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Can IRS make you pay taxes if you give lottery tickets as gifts?

Topic closed. 21 replies. Last post 10 years ago by stephi.

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LuckyLilly's avatar - savy chick.png

United States
Member #50124
February 26, 2007
601 Posts
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Posted: June 6, 2007, 11:51 pm - IP Logged

I had a friend that won something like $25,000 in tools and lawn/gardening equipment from a radio station.

If he went out and bought it all, it MIGHT have cost him $10,000, but they 1099'd him for $25,000.

He ended up somehow negotiating it down to about 10K, but what's funny was, about 3 months after that, me and the wife were at a nice restaurant having a dinner, and sitting at the table next to us were execs from the radio station, and all they did was talk about my friend that won all the stuff, they just ripped him up..... 

Just because he asked for a 1099 that reflected fair market value?  Or for other things?

    Avatar

    United States
    Member #52552
    May 29, 2007
    55 Posts
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    Posted: June 6, 2007, 11:57 pm - IP Logged

    No wonder why some fam members say if you give it to make as a gift, they want me to pay for their taxes..Dirty Rats! Evil Smile

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
      United States
      Member #30470
      January 17, 2006
      10351 Posts
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      Posted: June 7, 2007, 12:43 am - IP Logged

      If someone who gave a lottery ticket that turned out to be a big winner was the person who would be taxed on the winings, then jackpot winners could just pick names out of phone books and say that person gave them the ticket as a gift. 

      Or simply name anyone at random.

      "I'd like to thank the director of the _ _ _ _ lotto for giving me this ticket" 

      "I'd like to thank the governor of _ _ _ _ _ _ _ for the ticket that won the jackpot"

       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.

        justxploring's avatar - villiarna
        Wandering Aimlessly
        United States
        Member #25360
        November 5, 2005
        4461 Posts
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        Posted: June 7, 2007, 1:27 am - IP Logged

        Coin Toss,

        I can just see it now.

        Coin Toss:  "Justxploring gave me that ticket.  I don't owe tax on the $2M - she does!"

        JustX:  "No, Coin Toss was in my home last month and he must have stolen it from my purse! It's my money!  It belongs to me!" 

        Pac, "They're both lying, Your Honor.  I swear that's the ticket I bought on the way home from the airport.  I must have dropped it in my limousine.  She's the lady I picked up at Southwest FL International."

        Psykomo:    " quick picks  quick picks  very sweet "

        KY Floyd:  "An instrument is payable to its bearer when by its terms it is payable to a bearer or the order of a bearer"

        Yogi Bear:  I'm Smarter than the average bearer!

        O.J. :  "If the numbers hit, you must commit"

        EmilyG:   "Now, children.  Behave yourselves and think positive. "

        Lottery:  "If you hold the ticket upside down, the 9 looks like a 6.  I think we need to scan it again."

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          Kentucky
          United States
          Member #32652
          February 14, 2006
          7310 Posts
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          Posted: June 7, 2007, 1:34 am - IP Logged

          Coin Toss,

          I can just see it now.

          Coin Toss:  "Justxploring gave me that ticket.  I don't owe tax on the $2M - she does!"

          JustX:  "No, Coin Toss was in my home last month and he must have stolen it from my purse! It's my money!  It belongs to me!" 

          Pac, "They're both lying, Your Honor.  I swear that's the ticket I bought on the way home from the airport.  I must have dropped it in my limousine.  She's the lady I picked up at Southwest FL International."

          Psykomo:    " quick picks  quick picks  very sweet "

          KY Floyd:  "An instrument is payable to its bearer when by its terms it is payable to a bearer or the order of a bearer"

          Yogi Bear:  I'm Smarter than the average bearer!

          O.J. :  "If the numbers hit, you must commit"

          EmilyG:   "Now, children.  Behave yourselves and think positive. "

          Lottery:  "If you hold the ticket upside down, the 9 looks like a 6.  I think we need to scan it again."

          LMAO!

            emilyg's avatar - cat anm.gif

            United States
            Member #14
            November 9, 2001
            31353 Posts
            Online
            Posted: June 7, 2007, 2:19 am - IP Logged

            Coin Toss,

            I can just see it now.

            Coin Toss:  "Justxploring gave me that ticket.  I don't owe tax on the $2M - she does!"

            JustX:  "No, Coin Toss was in my home last month and he must have stolen it from my purse! It's my money!  It belongs to me!" 

            Pac, "They're both lying, Your Honor.  I swear that's the ticket I bought on the way home from the airport.  I must have dropped it in my limousine.  She's the lady I picked up at Southwest FL International."

            Psykomo:    " quick picks  quick picks  very sweet "

            KY Floyd:  "An instrument is payable to its bearer when by its terms it is payable to a bearer or the order of a bearer"

            Yogi Bear:  I'm Smarter than the average bearer!

            O.J. :  "If the numbers hit, you must commit"

            EmilyG:   "Now, children.  Behave yourselves and think positive. "

            Lottery:  "If you hold the ticket upside down, the 9 looks like a 6.  I think we need to scan it again."

                      Funny.  I said just that to my grandsons tonight.

             

                                    Grandma Loves You 





            love to nibble those micey feet.

             

                                         

              stephi's avatar - winifrid
              rural lowcountry, south carolina
              United States
              Member #31677
              February 2, 2006
              196 Posts
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              Posted: June 7, 2007, 8:56 am - IP Logged

              thank you all for your information, it is very helpful and i appreciate it.