justxploring's avatar - villiarna
              Wandering Aimlessly
              United States
              Member #25360
              November 5, 2005
              4461 Posts
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              Posted: June 5, 2007, 6:23 pm - IP Logged

              I'm surprised nobody asked me who Arkady Svidrigailov is. 

              I'll Bite..... Who is he ???

              I wrote that because people were responding to my comments but didn't notice that I said that if someone asks you to sign your name just scribble something like Arkady Svidrigailov. 

                (anyone here ever been asked for ID to cash a $500 ticket?)

              Crime and Punishment was my favorite Dostoyevsky novel.  Roskolnikov was the protagonist and Svidrigailov was an evil villain. I loved Russian literature, but I always had trouble with the long names.  His name is actually Arkady Ivanovitch Svidrigailov.  (I admit, I had to copy it.) 

               

              re:  chefgaryl  -  I had no idea that in some states like PA you could collect as much as $2,500.  Thanks.  I know that here it's $599 max but we have an actual Lottery Office about 20 miles from here anyway.  I think PA has the right idea, if the stores have that kind of cash, because I assume that many people probably live far from the Lottery.  RJOh once wrote that in Ohio you can cash your tickets at a bank if I'm not mistaken, but they charge a fee for the service.  I hope I'm lucky enough soon to even worry about these things! 

              Smiley

                jarasan's avatar - new patrick.gif
                Harbinger
                D.C./MD.
                United States
                Member #44103
                July 30, 2006
                5583 Posts
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                Posted: June 5, 2007, 6:29 pm - IP Logged

                I think it strikes a chord in most because of the words "evading taxation". Tactics that Al Capone, Wesley Snipes, etc. used was tax evasion, but collecting winnings is perfectly legal.

                As far as Arkady Svidrigailov is concerned,  he thought it was ok to be evil because man is generally evil.  Well I don't know if he still lives, but a sure bet is, everyone dies, but whether or not someone is judged in the end is 50/50.  I just would rather give the money to my family and not to the money- grubbing self grandiosing local, state, and federal pension collectors.

                The fact that our tax money guarantees pensions for govt. workers makes me insane, especially the congress, vested after one term,  that needs to change. lol jarasan

                  TheGameGrl's avatar - character catafly.jpg
                  A long and winding road
                  United States
                  Member #17084
                  June 10, 2005
                  4522 Posts
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                  Posted: June 5, 2007, 7:03 pm - IP Logged

                  To correctly report the claim procedure in PA, anything over 600$ on a single ticket is to be filed with the state , and issued by them in approximately 6 weeks or there abouts. Any retailer caught *cashing* in A Ticket above the six hundred dollar mark are prone to license recinding. Here is the kicker way around that little policy.

                  Example: Joe Smith has 7 tickets from a pick 3 game. Each one valued at 150$ each. He can go to any PA lottery retailer and cash them in , even though combined value is over 600$. Most retailers in PA give back by way of money orders for that amount. None of which needs to be taxed or reported to the state.

                  Notice the difference is whether somone is COMBINING tickets or having ONE SINGLE Ticket to cash in.

                  Now back to the topic at hand- Yes Id keep the ticket and definitely contact a lawyer. Not to protect myself legally but to get a trust set up for my grandson. Let someone dispute my ownership on claiming, possession is 9/10th of the law Evil Looking

                  ~~Is it true, Is it kind,Is it necessary. ~~~

                   Thanks be to the giving numbers: 1621,912,119 02014

                    Coin Toss's avatar - shape barbed.jpg
                    Zeta Reticuli Star System
                    United States
                    Member #30470
                    January 17, 2006
                    10344 Posts
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                    Posted: June 5, 2007, 7:32 pm - IP Logged

                    In Illinois even if you fill out all five games on a playslip for Pick 3, the terminal prints 5 separate tickets, not five lines of numbers on one ticket as it would for Pick 5 or Mega Millions (or 10 lines of numbers for $5 worth of Lotto).

                    Has to be a reason for it, may have something to do with taxes.  

                    Re: signing the ticket. How about signing it

                    Washington Iriving / Irving Washington

                    (for those who have read Catch-22)

                     Wink

                    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                    Lep

                    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                      Avatar
                      NY
                      United States
                      Member #23835
                      October 16, 2005
                      3471 Posts
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                      Posted: June 5, 2007, 8:39 pm - IP Logged

                      I started out by saying I didn't want to get into a long discussion about this, because people here are misinterpreting the rules.  Where is KY Floyd when I need him?  LOL

                      Yes, it is required that income or prizes over $600 need to be reported by the Payor.  It DOES NOT say you don't have to claim it as income.  Where does it say that? 

                      Anyway, there would be no reason to do it if it was never reported, unless you have a guilty conscience and feel sorry for the IRS.  I was only answering a question that asked if, by cashing in ten $500 winning tickets instead of claiming one $5,000 ticket it would be avoiding taxes and the answer is YES.  Isn't that why someone would do that?? 

                      I don't want to keep writing about this, since you can do what you want and continue to get paid for jobs and not report your income.  I am an independent contractor and report everything I earn doing my job.  That is what you are supposed to do.  When those passengers you mention hand you a nice $50 tip, you are supposed to keep a record of that. If you don't want to keep a record of your tips and put the money in your pocket, that is totally up to you.  The Law reads that all income and tips must be reported. Case closed.

                      What? Can't a guy get away now and again?

                      "Yes, it is required that income or prizes over $600 need to be reported by the Payor.  It DOES NOT say you don't have to claim it as income.  Where does it say that? "

                      You've got it exactly right, but some people can't read something simple and come to the right conclusion, and have no clue about whar common sense really is. The rules spell out the requirements for reporting money that is paid to someone, and the reporting requirement is all that Pac quoted. If you win $3 on a $1 bet you've got $2 of taxable income, period. That it isn't reported only make sit harder to be convicted of tax evasion. It doesn't mean that you aren't supposed to include it when you file your return. As a practical matter small amounts are almost never caught, but as computing power increases it becomes easier for the IRS to catch discrepancies. 

                        chefgaryl's avatar - Lottery-063.jpg
                        bristol pa
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                        February 28, 2006
                        367 Posts
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                        Posted: June 5, 2007, 9:08 pm - IP Logged

                        They are still going to pull out those pretty pink and yellow sheets if you cash 50 cent 4 didgit tickets because each 50 cent ticket is worth 2500 if you hit it straight, but as far as 1.00 three digits are concearned you can cash as many as you want .


                          United States
                          Member #17555
                          June 22, 2005
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                          Posted: June 5, 2007, 9:09 pm - IP Logged

                          What? Can't a guy get away now and again?

                          "Yes, it is required that income or prizes over $600 need to be reported by the Payor.  It DOES NOT say you don't have to claim it as income.  Where does it say that? "

                          You've got it exactly right, but some people can't read something simple and come to the right conclusion, and have no clue about whar common sense really is. The rules spell out the requirements for reporting money that is paid to someone, and the reporting requirement is all that Pac quoted. If you win $3 on a $1 bet you've got $2 of taxable income, period. That it isn't reported only make sit harder to be convicted of tax evasion. It doesn't mean that you aren't supposed to include it when you file your return. As a practical matter small amounts are almost never caught, but as computing power increases it becomes easier for the IRS to catch discrepancies. 

                          They don't give you a form to fill out, soooooooooooooooooooo....that means they couldn't give two shmitz about it. It's not taxable.

                          Now that's common sense. Boy, I tell ya Floyd, I'm surprised that you haven't found the cure for cancer, considering you have such great knowledge about everything. From Aardvarks to Zeppolis.

                            Avatar
                            Kentucky
                            United States
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                            February 14, 2006
                            7295 Posts
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                            Posted: June 5, 2007, 10:24 pm - IP Logged

                            I'm leaning toward what Stack47 said on this one.

                            Casino jackpots (slots) are intentionally set up as to avoid being taxed (not the big jackpots, but such as non-progressive video poker). There is a formula or set of rules for each denomination machine, a 25 cent poker machine pays $1199 so as not to be taxed.

                            A dollar machine pays more but the amount where the jackpot would be taxed is higher.

                            Keno tickets have the same type of payout schedule. One of the biggest beefs I ever sazw was when a Keno manager was going to have a guy fill out a tax form on a solid hit- the Keno manager saidthe guy had won the taxable amount, and the guy said, "No I didn't, take out the @#$% $1 I paid for the ticket, that's why the payoff is what it is." (The guy was right).

                            As far as taxing winnings on table games, Regulation 6A says any cash transaction over $10,000 has to be reported (win or lose, and I think the amount has been lowered).  

                            The beauty of tables games used to be what you won was yours and  no one else knew anything, but in this age of constant surveillance and tracking players and Reg 6A, well you have to be a little more cautious.  

                            The tax laws say you can deduct your winnigs up to your losses but people try to get real slick here and get themselves in trouble.

                            You can't win $10,000 on Dec 1st and then hang out in a Keno lounge and collect losing tickets off of the floor until you have enough to offset the $10,000. You also can't win $10,000 and say you lost $55,000, even if you did.

                            Nevada has three ways of taxing big winners:

                            Foreign nationals are taxed right then and there.

                            (And here is the flaw in htis- someone gets off of a plane, goes to a casino, winds $50,000 on Keno- and is taxed. In this case the IRS is assuming the person is going to take the $50G and run. That is hardly ever the case).

                            US citizens, non-Nevada residents - usually taxed on the winnings right then.

                            US citizens, Nevada residents. It's up tp the person to pay the taxes right then (have the casino take them out of the winnings) or to do it at tax time.

                            In a sane system gambling winnings wouldn't be taxed at all.

                            I like what one of the Aussies here said about their lotto, the ticlets are $1.03 AUS and that pays the tax.  

                            "Keno tickets have the same type of payout schedule. One of the biggest beefs I ever sazw was when a Keno manager was going to have a guy fill out a tax form on a solid hit- the Keno manager saidthe guy had won the taxable amount, and the guy said, "No I didn't, take out the @#$% $1 I paid for the ticket, that's why the payoff is what it is." (The guy was right)."

                            I hit a 6-spot playing a 15-way ticket (4/2 - 6/4 - 4/6 - 1/8) and Keno manager put the full win amount on the W-2G. I understood I would had to report the $1500 on the 6-spot but I questioned her saying the others were separate bets and all were under $599. She called somebody in the cage and said I was correct and changed it. 

                            "As far as taxing winnings on table games, Regulation 6A says any cash transaction over $10,000 has to be reported (win or lose, and I think the amount has been lowered)."

                            I've never had that problem but I was told if I ever did to put all the clips in a safety deposit box and later cash in $9000 at different times of the day to avoid that.

                            Stack (I hope the IRS isn't reading this)


                              United States
                              Member #17555
                              June 22, 2005
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                              Posted: June 5, 2007, 10:49 pm - IP Logged

                              I hit a 6-spot playing a 15-way ticket (4/2 - 6/4 - 4/6 - 1/8) and Keno manager put the full win amount on the W-2G. I understood I would had to report the $1500 on the 6-spot but I questioned her saying the others were separate bets and all were under $599. She called somebody in the cage and said I was correct and changed it. 

                              Thank You.....

                              KY Floyd.....can you see this?

                              I know I wasn't going crazy...LOL    But it doesen't matter, cause I'm almost there...LOL

                                 
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