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Old 12-17-2013, 04:48 PM
 
11,770 posts, read 8,831,041 times
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Quote:
Originally Posted by Fleet View Post
Would you do that if you won $40 million?
To help the less fortunate.
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Old 12-17-2013, 04:52 PM
 
Location: USA
4,845 posts, read 4,370,870 times
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Quote:
Originally Posted by Fleet View Post
A yacht? I'd rather buy a big mansion for only about $10 million. Like this one:
With taxes and upkeep that place would cost you a lot more than $10 million.
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Old 12-17-2013, 05:51 PM
Status: "Oh wait, what's this?" (set 21 days ago)
 
Location: Tyler, TX
15,229 posts, read 18,613,441 times
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Quote:
Originally Posted by lycos679 View Post
To help the less fortunate.
The question was
Quote:
Would you do that if you won $40 million?
Your response doesn't make sense.
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Old 12-17-2013, 05:59 PM
 
1,256 posts, read 3,646,902 times
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Quote:
Originally Posted by swagger View Post
That's not how your original quote was phrased.


Were the tickets purchased as part of a business transaction? What business model requires spending a quarter billion dollars on lottery tickets? What's the NAICS code for that type of business?

You could TRY to write them off, but I think you'd be guaranteeing yourself an audit, and you'd probably lose. At the very least, you should already have your legal defense formulated and rock solid before trying it.
I believe gambling costs are directly deductible up to the amount won.
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Old 12-17-2013, 06:09 PM
 
Location: University City, Philadelphia
22,634 posts, read 12,695,267 times
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Quote:
Originally Posted by lycos679 View Post
The lottery isn't supposed to be reachable, it's supposed to be a tax on stupidity with proceeds going to fund education. It would be nice if the lottery had reasonable odds though, but the payoff wouldn't be as large if that was the case.
Exactly.

That's why I never play the lottery.

It is a tax on stupidity.
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Old 12-17-2013, 07:27 PM
 
20,047 posts, read 18,138,013 times
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Quote:
Originally Posted by Clark Park View Post
Exactly.

That's why I never play the lottery.

It is a tax on stupidity.
>>> One could say that paying money for sporting events, buying music or going to movies and concerts or buying any celebrity endorsed merchandise is also a tax on stupidity.
How about if everybody who pays taxes gets a lottery ticket with a chance to win a million dollars tax free?
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Old 12-17-2013, 07:34 PM
 
11,770 posts, read 8,831,041 times
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Quote:
Originally Posted by swagger View Post
The question was

Your response doesn't make sense.
I thought he asked "why would you do that if you won $40 million?".

I would like to think I would give most, if not all, of it away. I truly couldn't say though.
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Old 12-17-2013, 07:46 PM
 
18,847 posts, read 32,530,984 times
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I am already planning my trust account. I bought 5 tickets.

I know one thing with clarity, having lots of cash, like $500 million, would be a sure way to realize money does not equal happiness.
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Old 12-17-2013, 08:28 PM
 
25,058 posts, read 23,825,294 times
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Quote:
Originally Posted by sickofnyc View Post
I very seldom even bother to purchase a lottery ticket, but does anyone else agree that if the jackpot goes above a certain amount, there should be more than one set of winning numbers chosen? Has the greed virus gotten to the point that winning a million or a few million is not good enough? The odds of winning are so small that picking more than one set of numbers at least gives more people a chance to win and makes the terrible odds a bit more reachable.
The odds of winning are so small that I don't waste a dollar until that jackpot hits at least $400 mil on either game. 99.9% chance that I won't win, but playing for less than $400M is a waste of one buck, IMO
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Old 12-17-2013, 08:28 PM
 
69,360 posts, read 56,706,973 times
Reputation: 9370
Quote:
Originally Posted by swagger View Post
Were the tickets purchased as part of a business transaction? What business model requires spending a quarter billion dollars on lottery tickets? What's the NAICS code for that type of business?

You could TRY to write them off, but I think you'd be guaranteeing yourself an audit, and you'd probably lose. At the very least, you should already have your legal defense formulated and rock solid before trying it.
The reduction would be authorized. The IRS code authorizes "gambling" expenses, and also purchasing expenses for "profits"..

Tax Topics - Topic 419 Gambling Income and Losses

http://www.ehow.com/info_12045675_ta...y-winners.html

The maximum deduction the IRS allows is equal to the lottery winnings you report in the same year

Read more: http://www.ehow.com/info_12045675_tax-writeoffs-lottery-winners.html#ixzz2nn1r7qv9
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