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Basics of a Successful System

Topic closed. 177 replies. Last post 5 months ago by RJOh.

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RJOh's avatar - chipmunk
mid-Ohio
United States
Member #9
March 24, 2001
19824 Posts
Offline
Posted: June 13, 2016, 10:44 am - IP Logged

It's the reverse of that Monte Carlo simulation where imaginary pick-3 players continued to bet $1 straight trying to "win" $500 after losing thousands.

That just shows how stupid some LP members lottery betting strategies can be.  And to think some members think they should receive at least a "Thanks for sharing" for such non sense.

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

    amber123's avatar - OpIFNim

    United States
    Member #164727
    March 12, 2015
    2512 Posts
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    Posted: June 13, 2016, 10:52 am - IP Logged

    AllenB

    Seems your question about lottery play got lost in the shuffle.
    A shame how things can get twisted here in LP.
    Maybe I'm a guilty party, too.
    I hope you are able to get through the muck and find the answers you are looking for.
    Good luck.

    True, if only we didn't have some here who are short bus window lickers, it would be a better place. Then I could write a short description and move back to the topic. It's hard though when you have people who KNOW EVERYTHING there is to know, and then spend 3 pages spelling it out for them like retards.

    I have to draw pictures with crayons so they can understand. Pathetic losers !

    Bash

      amber123's avatar - OpIFNim

      United States
      Member #164727
      March 12, 2015
      2512 Posts
      Offline
      Posted: June 13, 2016, 11:59 am - IP Logged

      All income is taxable, even below 600 bucks. Even if you walk your neighbor's dog once a month for 10 bucks, it's taxable. All types of income regardless of the amount.

      IRS Logo
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      Taxable and Nontaxable Income

      IRS Tax Tip 2013-12, February 12, 2013

      Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Here are some examples of income that are usually not taxable:

      • Child support payments;
      • Gifts, bequests and inheritances;
      • Welfare benefits;
      • Damage awards for physical injury or sickness;
      • Cash rebates from a dealer or manufacturer for an item you buy; and
      • Reimbursements for qualified adoption expenses.

      Some income is not taxable except under certain conditions. Examples include:

      • Life insurance proceeds paid to you because of an insured person’s death are usually not taxable. However, if you redeem a life insurance policy for cash, any amount that is more than the cost of the policy is taxable.
      • Income you get from a qualified scholarship is normally not taxable. Amounts you use for certain costs, such as tuition and required course books, are not taxable. However, amounts used for room and board are taxable.

      All income, such as wages and tips, is taxable unless the law specifically excludes it. This includes non-cash income from bartering - the exchange of property or services. Both parties must include the fair market value of goods or services received as income on their tax return.

      If you received a refund, credit or offset of state or local income taxes in 2012, you may be required to report this amount. If you did not receive a 2012 Form 1099-G, check with the government agency that made the payments to you. That agency may have made the form available only in an electronic format. You will need to get instructions from the agency to retrieve this document. Report any taxable refund you received even if you did not receive Form 1099-G.

      For more information and examples, see Publication 525, Taxable and Nontaxable Income. The booklet is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

      Additional IRS Resources:


      Subscribe to IRS Tax Tips

      Page Last Reviewed or Updated: 22-Nov-2013

       

       

       

       

      Reporting on Lottery Winnings

      • If you receive substantial winnings from the lottery, you can expect to receive a W-2G form from the lottery. Similar to a W-2 from work, both the IRS and you get a copy of it, and it reports out how much you won. You will receive a W-2G if you win at least $600 and your winnings are at least 300 times the cost of your ticket. If you win less than this amount, the lottery will not report your winnings to the IRS. The W-2G will report your net winnings, so, if you spend $1 on a ticket that wins you $10,000, the W-2G will show winnings of $9,999. For smaller prizes, many lottery players pocket the cash from a ticket that pays $10 or $100. In fact, that income is still technically taxable, even though the IRS receives no report it.

       

       

       

       

       https://www.irs.gov/uac/reporting-miscellaneous-income

       

      Gambling winnings

      Gambling winnings are fully taxable and must be reported on Form 1040.

      Gambling income includes, among other things, winnings from lotteries, raffles, horse races, poker tournaments and casinos. It includes cash winnings as well as the fair market value of prizes such as cars and trips.

      Even if a W-2G is not issued, all gambling winnings must be reported as taxable income regardless of whether any portion is subject to withholding. In addition, taxpayers may be required to pay an estimated tax on the gambling winnings.

      Losses may be deducted only if the taxpayer itemizes deductions and only if he or she also has gambling winnings. The losses deducted may not be more than the gambling income reported on the return.

      Prizes and awards

      Subject to certain exceptions, the cash value of prizes or awards won in a drawing, quiz show program, beauty contest, or other event, must be included on the tax return as taxable income.

      Taxpayers must also report the fair market value of merchandise or products won as a prize or award, as taxable income.

      For example, both a $500 cash prize and the fair market value of a new range won in a baking contest must be reported as other income on Form 1040, Line 21.

       

       

                             DUH    DUHY A DUH!!!

       

                            Thud

       

                            Bash

       

                         Hit With Stick

       

        Where's that foot, so i can un-jam it from the mouth.

       

        Avatar
        Kentucky
        United States
        Member #32652
        February 14, 2006
        7302 Posts
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        Posted: June 13, 2016, 2:50 pm - IP Logged

        That just shows how stupid some LP members lottery betting strategies can be.  And to think some members think they should receive at least a "Thanks for sharing" for such non sense.

        Now we have an IRS expert that is saying "every dollar players win gambling must be reported as income". Remember that $1 you won when you used all 15 MM bonus numbers on 15 lines, Amber says it's income.

          amber123's avatar - OpIFNim

          United States
          Member #164727
          March 12, 2015
          2512 Posts
          Offline
          Posted: June 13, 2016, 5:39 pm - IP Logged

          .                                                               

            Sunglasses's avatar - nicebear
            Zaperlopopotam
            Belgium
            Member #173932
            March 26, 2016
            952 Posts
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            Posted: June 13, 2016, 6:20 pm - IP Logged

            I forgot that I studied that tax <snip>. Laws and administrations, with those taxes change from one place to another. ... Pay! Pay! Pay!

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

              Avatar
              backwoods ga
              United States
              Member #155844
              May 31, 2014
              1886 Posts
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              Posted: June 14, 2016, 9:16 am - IP Logged

              black apple brand  and kejana

               

              Pls input your thougts

              my name Lil Darryl   you got some Milk

                Avatar
                Lincoln, California
                United States
                Member #167130
                June 27, 2015
                256 Posts
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                Posted: June 14, 2016, 10:46 am - IP Logged

                Now we have an IRS expert that is saying "every dollar players win gambling must be reported as income". Remember that $1 you won when you used all 15 MM bonus numbers on 15 lines, Amber says it's income.

                As to the Original Question on "Basics".  Really?, Taxes.  Taxes are a Result Not a Basic.  Taxes can not help a system in any way.  Taxes just reduce your net gain.  In Real Life I don't think anyone has ever turned down a Great Job because they would pay higher Taxes.  I for one would take a payout subject to taxes any day.  Small payouts under the Radar are OK too.  If the IRS want to track me down for hitting a $500 Straight in Pick 3, Let them come.  Keep your old tickets or scrape up a few from any where and most of us will still be in the hole.  No blood for the IRS mosquito to suck.

                I could not wade through the Muck here to see where this mud came from.  I have never been a Fan of Mud Wrestling, Except for John Candy in The movie Stripes.  That was Funny.  This Mud Match is just sad.

                  RJOh's avatar - chipmunk
                  mid-Ohio
                  United States
                  Member #9
                  March 24, 2001
                  19824 Posts
                  Offline
                  Posted: June 14, 2016, 11:09 am - IP Logged

                  Now we have an IRS expert that is saying "every dollar players win gambling must be reported as income". Remember that $1 you won when you used all 15 MM bonus numbers on 15 lines, Amber says it's income.

                  Back in 2013 when I matched 5of6 in Ohio's Classic Lotto for $1500 I did end up paying $250 more taxes even though I spent over $3000 on lottery tickets that year because I could only deduct gambling losses up to the amount I won which when added to all my other deductions was less than the standard deduction.

                  I would have had to be a professional gambler to deduct more.

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

                    Sunglasses's avatar - nicebear
                    Zaperlopopotam
                    Belgium
                    Member #173932
                    March 26, 2016
                    952 Posts
                    Offline
                    Posted: June 14, 2016, 11:28 am - IP Logged

                    Back in 2013 when I matched 5of6 in Ohio's Classic Lotto for $1500 I did end up paying $250 more taxes even though I spent over $3000 on lottery tickets that year because I could only deduct gambling losses up to the amount I won which when added to all my other deductions was less than the standard deduction.

                    I would have had to be a professional gambler to deduct more.

                    What would it imply to become a full time or part time pro gambler?

                    I won over 2340 in dollars with one win and it was pre-taxed. Your state is a crook, you paid the tickets with taxed money.

                      RJOh's avatar - chipmunk
                      mid-Ohio
                      United States
                      Member #9
                      March 24, 2001
                      19824 Posts
                      Offline
                      Posted: June 14, 2016, 11:45 am - IP Logged

                      What would it imply to become a full time or part time pro gambler?

                      I won over 2340 in dollars with one win and it was pre-taxed. Your state is a crook, you paid the tickets with taxed money.

                      "What would it imply to become a full time or part time pro gambler"

                      A professional gambler or (professional lottery player) would be in the business of playing lotteries for a living and would keep records of losses/gains and pay taxes same as any other business much like the the Michigan couple that traveled to Massachuttes to play its WinFall games before it was disbanded. 

                      *note They had to go to court and prove their playing was a business to get credit for their losses.

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

                        Avatar
                        Kentucky
                        United States
                        Member #32652
                        February 14, 2006
                        7302 Posts
                        Offline
                        Posted: June 14, 2016, 2:55 pm - IP Logged

                        As to the Original Question on "Basics".  Really?, Taxes.  Taxes are a Result Not a Basic.  Taxes can not help a system in any way.  Taxes just reduce your net gain.  In Real Life I don't think anyone has ever turned down a Great Job because they would pay higher Taxes.  I for one would take a payout subject to taxes any day.  Small payouts under the Radar are OK too.  If the IRS want to track me down for hitting a $500 Straight in Pick 3, Let them come.  Keep your old tickets or scrape up a few from any where and most of us will still be in the hole.  No blood for the IRS mosquito to suck.

                        I could not wade through the Muck here to see where this mud came from.  I have never been a Fan of Mud Wrestling, Except for John Candy in The movie Stripes.  That was Funny.  This Mud Match is just sad.

                        "If the IRS want to track me down for hitting a $500 Straight in Pick 3, Let them come. "

                        We're getting false information from someone who obviously never won a prize over $600 and got a W-2G or filed Schedule "A".

                        "Keep your old tickets or scrape up a few from any where and most of us will still be in the hole."

                        It's obvious you never filed Schedule "A" or got a W-2G either. Ask a tax accountant why the IRS doesn't require a W-2G on winning under $600 and under. BTW, Amber started the tax stuff.

                          Avatar
                          Kentucky
                          United States
                          Member #32652
                          February 14, 2006
                          7302 Posts
                          Offline
                          Posted: June 14, 2016, 3:43 pm - IP Logged

                          Back in 2013 when I matched 5of6 in Ohio's Classic Lotto for $1500 I did end up paying $250 more taxes even though I spent over $3000 on lottery tickets that year because I could only deduct gambling losses up to the amount I won which when added to all my other deductions was less than the standard deduction.

                          I would have had to be a professional gambler to deduct more.

                          Currently the standard deduction for single filers is over $10,000 so it doesn't make any sense losing that unless your losses are much more. Just the fact we can deduct gambling losses from gambling winnings shows what "gambling income" is.

                            RJOh's avatar - chipmunk
                            mid-Ohio
                            United States
                            Member #9
                            March 24, 2001
                            19824 Posts
                            Offline
                            Posted: June 15, 2016, 2:15 pm - IP Logged

                            Now we have an IRS expert that is saying "every dollar players win gambling must be reported as income". Remember that $1 you won when you used all 15 MM bonus numbers on 15 lines, Amber says it's income.

                            "Remember that $1 you won when you used all 15 MM bonus numbers on 15 lines, Amber says it's income."

                            It happened again last night, I could have done just as well or better with 10 lines of Ohio's RollingCash5.  The last time I posted 5 lines of RC5 on the prediction board they matched 2 twice for $2 but $1 wins for RC5 aren't counted on the prediction board.

                            Oh well, the MM jackpot rolled so I'll be playing again this Friday.

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

                              Avatar
                              backwoods ga
                              United States
                              Member #155844
                              May 31, 2014
                              1886 Posts
                              Offline
                              Posted: June 15, 2016, 2:40 pm - IP Logged

                              Do they sale sweet tea in vermont

                              my name Lil Darryl   you got some Milk

                                 
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