The OFFICIAL Powerball and Megamillions thread:

 
I competely agree with you.

If the winner stays in his or her lane and takes into account tax repercussions, this applies to them.

For the people who remain uneducated of their finances after winning and have no financial advisors, they'll be another tragic story.
Yup. When my wife's cousin was saying she'd buy us a house, I simply smiled because she's about to buy us a house and pay for that tax.
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No, lie. It would be nice to pay off my debt and student loans.

...and treat myself to something really nice lol.
 
 
Yup. When my wife's cousin was saying she'd buy us a house, I simply smiled because she's about to buy us a house and pay for that tax.
laugh.gif


No, lie. It would be nice to pay off my debt and student loans.

...and treat myself to something really nice lol.
Best thing to do is establish a trust, preferably an irrevocable trust with a discretionary provision. That way, you are not taxed because you are not deriving any income from the source and you dont have control over it. The trustee does. Just have to make sure you "trust" the trustee to look out for the beneficiaries. 

If my family members ever asked me to get a house, I'd get it under my name and let them live in it.  
 
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Damn how about my CEO donated $500 on top of the company's lotto pool.

...I didn't buy in with them tho
 
Uncle Sam too damn greedy


Bruh folks can't really complain.



Look how much we spend on the defense budget. Yet most Americans support our military in spite of the fact that we're always doing dirt that ensures that we continue to be at conflict abroad indefinitely.



I digress, but if folks are going to complain about taxes they better start voting for the right politicians and they better stop supporting things that needlessly eats up their tax dollars.



I'm just saying.
 
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Best thing to do is establish a trust, preferably an irrevocable trust with a discretionary provision. That way, you are not taxed because you are not deriving any income from the source and you dont have control over it. The trustee does. Just have to make sure you "trust" the trustee to look out for the beneficiaries. 

If my family members ever asked me to get a house, I'd get it under my name and let them live in it.  



Bingo, I keep saying this.


Set up a scholarship trust for your homies ya'll. Best thing ya'll can do for the next man is give him the means to provide for himself.



Beyond that ****** is on their own. Straight up.
 
Let's make some predictions

What numbers you think will get drawn?

I say
18 17 59 - 21
I encourage everyone to play these numbers
 
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Bingo, I keep saying this.


Set up a scholarship trust for your homies ya'll. Best thing ya'll can do for the next man is give him the means to provide for himself.



Beyond that ****** is on their own. Straight up.
Education expenses can be deducted too in your taxes
 
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Powerball fever is hitting a new high, and one mega-pool in Tampa thinks they have the best odds of scoring big thanks to the 72,500 Powerball tickets they now hold.


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Ryan McGuiness and Shane Krugman started the pool with a minimum buy-in of $500. They closed out their group with a total of $145,000 worth of Powerball plays.

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"Pure chaos. We started this thing as a simple Facebook post, hoping to get maybe five or 10 people in. And we closed it out with 290 people," McGuiness said. "I would say 95 percent is friends, or friends of friends."
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Tampa pals pool money for 72,500 Powerball tickets

So how exactly does the situation shake out? The duo already have a CPA and attorney on hand. They also have a process to notify everyone in the pool of their lucky numbers.

"We have to scan all the tickets that are in the pool, up front. We have all the splits posted, that way there's no question as to what tickets were in the pool," McGuiness explained.

The physical printing is handled at the Metro Market in Ybor City. Mo Samhoury, who co-owns the store, couldn't resist buying in himself. He and his family are clocking in long hours keeping up with the count.

"We literally had them deliver three extra boxes of paper today!" Samhoury laughed.

While they're already flush with paper, the pair is hoping tonight just one ticket out of the 72,500 they printed beats the odds.

"We brought them all the way from 292-million-to-1 down to 4,450-to-1 for the whole jackpot. Winning a million dollars is down to 160-to-1 now. So still terrible odds, but great for lotto," Krugman smiled.

According to their calculations, after taxes, if no one outside their group shared the numbers, each person in their pool would go home with about $3 million.

dudes wilin now. $500 for 3 mil? meh, I mean its cool, but I'd probably pass. walking away with 3 mil from a jackpot of 1.5 bil is disgusting.
 
Damn I want to play but I lost $20 in the last two drawings already :lol


I have the worst luck too
 
I havent taken a tax law course in awhile but Ill try to help you on these questions. 
It is a federal tax law so it is nationwide. 
You can give 14k/yr to an unlimited amount of people without cutting into your gift estate excemption of around 5 M. 
I would just hire individuals and pay them accordingly. That way, the money they "earned" is taxed as their ordinary income. Be prepared to hire "chefs", "dog walkers", "sneaker custodians" etc. 
I would not do anything illegal if I were to win cuz the Feds will have their eye out on the winner/s for any improprieties. 

Not a tax lawyer but let me know if you have anymore questions. Things like this intrigues me

Thanks! If you get that PM from me at midnight, you know it went down
 
Well now that we know about the $14k limit, I think I'll give 100 of the top posters in this thread the limit. I'm avoiding extra tax however possible.
 
Can't believe people are really taking it that serious. To me, spending more than $10 on tix is ridiculous. All this waiting on line & spending thousands on tickets is crazy. These are the same stupid people who blow away their lottery winnings or mismanage it.
 
No one on NT is gonna win 

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:rollin :rollin


I just want this **** to end so I no longer feel compelled to buy a ticket every few days and feel like a jerk off being the 100th person the cashier has sold a ticket to that day.

Truth. There's no way for me to say no at this point. This **** has consumed me. :lol

Got off work tired as hell this AM and still took a drive to TN to get my $30 worth of tickets. Felt like a fiend. :{ :{
 
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