NES mega millions pool August 4 drawing

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.
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For the umpteenth time, beware of muddying ownership of the ticket, or the IRS WILL f*** the shit out of you.
 
SpaceCritter said:
For the umpteenth time, beware of muddying ownership of the ticket, or the IRS WILL f*** the shit out of you.
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My post had nothing to do with how a ticket would be turned in for payout, or how it would be signed. Not sure why you quoted me.
 
SpaceCritter said:
I have the ticket, and - if we do this - will post with the transfer-of-ownership scriti.
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If you win, which means we all win, I will deal with all the legal BS if people want me to. No drama, daily updates, make sure everyone gets paid and no one's dog gets shot by the IRS.

Would that make you happy?
 
Broc said:
If you win, which means we all win, I will deal with all the legal BS if people want me to. No drama, daily updates, make sure everyone gets paid and no one's dog gets shot by the IRS.

Would that make you happy?
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It isn't a matter of who hires the lawyer/accountant if any of us has a winner. It's how the IRS interprets the ownership of the ticket. If they argue that the ticket's ownership was with the purchaser, then won (and thus had a huge fair market value), then was transferred to the group, the purchaser will be on the hook for the personal income tax for the ticket as well as the gift tax for transferring it to the group. What I want to make clear is that the ticket's ownership is with the group.
 
SpaceCritter said:
It isn't a matter of who hires the lawyer/accountant if any of us has a winner. It's how the IRS interprets the ownership of the ticket. If they argue that the ticket's ownership was with the purchaser, then won (and thus had a huge fair market value), then was transferred to the group, the purchaser will be on the hook for the personal income tax for the ticket as well as the gift tax for transferring it to the group. What I want to make clear is that the ticket's ownership is with the group.
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Nothing personal dude but if I was heading this thing up I just wouldn’t accept your ticket or participation in it. I can’t imagine the f***ing nightmare involved with you if someone actually won something.

Hard pass for me.
 
Honestly, I wish we had done this the way we had done it in the past: essentially as a group buy. Someone volunteers to play coordinator, we chuck a bunch of money at that person, that person goes to the local Kwik-E-Mart and buys the tickets, and if the sum of what's won exceeds a threshold, then the lawyer and accountant are called. If not, the winnings go to... Comm2A or whomever.
 
SpaceCritter said:
It isn't a matter of who hires the lawyer/accountant if any of us has a winner. It's how the IRS interprets the ownership of the ticket. If they argue that the ticket's ownership was with the purchaser, then won (and thus had a huge fair market value), then was transferred to the group, the purchaser will be on the hook for the personal income tax for the ticket as well as the gift tax for transferring it to the group. What I want to make clear is that the ticket's ownership is with the group.
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If you give more than $15K (or thereabouts) to one person in a year (multiple people are OK if each is under the limit) you have to file an IRS for 709 which will reduce your federal taxable estate exclusion (which is somewhere around $10M).

Big wins mean secrecy, a CPA and attorney consult. And we're not talking about an associate of of counsel at a small firm either.
 
Rob Boudrie said:
If you give more than $15K (or thereabouts) to one person in a year (multiple people are OK if each is under the limit) you have to file an IRS for 709 which will reduce your federal taxable estate exclusion (which is somewhere around $10M).

Big wins mean secrecy, a CPA and attorney consult. And we're not talking about an associate of of counsel at a small firm either.
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The problem is someone started talking about sharing winnings with the group only if the ticket hits above a certain threshold. If the IRS got wind of that - and you can bet there are spies amongst the NES user base (and not only Maura's) - that opens the door to the argument that the ticket was never a "group" ticket at all but remained owned by the individual; therefore the individual would be on the hook for income tax AND, since contractually bound to share winnings with the group, on the hook for gift tax in those transfers as well. It would be A. f***ing. Nightmare.
 
SpaceCritter said:
The problem is someone started talking about sharing winnings with the group only if the ticket hits above a certain threshold. If the IRS got wind of that - and you can bet there are spies amongst the NES user base (and not only Maura's) - that opens the door to the argument that the ticket was never a "group" ticket at all but remained owned by the individual; therefore the individual would be on the hook for income tax AND, since contractually bound to share winnings with the group, on the hook for gift tax in those transfers as well. It would be A. f***ing. Nightmare.
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If my ticket wins, I'll pay all you others in cash, secretly.
I'm IN if Spacecritter is OUT
 
SpaceCritter said:
The problem is someone started talking about sharing winnings with the group only if the ticket hits above a certain threshold. If the IRS got wind of that - and you can bet there are spies amongst the NES user base (and not only Maura's) - that opens the door to the argument that the ticket was never a "group" ticket at all but remained owned by the individual; therefore the individual would be on the hook for income tax AND, since contractually bound to share winnings with the group, on the hook for gift tax in those transfers as well. It would be A. f***ing. Nightmare.
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One could also easily interpret it as being each posted ticket belonging to the group, but we agree that if it wins $10k or less, then we as a group let the ticket holder have all of our shares. 🙄
 
Broc said:
If you win, which means we all win, I will deal with all the legal BS if people want me to. No drama, daily updates, make sure everyone gets paid and no one's dog gets shot by the IRS.

Would that make you happy?
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In,
Counting on You broc
 

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You guys are just going freelance again we really should organize this but you know what I’m in to..

Have a duel at the end of it. Winner takes all.
 
kalash said:
Is this happening? If so, I'll go green again.
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I don’t really want to take charge of it, but if I have to, I will I just wanted to get it done before the jackpots back to nothing.

When I get up in the morning, I’m gonna buy a bunch of tickets. I just wish we had some guidelines.
 
MGnoob said:
I don’t really want to take charge of it, but if I have to, I will I just wanted to get it done before the jackpots back to nothing.

When I get up in the morning, I’m gonna buy a bunch of tickets. I just wish we had some guidelines.
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I thought @Broc was taking charge.

Everyone's still mad at me for having the nerve to bring up potential tax pitfalls of what had been proposed.
 
SpaceCritter said:
I thought @Broc was taking charge.

Everyone's still mad at me for having the nerve to bring up potential tax pitfalls of what had been proposed.
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I never said I was ...

Anyway, I did it. In the members section. Everyone go post your tickets there.

@kalash - no need to go green, PM me your ticket and I will post it for you.
 
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SpaceCritter said:
I thought @Broc was taking charge.

Everyone's still mad at me for having the nerve to bring up potential tax pitfalls of what had been proposed.
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I don’t think anyones mad at you, I’m not, you just have a tendency to get stuck on repeat sometimes with whatever issue is at hand.

You made your point and nobody GAF about it, so you’ve done your job, now lock it up and drive on bro.
 
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