When the IRS sees the type of income (lotto winnings) and the type of deductions (losing tickets) they're probably going to be a bit intrigued, to say the least. If they do some checking to find out when and where some of the tickets were purchased, it's a good bet that they're going to discover that somehow this person was able to make a horse bet and buy a lotto ticket at the same time and at two different places miles away. Babbling about this on an open internet forum doesn't help either; better just pay the taxes.
the discount rate that they use more than makes up for the increased tax rate and tax brackets are as low as they are going to be for the foreseeable future. They are going up. Talk with your accountant before deciding but if you take the lump sum you will definitely want to do it this year as opposed to next.
Again, I believe losses will be phased out along with other itemized deductions. Your personal exemption will also be cut in half. FYI, a gambling loss is an itemized deduction. When your AGI is above 75,000 to 100,000 IRS phases out a percentage of your itemized deductions. The higher your AGI, the higher the phaseout pecentage.
I opened this thread and said no way Newlywed would respond after the constant ripping he has taken over the years and sure enough he chimes in.
OTK was right that was one of the funniest threads at the RX...Did this thread include "I am typing to fast as things are moving so rapidly"...LOL..thanks for the early morning laugh...:lol:
"Hasn't everyone won the lottery or know a family member who has"..
OTK was right that was one of the funniest threads at the RX...Did this thread include "I am typing to fast as things are moving so rapidly"...LOL..thanks for the early morning laugh...:lol:
"Hasn't everyone won the lottery or know a family member who has"..
I don't see why its so crazy to think someone on this site has won or knows someone who has won a decent amount of money on the lottery or on scratch off tickets....Someone in new york just won 1 million dollars for life on a scratch off ticket ($30 ticket)...the kicker is, this bastard is already a multimillionaire!!!!
Personally I knew a guy that won $5000 a week for life on a scratch off ticket. His wife worked in my office, the crazy thing is hes had(has) a gambling problem that they divorced over, but then they reconciled and never legally remarried....this all happened before he won, lucky bastards retired and moved to florida with their kids
I'm going to buy as many of these Boston Celtic tickets and try to win the $100K or $200K. The odds of winning 1 of those prizes are 1:504,000 so everytime I buy one I cut the odds in half. http://www.masslottery.com/games/igodds/Celtics2008_odds.html
