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Charity & taxes

Topic closed. 12 replies. Last post 2 years ago by Drenick1.

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Happy California
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Posted: December 21, 2014, 2:41 pm - IP Logged

 Merry Christmas everybody !!   I know that this season might not be appropriate for these thoughts. But, I am interested in your opinions.   You know that the subject of Charity comes up at winner's award ceremonies. My response would be , " Look at all the taxes I have already paid and will pay" . This is Social Responsibility .

  so, depending upon the size of the jackpot I will already have favorite charities to give to. Family first.

  California does not tax lottery winnings so that is 13% that will be considered for gifts and charity.  California and other States that do not tax winnings are leading the way for a reduced Federal tax on Lottery winnings.

  Good Luck to Lottery Post members this Holiday week.

    SergeM's avatar - slow icon.png
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    Posted: December 21, 2014, 3:22 pm - IP Logged

    Games can be pre-taxed, you buy with taxed money anyway. How much of 100 dollars paid for lottery tickets is going back to the honest player? The true count?

      music*'s avatar - nw bookeep.jpg
      Happy California
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      Posted: December 21, 2014, 3:35 pm - IP Logged

      Yes SergeM, Like the song about the taxman, His hands are on every transaction.  The devil is in the details.

        SergeM's avatar - slow icon.png
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        Posted: December 21, 2014, 3:42 pm - IP Logged
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          California
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          Posted: December 22, 2014, 8:27 pm - IP Logged

          that is why I would avoid the winner's award ceremony like the plague. In CA the winner's name is public information but they can't make he/she go to a press conference.

          If it was mandatory, I'd give short one word answers and then leave as soon as I could. If you tell the media the charities you like that is a mistake. Now all the scammers will know which buttons to push when they make up some hard luck story to get money from you.

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            Zeta Reticuli Star System
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            Posted: December 22, 2014, 9:54 pm - IP Logged

            One of the Australian members here said that in Australia a ticket is $1.03 AUSD, the $.03 prepays the taxes for the winner.

            The also have a NP option on their play slips, No Publicity.

            Sounds good to me.

            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.

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              Happy California
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              Posted: December 22, 2014, 10:26 pm - IP Logged

              Cool Thank You SergeM for the heads up on the Cayman Islands. I did look at the Finance part.Coffee

                music*'s avatar - nw bookeep.jpg
                Happy California
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                Posted: December 22, 2014, 10:31 pm - IP Logged

                Lurking PrinceRene, In a perfect world I would do the ceremony. Alas, there are too many scammers in this society. I will not do the award ceremony.

                   Not only charities but also businesses that are on the Stock Market. You could be accused of pumping up one stock then dumping it after it went up in value. 

                  The Lottery office employees might write a record of what you say to them and then release it. Maybe ?Bandit

                  mikeintexas's avatar - tx avatar-1.gif
                  Texas Panhandle
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                  Posted: December 22, 2014, 11:09 pm - IP Logged

                  I used to think you could give any amount to a recognized charity (and take the deduction), but the IRS says differently: Charitable Contribution Deductions

                  I expect most everyone has read about the poor record many so-called reputable charities have, namely that a large percentage of the donations they get go to executive salaries, office rent, misc. overhead,  etc. 

                  America's Top 50 charities: How well do they rate?

                  America’s 50 Worst Charities Exposed

                  I've never been fortunate enough to be in the position to be able to donate thousands to a charity, but I always figured that giving fifty bucks to...oh, say, the struggling single mother down the block could do more good than five hundred to a large charity that doesn't get much of that donation to those in need.


                  A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
                   - George Orwell

                    SergeM's avatar - slow icon.png
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                    Posted: December 23, 2014, 4:51 am - IP Logged

                    Locally 6% of your lotto ticket were going to the retailer who still has to pay taxes on that. Other costs are the organisation like printing tickets  and spreading them, keeping the online system alive and so on. The drawing costs money too. Costs that I don't like are publicity and false information like not publishing the amount of sold tickets expressed in an amount of money. Strangely I don't like much publicity about lotto, even if I play myself. Showing the winners is one thing, forgetting about the losers is another thing. Taxes used to be around 34% on net win, and I heard that a casino was taxed higher, but I didn't look into that, and people talk a lot about what they don't know. Charity is in the lotto by law. They cannot not do charity. The way that I think about it, taxes and costs should stay extra low. Eventually a break even organisation at lowest costs without taxes would just be fairest. A few years ago we still had the 50 cents price for a combination in {6+C}/42, that was good. Now we pay 1 euro for {6+C}/45. The 3/6 used to be *5 and still is but with more numbers. The 2+C should pay more than the 3/6 now but does not.

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                      California
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                      Posted: January 7, 2015, 12:36 pm - IP Logged

                      Cool Thank You SergeM for the heads up on the Cayman Islands. I did look at the Finance part.Coffee

                      If you are an American citizen keeping your money in the Cayman Islands makes no difference. American citizens are taxed on world wide income.

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                        Gurnee, Illinois
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                        Posted: January 8, 2015, 5:59 am - IP Logged

                        If you are an American citizen keeping your money in the Cayman Islands makes no difference. American citizens are taxed on world wide income.

                        I Agree! Also the Foreign Accounts Tax Compliance Act (FATCA) signed into law by Obama will be something every ex-pat or citizen holding funds in foreign financial institutions will have to deal with. FATCA is the reason a record number of American citizens, including U.S. born citizens, renounced their U.S. citizenship in 2013 (the numbers for 2014 are not yet published).

                        Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                        The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

                          Drenick1's avatar - villiarna
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                          Posted: January 8, 2015, 2:32 pm - IP Logged

                          I have read past post here and received advice from an LP member and she suggested any major jackpot winner form a charitable trust/foundation as well as a corporation to oversee future financial growth while deferring tax obligations. There were major advantages with this format but too much to list.