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Old 12-18-2013, 09:34 AM
 
52,205 posts, read 27,952,032 times
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Oh well...there goes my retirement in Bora Bora. LOL
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Old 12-18-2013, 09:37 AM
 
Location: A great city, by a Great Lake!
15,897 posts, read 10,334,751 times
Reputation: 7457
Quote:
Originally Posted by pghquest View Post
i really wish you would have won, then i could have heard all of your stories about how you were going to redistribute your newly found wealth.

lmfao!!!!:d:d:d:d
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Old 12-18-2013, 12:32 PM
 
37,023 posts, read 19,680,287 times
Reputation: 8129
Quote:
Originally Posted by LexusNexus View Post
I came very close to winning, and did win some money. I picked my own numbers. I noticed that the quick pick combinations didn't yield one number that was picked.

Maybe luckier next time.
I believe the quick pick won that last huge lottery...
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Old 12-18-2013, 12:42 PM
 
69,360 posts, read 56,633,903 times
Reputation: 9370
Quote:
Originally Posted by chucksnee View Post
I believe the quick pick won that last huge lottery...
The odds would be the same, which had me laughing pretty hard at Lexus once again...
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Old 12-18-2013, 05:46 PM
 
26,157 posts, read 15,907,416 times
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I heard that SUPPOSEDLY 2 people won it!
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Old 12-18-2013, 06:41 PM
Status: "Oh wait, what's this?" (set 7 days ago)
 
Location: Tyler, TX
15,222 posts, read 18,588,903 times
Reputation: 8079
Quote:
Originally Posted by sullyguy View Post
I believe gambling costs are directly deductible up to the amount won.
I don't know that a business can take that deduction. Maybe they can - I've never looked into it. I would be pretty surprised if they can, though.
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Old 12-18-2013, 06:44 PM
Status: "Oh wait, what's this?" (set 7 days ago)
 
Location: Tyler, TX
15,222 posts, read 18,588,903 times
Reputation: 8079
Quote:
Originally Posted by pghquest View Post
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

Tax Write-Offs for Lottery Winners | eHow

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
Right, but can a business take those deductions? And is a business even legitimate if its sole purpose is to play the lottery?
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Old 12-18-2013, 07:00 PM
 
69,360 posts, read 56,633,903 times
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Quote:
Originally Posted by swagger View Post
Right, but can a business take those deductions? And is a business even legitimate if its sole purpose is to play the lottery?
Absolutely they can. Its a cost associated with doing business and all expenses, are deductible..

If I buy 250 million tickets and spend $250 million dollars, thats an expense, and if I sell back the one winning ticket for $350 million, thats the income, thus its a $100 Million dollar gain which is the ONLY amount which is taxable.

The only reason we dont normally hear people writing off their ticket expenses because its usually $10 or so and not worth the effort.

Its no different than buying a business for $250 million and then selling it a week later for $350 million..
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Old 12-18-2013, 08:57 PM
 
11,087 posts, read 6,770,222 times
Reputation: 9297
My spouse won - $20, first time they've won in years.
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Old 12-19-2013, 08:30 AM
 
37,023 posts, read 19,680,287 times
Reputation: 8129
One of the winners only bought 1 ticket!
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