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How BIG can a lottery pool be?

Topic closed. 15 replies. Last post 3 years ago by d1nnl2.

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CHERRY HILL, NJ
United States
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July 9, 2012
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Posted: October 8, 2013, 7:07 pm - IP Logged

Picture this. A BIG PB or MM was hit in 1 State with 1 Ticket. An anonymous, encrypted tweet comes in on asking for bids on the winning Lotto Ticket. How big can a Group be to offer to buy the Winning Ticket AT PAR (CASH VALUE)?

Can the solo Ticket holder avoid Sales & Income Taxes in the sale of this Winning Ticket?

Can the Treasury be denied income taxes after the Prize is divided up by the buyers (Lottery Pool), such that the division would end up being small enough for them to offset their winning with losses on the game?

    rdgrnr's avatar - walt
    Way back up in them dadgum hills, son!
    United States
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    April 28, 2009
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    Posted: October 9, 2013, 6:05 am - IP Logged

    There is only one guarantee.

    The government will confiscate whatever they consider to be their share.

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      Japan
      Member #131605
      August 14, 2012
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      Posted: October 9, 2013, 9:42 am - IP Logged

      ....Now, why on earth would you even consider being in a pool with that many people in the first place   ?

      Pool is not the place to be.... well save some small exceptions family...and perhaps if you realy are close with some your co-workers/best friends. I could not do it...I mean 3 is the maximum for me right now any how. Not really a pool as just who ever buys a random ticket an wins we will share 3 ways.

       

       

      _______________

      saveyourheritagecom

      totalfascism.com

      justice4germans.com

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        Sacramento, CA
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        Posted: October 9, 2013, 8:40 pm - IP Logged

        I don't get it. What would be the incentive to buy the ticket at cash value?

         

        10/12/13 MM advertised $22 mil JP, $15 mil cash value

        Pool of 1500 people kick in $10k apiece to get $10k back from lottery immediately OR get 1/1500th of the annuity of $846,154. At $564.10 per year, you don't don't get your $10k back until year 18. The 26 payments will get you a total of $14,666.60 for an annualized return of 1.48%. Oh, and that's assuming that your belief that somehow this dodges taxes is correct. My credit union has better interest rates than that and I can get my hypothetical $10k back any <snip> time I want it.

         

        Sorry, but if you win the big one, I think you're just going to have to suffer the indignity of paying more in taxes than most people make in a year. That's the kind of hardship I pray for...

        This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.


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          July 25, 2012
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          Posted: October 9, 2013, 9:48 pm - IP Logged

          Picture this. A BIG PB or MM was hit in 1 State with 1 Ticket. An anonymous, encrypted tweet comes in on asking for bids on the winning Lotto Ticket. How big can a Group be to offer to buy the Winning Ticket AT PAR (CASH VALUE)?

          Can the solo Ticket holder avoid Sales & Income Taxes in the sale of this Winning Ticket?

          Can the Treasury be denied income taxes after the Prize is divided up by the buyers (Lottery Pool), such that the division would end up being small enough for them to offset their winning with losses on the game?

          Well the Sargento people was 100 strong and they split 207 million and got like 660,000 each after taxes

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            CHERRY HILL, NJ
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            July 9, 2012
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            Posted: October 10, 2013, 11:25 am - IP Logged

            ....Now, why on earth would you even consider being in a pool with that many people in the first place   ?

            Pool is not the place to be.... well save some small exceptions family...and perhaps if you realy are close with some your co-workers/best friends. I could not do it...I mean 3 is the maximum for me right now any how. Not really a pool as just who ever buys a random ticket an wins we will share 3 ways.

             

             

            _______________

            saveyourheritagecom

            totalfascism.com

            justice4germans.com

            Consider this, in the age we live in where your tweets or youtube postings can go viral in days. Consider that crowd-sourcing is now a reality. Consider the millions who play the Lotteries and are sure never to win the BIG PRIZE in their life-time. Consider the need for anonymity that winners crave. Consider the disgust the winner feel when they realize how much TAXES they have to pay for their good fortune.

            ALL this will be solved by offering your Lottery Ticket to the millions of people who want the feeling of being part of WINNING A LARGE LOTTERY even if their share will not amount to much. Just the opportunity to have their picture taken at the Lottery office, holding that BIG CHECK is priceless. How many swindlers will pay for that chance to have a REAL PHOTO (not photoshoped) displayed at their desk for their next scam !

            If I win the BIG PRIZE and sell the ticket to a POOL OF INVESTORS, I won't be a LOTTERY WINNER but a mere holder of something of VALUE that I chose to trade in for CASH. I can REMAIN ANONYMOUS and if the transaction takes place in a INCOME TAX HAVEN, I will not have to pay anything in TAXES.  NOT INCOME TAX, NOT SALE TAX, NOTHING. I can KEEP EVERYTHING. I CAN EVEN CHOOSE TO BE PART OF THE POOL!

              RJOh's avatar - chipmunk
              mid-Ohio
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              March 24, 2001
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              Posted: October 10, 2013, 11:37 am - IP Logged

              Picture this. A BIG PB or MM was hit in 1 State with 1 Ticket. An anonymous, encrypted tweet comes in on asking for bids on the winning Lotto Ticket. How big can a Group be to offer to buy the Winning Ticket AT PAR (CASH VALUE)?

              Can the solo Ticket holder avoid Sales & Income Taxes in the sale of this Winning Ticket?

              Can the Treasury be denied income taxes after the Prize is divided up by the buyers (Lottery Pool), such that the division would end up being small enough for them to offset their winning with losses on the game?

              Your ticket would probably end up like that HOT LOTTO ticket did in Iowa not being paid since such a scheme would be to avoid paying taxes which is illegal.  Since so many would have so little invested, they would probably just forget about it rather than pay the legals fees to fight it.

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

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                CHERRY HILL, NJ
                United States
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                July 9, 2012
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                Posted: October 10, 2013, 11:48 am - IP Logged

                Your ticket would probably end up like that HOT LOTTO ticket did in Iowa not being paid since such a scheme would be to avoid paying taxes which is illegal.  Since so many would have so little invested, they would probably just forget about it rather than pay the legals fees to fight it.

                I think the Iowa case is very different. In that case, the winner/winners wanted to remain anonymous. 

                In the case I am describing, THE POOL OF INVESTORS who will buy the winning ticket, WANTS TO BE EXPOSED, PHOTOGRAPHED, FILE INCOME TAXES, GET A CHECK, BE RECORDED AS LOTTERY WINNERS.

                THEY ARE FOR ALL INTENT AND PURPOSES LEGAL WINNERS AS THEY POSSESS THE WINNING TICKET WHICH IS A BEARER INSTRUMENT.

                IF THEY WILL ALLOW A WHOLE MAINTENANCE DEPARTMENT TO SHOW UP AND BE RECORDED AS JOINT WINNERS, MY QUESTION IS WHAT IS THE LIMIT?
                HOW BIG CAN THE LOTTERY POOL BE?

                COOPERATION BEATS COMPETITION ANYTIME.

                  RJOh's avatar - chipmunk
                  mid-Ohio
                  United States
                  Member #9
                  March 24, 2001
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                  Posted: October 10, 2013, 11:49 am - IP Logged

                  Consider this, in the age we live in where your tweets or youtube postings can go viral in days. Consider that crowd-sourcing is now a reality. Consider the millions who play the Lotteries and are sure never to win the BIG PRIZE in their life-time. Consider the need for anonymity that winners crave. Consider the disgust the winner feel when they realize how much TAXES they have to pay for their good fortune.

                  ALL this will be solved by offering your Lottery Ticket to the millions of people who want the feeling of being part of WINNING A LARGE LOTTERY even if their share will not amount to much. Just the opportunity to have their picture taken at the Lottery office, holding that BIG CHECK is priceless. How many swindlers will pay for that chance to have a REAL PHOTO (not photoshoped) displayed at their desk for their next scam !

                  If I win the BIG PRIZE and sell the ticket to a POOL OF INVESTORS, I won't be a LOTTERY WINNER but a mere holder of something of VALUE that I chose to trade in for CASH. I can REMAIN ANONYMOUS and if the transaction takes place in a INCOME TAX HAVEN, I will not have to pay anything in TAXES.  NOT INCOME TAX, NOT SALE TAX, NOTHING. I can KEEP EVERYTHING. I CAN EVEN CHOOSE TO BE PART OF THE POOL!

                  Consider this: When you collect a prize won by a pool you have to include all the members names and social security numbers for tax purposes.  How many names can you write on a single form or two?  Do you really think the IRS is going to play this silly game?

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

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                    CHERRY HILL, NJ
                    United States
                    Member #130213
                    July 9, 2012
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                    Posted: October 10, 2013, 11:55 am - IP Logged

                    Consider this: When you collect a prize won by a pool you have to include all the members names and social security numbers for tax purposes.  How many names can you write on a single form or two?  Do you really think the IRS is going to play this silly game?

                    I value your opinion and you maybe right. But I think in our capitalist market, everything of value has a price and its sale is what keeps our way of life going.

                    If the Government invented this creation called, The Lottery, to attract people into paying for a miracle which for 99.9% is sure not to happen, then it should deal with the consequences of the 99.9% coming up with a way to make sure it happens!

                      RJOh's avatar - chipmunk
                      mid-Ohio
                      United States
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                      March 24, 2001
                      19900 Posts
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                      Posted: October 10, 2013, 11:58 am - IP Logged

                      I think the Iowa case is very different. In that case, the winner/winners wanted to remain anonymous. 

                      In the case I am describing, THE POOL OF INVESTORS who will buy the winning ticket, WANTS TO BE EXPOSED, PHOTOGRAPHED, FILE INCOME TAXES, GET A CHECK, BE RECORDED AS LOTTERY WINNERS.

                      THEY ARE FOR ALL INTENT AND PURPOSES LEGAL WINNERS AS THEY POSSESS THE WINNING TICKET WHICH IS A BEARER INSTRUMENT.

                      IF THEY WILL ALLOW A WHOLE MAINTENANCE DEPARTMENT TO SHOW UP AND BE RECORDED AS JOINT WINNERS, MY QUESTION IS WHAT IS THE LIMIT?
                      HOW BIG CAN THE LOTTERY POOL BE?

                      COOPERATION BEATS COMPETITION ANYTIME.

                      "IF THEY WILL ALLOW A WHOLE MAINTENANCE DEPARTMENT TO SHOW UP AND BE RECORDED AS JOINT WINNERS, MY QUESTION IS WHAT IS THE LIMIT? 
                      HOW BIG CAN THE LOTTERY POOL BE?"

                      You can probably get an answer by going to the IRS website and reading a copy of the form that pool members fill out before claiming their winnings.

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

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                        CHERRY HILL, NJ
                        United States
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                        July 9, 2012
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                        Posted: October 10, 2013, 12:01 pm - IP Logged

                        "IF THEY WILL ALLOW A WHOLE MAINTENANCE DEPARTMENT TO SHOW UP AND BE RECORDED AS JOINT WINNERS, MY QUESTION IS WHAT IS THE LIMIT? 
                        HOW BIG CAN THE LOTTERY POOL BE?"

                        You can probably get an answer by going to the IRS website and reading a copy of the form that pool members fill out before claiming their winnings.

                        Maybe you can educate us by telling us what the limit is. 

                        If so many people can join a class-action lawsuit against BIG TOBACCO, then a whole set of people can join a pool and buy the winning ticket off the hands of the original winner.

                        Its being done now, it just has not happened with a BIG WIN yet. My question is can it be done?

                          Jill34786's avatar - Lottery-006.jpg
                          Windermere, FL/Franklin, TN
                          United States
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                          March 1, 2007
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                          Posted: October 10, 2013, 12:27 pm - IP Logged

                          I don't get it. What would be the incentive to buy the ticket at cash value?

                           

                          10/12/13 MM advertised $22 mil JP, $15 mil cash value

                          Pool of 1500 people kick in $10k apiece to get $10k back from lottery immediately OR get 1/1500th of the annuity of $846,154. At $564.10 per year, you don't don't get your $10k back until year 18. The 26 payments will get you a total of $14,666.60 for an annualized return of 1.48%. Oh, and that's assuming that your belief that somehow this dodges taxes is correct. My credit union has better interest rates than that and I can get my hypothetical $10k back any <snip> time I want it.

                           

                          Sorry, but if you win the big one, I think you're just going to have to suffer the indignity of paying more in taxes than most people make in a year. That's the kind of hardship I pray for...

                          This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

                          "Sorry, but if you win the big one, I think you're just going to have to suffer the indignity of paying more in taxes than most people make in a year." 

                           

                          Actually if you win the big one you will end up paying more in taxes than most people make in a lifetime. Gloria, the 84 yearl old lady that won the $590 million PB with a cash option of $370.9 million will end up having paid out over $145 million in Federal taxes...good thing Florida doesn't have a state income tax or she would be responsible for another $20-37 million.

                          ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

                            RJOh's avatar - chipmunk
                            mid-Ohio
                            United States
                            Member #9
                            March 24, 2001
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                            Posted: October 10, 2013, 12:40 pm - IP Logged

                            Maybe you can educate us by telling us what the limit is. 

                            If so many people can join a class-action lawsuit against BIG TOBACCO, then a whole set of people can join a pool and buy the winning ticket off the hands of the original winner.

                            Its being done now, it just has not happened with a BIG WIN yet. My question is can it be done?

                            Sorry, I'm already educated about what a pool of one has to pay and that's the only size pool I play in.

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


                              United States
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                              July 25, 2012
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                              Posted: October 10, 2013, 1:13 pm - IP Logged

                              Maybe you can educate us by telling us what the limit is. 

                              If so many people can join a class-action lawsuit against BIG TOBACCO, then a whole set of people can join a pool and buy the winning ticket off the hands of the original winner.

                              Its being done now, it just has not happened with a BIG WIN yet. My question is can it be done?

                              If in fact you had the winning jackpot ticket....why would you sell it to a bunch of people??