• If you enjoy the forum please consider supporting it by signing up for a NES Membership  The benefits pay for the membership many times over.

NES mega millions pool August 4 drawing

cockpitbob said:
Cuz a firearms oriented attorney also knows everything about all the other legal fields like real estate, divorce, tax and businesd law too?
Click to expand...
I'm an IT guy and even _I'M_ at least sufficiently familiar to pull references and precedents.

ANYTHING involving money = BIGLY IRS involvement. Especially (potentially) big money.
 
dgrantdoherty said:
I'm not even in IT and I know how to silently Google problems then pretend like the solution was my idea.
I guess I'm pretty much a lawyer.
Click to expand...
IMG_2369.png

It's been canon for practically as long as there have been lotteries that if you're not careful, the taxman is standing by to PORK the f*** out of you.

Why is that such a hard concept to grasp?
 
SpaceCritter said:
My concern is how the IRS would treat that tax-wise. Since you technically retain ownership of the ticket, you would be compelled to pay taxes on the winnings at your tax rate. Given, however, the contractual obligation to "share" high-ticket winnings with others here, would that trigger a Gift Tax obligation as well?
Click to expand...
Don't participate. You have been posting nothing but concerns since you joined this thread.

You worry about the IRS after winning. That is why a lawyer and accountant get involved.

It wouldn't be the first time a group of people wins money, NES just like to stress out about everything.
 
SpaceCritter said:
I DON'T like handing the IRS (or DRS or whomever) any more money than I have to. That's what funds our enemies.

Especially when it can be avoided with a modicum of forethought.

www.stamfordadvocate.com

Greenwich trio collect Powerball jackpot

The mystery winners of a $254 million Powerball jackpot, a record for Connecticut, need...
www.stamfordadvocate.com www.stamfordadvocate.com

Note to whom the check is payable:
1150x0.jpg
Click to expand...
Dude, it is simple ... DONT PARTICIPATE.

There, I solved all your stress.
 
SpaceCritter said:
My concern is how the IRS would treat that tax-wise. Since you technically retain ownership of the ticket, you would be compelled to pay taxes on the winnings at your tax rate. Given, however, the contractual obligation to "share" high-ticket winnings with others here, would that trigger a Gift Tax obligation as well?
Click to expand...
The ticket is signed over to a trust. The trust pays taxes. After that, talk to a lawyer (I'm not a lawyer).
 
Broc said:
Don't participate. You have been posting nothing but concerns since you joined this thread.

You worry about the IRS after winning. That is why a lawyer and accountant get involved.
Click to expand...
That isn't how it works with the Taxman.

Look,. gift tax is payable by the GIVER, not the recipient. It's far more likely one of us will hit on the million-dollar prize rather than the jackpot. A million divided by, say, thirty participants, is over the annual exclusion so would trigger it. And that would ding your lifetime exclusion so would mess with your estate planning.

All of this can be avoided by being smart about the ownership of the ticket from the outset. Ordinary office pools don't have this problem because it's literally a pot of cash someone brings down to the Quik-E-Mart to buy a bunch of tickets, make copies for everyone, and file the originals in the office file cabinet. No individual can be said to own any of the tickets - the office pool does. If any hit big, the lawyer and accountant are called. If small potatoes, they're cashed in and they buy lunch or whatever. (This is how it's been done here, too, in the past.)

I'm just trying to save the one of us who may be holding a winning ticket a bunch of grief.
 
Why is everyone complicating the multi-state tax issue? States have had to deal with this for ages. It doesn’t get any more complicated when you have a syndicate sharing lottery winnings. This too has precedent.

When multiple people win the lottery, the pot is split between them. The state where the ticket was sold collects its share of the winnings. If you live in a different state, you are responsible for taxes in that state and (hopefully) you get to deduct the first states taxes from your return.

Consider ball players. Each state they play in wants taxes on the money earned there. They’ve been doing this a long time.

There have been many cases where a group of people have formed a syndicate to play the lottery. From friends, relatives, coworkers, etc.
 
SpaceCritter said:
That isn't how it works with the Taxman.

Look,. gift tax is payable by the GIVER, not the recipient. It's far more likely one of us will hit on the million-dollar prize rather than the jackpot. A million divided by, say, thirty participants, is over the annual exclusion so would trigger it. And that would ding your lifetime exclusion so would mess with your estate planning.

All of this can be avoided by being smart about the ownership of the ticket from the outset. Ordinary office pools don't have this problem because it's literally a pot of cash someone brings down to the Quik-E-Mart to buy a bunch of tickets, make copies for everyone, and file the originals in the office file cabinet. No individual can be said to own any of the tickets - the office pool does. If any hit big, the lawyer and accountant are called. If small potatoes, they're cashed in and they buy lunch or whatever. (This is how it's been done here, too, in the past.)

I'm just trying to save the one of us who may be holding a winning ticket a bunch of grief.
Click to expand...
You are over thinking it.

It is the same here. No one would cash a winner. A lawyer would have to be contacted first and everything sorted out BEFORE the ticket is cashed. It would take several weeks/months.

Now, relax and stop freaking out. As @rogersmithiii would say "don't lose your sh*t".
 
Broc said:
Don't participate. You have been posting nothing but concerns since you joined this thread.

You worry about the IRS after winning. That is why a lawyer and accountant get involved.

It wouldn't be the first time a group of people wins money, NES just like to stress out about everything.
Click to expand...

Broc said:
Dude, it is simple ... DONT PARTICIPATE.

There, I solved all your stress.
Click to expand...

SpaceCritter said:
That isn't how it works with the Taxman.

Look,. gift tax is payable by the GIVER, not the recipient. It's far more likely one of us will hit on the million-dollar prize rather than the jackpot. A million divided by, say, thirty participants, is over the annual exclusion so would trigger it. And that would ding your lifetime exclusion so would mess with your estate planning.

All of this can be avoided by being smart about the ownership of the ticket from the outset. Ordinary office pools don't have this problem because it's literally a pot of cash someone brings down to the Quik-E-Mart to buy a bunch of tickets, make copies for everyone, and file the originals in the office file cabinet. No individual can be said to own any of the tickets - the office pool does. If any hit big, the lawyer and accountant are called. If small potatoes, they're cashed in and they buy lunch or whatever. (This is how it's been done here, too, in the past.)

I'm just trying to save the one of us who may be holding a winning ticket a bunch of grief.
Click to expand...
All right, I’m moving the furniture either Bare fist box, get over it or you’re not angry

I couldn’t imagine deal with you guys if we won. It on my list of bad ideas this is even close the registering on my gaydar.
 
MGnoob said:
All right, I’m moving the furniture either Bare fist box, get over it or you’re not angry

I couldn’t imagine deal with you guys if we won. It on my list of bad ideas this is even close the registering on my gaydar.
Click to expand...
You guys?

The two people in this thread that came in and started saying "no lawyers", "OMG, IRS" and whatever other BS was you two.

But I ignored you because I suspect half the time you are drunk.
 
Broc said:
You guys?

The two people in this thread that came in and started saying "no lawyers", "OMG, IRS" and whatever other BS was you two.

But I ignored you because I suspect half the time you are drunk.
Click to expand...
You have to get drunk before you can even understand what their saying…

I’m drunk half the time they taken to the next level
 
And did anybody win the jackpot?
My Google is not working very well
 
Yea, nobody won.
1.55 Billion with a B

Mega Millions

Mega Millions is one of America's two big jackpot games, and the only one with Match 5 prizes up to $5 million (with the optional Megaplier).
www.megamillions.com www.megamillions.com
 
Malodave said:
It would take a little more time to get the money, but there is a Gulfstream 5 at the Nashua Airport that rents for $7500/hr last time I heard.

Malodave

PS getting my tickets tonight for the next drawing.
Click to expand...
Clay Lacy has it. They go empty out of Nashua all the time. There's one in Oxford, CT, and another that's in and out of Nashua a bit. I think an NES group buy is in order:
1691424372818.png
www.claylacy.com

Gulfstream GV for Jet Charter | Clay Lacy Aviation

The Gulfstream GV was one of the first ultra-long-range business aircraft. This aircraft’s spacious and elegant interior provides maximum comfort and luxury for its passengers.
www.claylacy.com www.claylacy.com
 
PappyM3 said:
I feel like we should start a new thread in the members area. With clear rules stipulated, like only $1M+ wins being shared.

$10k doesn’t seem worth the pain of splitting 40-60 ways.
Click to expand...
If someone wants to start a thread, I am IN.

However, I won't be that guy telling them what the rules are.

That being said, you do make a good point. The $10K (less after taxes) will be gone in lawyer fees trying to figure out the taxes so the winner is not stuck paying it all. So your point might make sense.
 

Similar threads

Powerball pool April 3 drawing
2 3 4
Replies
105
Views
2K
SpaceCritter
SpaceCritter
April 6 Powerball Pool
4 5 6
Replies
167
Views
3K
Rick O'Shea
Rick O'Shea
Federal Judge Rules Millions Of NRA Members Exempt From ATF Pistol Brace Rule
Replies
12
Views
542
1919FAN
1919FAN
The new NES stud club member badge - the blue envelope from state police!
2
Replies
54
Views
1K
headednorth
headednorth
*UPDATE 4/8* Goin on 4 months and still at “local pd”
2 3
Replies
88
Views
2K
Keezy226
K
Back
Top Bottom