[manaboutown]

Be careful about what you wish for...

Rip up the winning ticket? 5 reasons why winning lottery can destroy lives

[retiredguy123]

Originally Posted by SHIBUMI

I think that would be taxed again, the question is how do you make her part of the payout so it is only taxed once.

If you had 50 people you wanted to give money too, can you make them part of the payout so the money isn't taxed twice?????

Again, when you give away money, there is no income tax owed by either the giver or the receiver of the money. You will not be taxed twice.

[SHIBUMI]

doesn't sound like the federal govt??????????? I dont think you can gift 1 million dollars to someone, not a charity and it is non taxable by the feds.........

Originally Posted by retiredguy123

Again, when you give away money, there is no income tax owed by either the giver or the receiver of the money. You will not be taxed twice.

[elevatorman]

Actually none of you can win. Because I have the winning ticket.

[retiredguy123]

Originally Posted by SHIBUMI

doesn't sound like the federal govt??????????? I dont think you can gift 1 million dollars to someone, not a charity and it is non taxable by the feds.........

That is the way a gift works, but maybe you should ask a tax professional.

When you give money to a charity, you get a tax deduction, but when you give money to a non-charity, you don't get a tax deduction, but the gift is not taxable income to anyone because you have already paid tax on it. You only pay tax on a gift when you exceed the requirements of the "unified gift and estate tax". This is not an income tax.

[Bwanajim]

Originally Posted by SHIBUMI

Hopefully someone in the Villages wins! But what to do.......

1. take lump sum or 30 year payments, lump sum after taxes less than 50%

2. 30 year payments get 5% interest a year

3. How do you slit it with a bunch of folks without them being taxed again

4. Can leave payments to beneficiaries

if you have any knowledge or ideas on this please share ...........thanks, Merry Christmas

if you’re over 55 years old, you might as well take it all in a lump sum now and spend it. You’re not gonna be able to enjoy it at age 85 if you’re even still alive.

[mikempp]

Originally Posted by SHIBUMI

Hopefully someone in the Villages wins! But what to do.......

1. take lump sum or 30 year payments, lump sum after taxes less than 50%

2. 30 year payments get 5% interest a year

3. How do you slit it with a bunch of folks without them being taxed again

4. Can leave payments to beneficiaries

if you have any knowledge or ideas on this please share ...........thanks, Merry Christmas

Multiple times I've played, i buy $20 auto lotto (they pick the numbers) and many times have only had a total of 1 or 2 numbers on the whole ticket. After probably $1,000 I'm done, not playing anymore.

[CoachKandSportsguy]

Originally Posted by mikempp

Multiple times I've played, i buy $20 auto lotto (they pick the numbers) and many times have only had a total of 1 or 2 numbers on the whole ticket. After probably $1,000 I'm done, not playing anymore.

of course, the odds are very high that you will lose, the odds to win are extremely miniscule. However, it's more about consistency, which means one pick for a year.

And if you win, just take the yearly amount. that way you can blow it all and then still have another year to try to not lose it all again. . practice makes perfect

[CoachKandSportsguy]

So its like 100 picks in a year, 2 per week.

so I bought $300 in scratch tickets once, and the payout ratio is about 60% of the total, which is about which all $300 produced, which is about $180 back after spending $300, i think i actually got $160.. .

One doesn't go to the casino and expects to win, one goes to the casino and hopes to win!

[Kar-el]

You know what they say:
“You can’t win if you don’t play-
But your odds are almost statistically the same”

[Topspinmo]

Originally Posted by elevatorman

Actually none of you can win. Because I have the winning ticket.

I think I have it