NY Lottery

[jpd]

Bought a ticket. Spent a solid 5 minutes day dreaming. Worth the price of admission lol.

I'd actually prefer to win Wednesday's Powerball drawing at $40 million, seems to me there'd be a lot less aggravation lol. ???

 

[BennyV]

Anything over $5

I'd actually prefer to win Wednesday's Powerball drawing at $40 million, seems to me there'd be a lot less aggravation lol. ???

Anything over $5 mil is gravy. Plus $40 mil turns into less than 10 after taxes, etc.

 

[jpd]

Anything over $5

Plus $40 mil turns into less than 10 after taxes, etc.

A bit more than that - present cash value of the $40M is $27.6M, and you'd get to keep about half after taxes.

 

[BennyV]

A bit more than that - present cash value of the $40M is $27.6M, and you'd get to keep about half after taxes.

Yep. Gotta love it.

Imagine if $40 million actually meant $40 million take home?

I mean the odds are garbage either way

 

[jpd]

Yep. Gotta love it.

Imagine if $40 million actually meant $40 million take home?

I mean the odds are garbage either way

LOL, they wouldn't sell nearly as many tickets if they advertised the jackpot as $12M instead of $40M.
Probably the definition of false advertising, but since it's the gov't why not?

They put in a new rule for those that select the annuity instead of the cash value, not that anyone does anymore.
They graduate the payments to increase 5% a year instead of straightline, so when you're old and decrepit you get more money. They claim that's what the players have told them they want, yeah right.

 

[Fluke Whisperer]

I'd be happy with 1m, not greedy, winning big pots has its own nightmares, from reading about most people who have hit big, they wish they didn't.

 

[BennyV]

I'd be happy with 1m, not greedy, winning big pots has its own nightmares, from reading about most people who have hit big, they wish they didn't.

I agree but I’d like to give it a try. The legal precedent has been set where you can remain anonymous.

 

[Chevy1]

I’d be happy just to pay off everything I owe and have enough to finish my house and buy a few toys

 

[MOJOE]

I’d be happy just to pay off everything I owe and have enough to finish my house and buy a few toys

morning chevy,,, your new shed can be wrapped in gold all around ,,,,,,,,,,,,,,,,,,, ><))):>
><))):>

 

[JackPrintMD]

morning chevy,,, your new shed can be wrapped in gold all around ,,,,,,,,,,,,,,,,,,, ><))):>
><))):>

I knew a guy years ago who had a shed that was heated and had a full kitchen in it and we would play cards in it every Thurs night, he would cook for us , it was a mazing. I would build one of those.It was not huge , it was just a cozy little cabin.

 

[BennyV]

Well I got 4 numbers total on 5 different tickets.

 

[jpd]

Some lucky SOB in Texas won last night's $227M.
Since TX has no income tax, they saved over $12 million than if they had lived in NY.

Funny, when I checked to confirm they had no income tax, the article mentioned that the sales tax in Texas can be as high as 8.25% in certain places.

 

[BennyV]

Some lucky SOB in Texas won last night's $227M.
Since TX has no income tax, they saved over $12 million than if they had lived in NY.

Funny, when I checked to confirm they had no income tax, the article mentioned that the sales tax in Texas can be as high as 8.25% in certain places.

I’d love to get feedback from someone who understands the tax code. I win by buying tickets in NY or NJ. I believe you have a year to claim. As soon as I find out I won. I move to Florida and make that my primary residence. Then I go collect my winnings.

If my memory is correct 7 months or more in the state would qualify you as a legal resident.

 

[jpd]

I’d love to get feedback from someone who understands the tax code. I win by buying tickets in NY or NJ. I believe you have a year to claim. As soon as I find out I won. I move to Florida and make that my primary residence. Then I go collect my winnings.

If my memory is correct 7 months or more in the state would qualify you as a legal resident.

No can do. I believe the doctrine is known as "constructive receipt", you own the winnings as soon as the numbers are drawn. NYS will definitely come after you for the $12 million. The also have revenue agents monitoring snowbird's EZ Pass records and credit card charges to make sure they are at least 6 months and 1 day in Florida.

This seems to be the best answer....

It depends on your State Lottery office. They issue you the 1099-G
and they decide the year. You had constructive receipt in 2011.
But if you present facts and circumstances showing you were unable
to present the ticket to them, they may agree on 2012.

The above only applies to prizes requiring presentation at their
office. If you cash out at a lottery retailer, it's the date of
actual receipt.

The classic case is Hornung v. Commissioner, 47 T.C. 428 (1967).
On December 31, 1961, Hornung was awarded a 1962 Corvette as the
MVP of the NFL Championship game. He was in Wisconsin. The car
was in New York. Hornung took possession a few days later, drove
the car for a while, sold it, and declared the sale amount on his
1962 return. A 1099 was not issued and he did not declare the
FMV on his '61 return.

A few year later the IRS was auditing his '62 return and wanted
the FMV of the car. But Hornung's 1961 return was closed. Thus,
the IRS argued constructive receipt did not occur in 1961.

IMRHO (In my rarely humble opinion): Had 1961 been open, the IRS
would have argued for constructive receipt in '61. In saying
this I am not casting aspersions on the IRS. It is just that
they go after the earliest open year. Unless they can open a
year due to gross understatement of income.

 

[BennyV]

No can do. I believe the doctrine is known as "constructive receipt", you own the winnings as soon as the numbers are drawn. NYS will definitely come after you for the $12 million. The also have revenue agents monitoring snowbird's EZ Pass records and credit card charges to make sure they are at least 6 months and 1 day in Florida.

This seems to be the best answer....

It depends on your State Lottery office. They issue you the 1099-G
and they decide the year. You had constructive receipt in 2011.
But if you present facts and circumstances showing you were unable
to present the ticket to them, they may agree on 2012.

The above only applies to prizes requiring presentation at their
office. If you cash out at a lottery retailer, it's the date of
actual receipt.

The classic case is Hornung v. Commissioner, 47 T.C. 428 (1967).
On December 31, 1961, Hornung was awarded a 1962 Corvette as the
MVP of the NFL Championship game. He was in Wisconsin. The car
was in New York. Hornung took possession a few days later, drove
the car for a while, sold it, and declared the sale amount on his
1962 return. A 1099 was not issued and he did not declare the
FMV on his '61 return.

A few year later the IRS was auditing his '62 return and wanted
the FMV of the car. But Hornung's 1961 return was closed. Thus,
the IRS argued constructive receipt did not occur in 1961.

IMRHO (In my rarely humble opinion): Had 1961 been open, the IRS
would have argued for constructive receipt in '61. In saying
this I am not casting aspersions on the IRS. It is just that
they go after the earliest open year. Unless they can open a
year due to gross understatement of income.

All a scam.

 

[jpd]

I've got a winning Take 5 ticket from the June 9th drawing - but something is screwed up and I can't cash it.
NYS at its best. They fixed the Powerball issue from that date probably because it's multi-state.

 

[BennyV]

I've got a winning Take 5 ticket from the June 9th drawing - but something is screwed up and I can't cash it.
NYS at its best. They fixed the Powerball issue from that date probably because it's multi-state.

View attachment 34723

they take but they don’t want to give.

 

[JackPrintMD]

I heard their is some huge glitch going on……

Hack anyone?

 

[BennyV]

I heard their is some huge glitch going on……

Hack anyone?

It’s a fire sale.

 

[jpd]

Powerball page is screwed up too