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Topic closed. 21 replies. Last post 1 year ago by TinkerMazell.

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Blundering Time Traveler

United States
Member #28945
December 25, 2005
1548 Posts
Offline
Posted: July 1, 2016, 9:59 pm - IP Logged

Welcome to the LP scotty921!

Hope you enjoy the ride while learning a lot and making a good profit.

Good luck to you!

"Study Nature, love Nature, stay close to Nature. It will never fail you."

- Frank Lloyd Wright

    Jorli D's avatar - nw saucyelf2.jpg
    Michigan
    United States
    Member #2448
    October 4, 2003
    26949 Posts
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    Posted: July 1, 2016, 10:02 pm - IP Logged

    Welcome to LP!

      zephbe's avatar - animal butterfly.jpg
      South Carolina
      United States
      Member #77167
      July 15, 2009
      677 Posts
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      Posted: July 2, 2016, 5:49 am - IP Logged

      Ha ha , you all are funny . you know as well as I do that if you would win $1.00-$599 a day you wouldn't say anything to anybody. all good points but after the draw who is going to be the first one after a month of winning running to the IRS. I want to meet that person. Wink

      When you do meet him, I've got a dunce cap for you to give him.  Green laugh

      Every champion was once a contender who refused to give up.-Rocky Balboa

      “Don’t let someone who gave up on their dreams talk you out of going after yours.” – Zig Ziglar

        TinkerMazell's avatar - Lottery-035.jpg
        Augusta, Georgia
        United States
        Member #127854
        May 10, 2012
        82 Posts
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        Posted: July 2, 2016, 10:27 am - IP Logged

        No. Technically winning even $1 needs to be reported on your taxes as income, but small amounts are too much of a bother for most people and the IRS  so it isn't a big deal if you don't report it. But if he wins it each and every day and lives off it as his sole or a major part of his income, then the IRS would demand their cut. 

        A cash three ticket played straight for a dollar wins $500. They don't take taxes out of anything under $600. Therefore it's tax free and if YOU want to report YOURS go ahead. The IRS can't demand something they don't know about.

        I am a $20,000 winner from a Georgia Lottery scratch off game called "$3,000,000 Taxes Paid"!

          Kingofearth's avatar - Kinnak
          Florida
          United States
          Member #174656
          May 5, 2016
          955 Posts
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          Posted: July 2, 2016, 1:43 pm - IP Logged

          A cash three ticket played straight for a dollar wins $500. They don't take taxes out of anything under $600. Therefore it's tax free and if YOU want to report YOURS go ahead. The IRS can't demand something they don't know about.

          Legally speaking, you are REQUIRED to report that $500 on your next tax return and YES THEY TAX IT. However if you don't, the IRS wouldn't really care. But if a large portion of your income is from lottery winnings or you consistently win over $600 (That's when they start keeping track), then you'll have a lot of explaining to do and a lot of tax evasion charges to face.   

            Kingofearth's avatar - Kinnak
            Florida
            United States
            Member #174656
            May 5, 2016
            955 Posts
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            Posted: July 2, 2016, 1:46 pm - IP Logged

            Ha ha , you all are funny . you know as well as I do that if you would win $1.00-$599 a day you wouldn't say anything to anybody. all good points but after the draw who is going to be the first one after a month of winning running to the IRS. I want to meet that person. Wink

            This is an English language forum. Please learn how to write properly before continuing. 

              TinkerMazell's avatar - Lottery-035.jpg
              Augusta, Georgia
              United States
              Member #127854
              May 10, 2012
              82 Posts
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              Posted: July 2, 2016, 2:34 pm - IP Logged

              There will be no explaining to do because (like I said), each winning ticket if played for $1 straight wins $500. There is absolutely no way and no reason for them to keep track. You can cash a winning ticket at any gas station. No names are exchanged and nothing is signed. I guess you have never won a cash 3 or pick 3 game. Same goes true if you buy one ticket or a thousand. Each ticket is under $600, therefore it is not taxed. A thousand tickets? You do the math. Tax free.

              I am a $20,000 winner from a Georgia Lottery scratch off game called "$3,000,000 Taxes Paid"!