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MEGAMILLIONS $64O,OOO,OOO PAYOFF

 
 
Reply Sun 1 Apr, 2012 04:51 pm

Thay said on the TV news that in 2 of the winning States,
the winners can have confidentiality, but not Illinois (if I got that accurately).

I think that anonymity is very important
to stave off a lot of harrassment. There r significant security considerations.

I think that Lottery winnings shud be immune from all taxation.
State government gets enuf benefit from profit on the ticket sales.





David
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Type: Discussion • Score: 1 • Views: 1,069 • Replies: 12
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farmerman
 
  1  
Reply Sun 1 Apr, 2012 05:25 pm
@OmSigDAVID,
The entire payout is computed based upon certain factors, taxes included.
The analysis of the entire sequence of numbers is about 176 000 000 plus. Even with this jackpot being split three ways(assuming it was without taxes), anyone could invest 176 000 000 and compute all the combinations by high speed computer (or someone with Autism) and still make a profit. HOWEVER, because of the tax burden, such a move would be unprofitable. Of course, if there were no taxes , everyone would be playing all the combinations by developing large "Pools" of cash (if they were not so economica;ly endowed) and then playing all the combos.

When I was doing the stats to compare with some wag on TV who did the odds similary, it occured to me that, if we would win the purse being handled as a "sure thing"(based on playing all the combinations) it would no onger be gambling and perhaps we would be subject to cap gains rather than ordinary income if we sat on the money for 6 months after winnings were announced.

I know that theres a logic error in there somewhere .
OmSigDAVID
 
  1  
Reply Sun 1 Apr, 2012 06:47 pm
@farmerman,
farmerman wrote:
I know that theres a logic error in there somewhere.
1 is the potential for any number of winners, not just 3.
0 Replies
 
JTT
 
  -1  
Reply Sun 1 Apr, 2012 07:06 pm
@farmerman,
Quote:
I know that theres a logic error in there somewhere .


That would be you putting fingers to the keyboard, Farmer.
0 Replies
 
parados
 
  1  
Reply Sun 1 Apr, 2012 07:38 pm
@farmerman,
Gambling, of which lottery is considered part of, allows one to write off all losses during the year. Betting every combination would allow you to write off all those costs from your winnings, so if you won more than the cost of buying all combinations you would only have taxes on the winnings minus the cost to buy the tickets.

Buying every number combination would be difficult. You have to fill out the paper forms and submit them to ticket sellers. 176 million combinations would take some manpower to produce and submit.

Then of course buying every combination doesn't guarantee that you will be the only winner, or even that there will be few enough winners for you to make money so it would still be gambling. You would be betting that you are the only winner. With the 300 million increase in the jackpot that means over 300 million combinations were sold. The likelihood of their only being 2 winners is small.
farmerman
 
  1  
Reply Sun 1 Apr, 2012 08:10 pm
@parados,
Quote:
buying every combination doesn't guarantee that you will be the only winner,
Or, that , when it was 375 000 000,every combination was sold. I think I would have pushed to develop al the combinations when it was 375 million.

SO I can write off the entire costs of ticket buying against my winnings. AND, if my winnings could be taxed as "Cap gains" (Im leaving them ride for 6 months and Im hiring an attorney who has to argue that this was an "Investment" not gambling according to the rules
OmSigDAVID
 
  1  
Reply Sun 1 Apr, 2012 11:14 pm
@farmerman,
To take delivery of a full payment,
u must apply within 6O days.
farmerman
 
  1  
Reply Mon 2 Apr, 2012 06:13 am
@OmSigDAVID,
Thats not the critical point. I apply , then the tax is automaticaly taken out. IF I dont further take the money for the 6 months period, I get my attorney to appy for a tx refund because it was a CAP GAIN. (Based upon my faulty logic but Im ot sure its faulty)
I need to call my tax accountant and take her out for a drink so she doesnt charge me time
djjd62
 
  1  
Reply Mon 2 Apr, 2012 06:19 am
lottery and casino winnings are tax free in Canada, but part of the agreement at the time of purchase is the use of your identity in promotions
OmSigDAVID
 
  1  
Reply Mon 2 Apr, 2012 10:58 pm
@farmerman,
farmerman wrote:
Thats not the critical point. I apply , then the tax is automaticaly taken out. IF I dont further take the money for the 6 months period, I get my attorney to appy for a tx refund because it was a CAP GAIN. (Based upon my faulty logic but Im ot sure its faulty)
I need to call my tax accountant and take her out for a drink so she doesnt charge me time
CHEERS !





David
0 Replies
 
OmSigDAVID
 
  1  
Reply Mon 2 Apr, 2012 10:59 pm
@djjd62,
djjd62 wrote:
lottery and casino winnings are tax free in Canada, but part of the agreement at the time of purchase is the use of your identity in promotions
That can be risky; get u killed.
djjd62
 
  1  
Reply Tue 3 Apr, 2012 05:07 am
@OmSigDAVID,
i don't believed that's ever happened in Canada, in fact in one instance a man about 2 hours from here used his lottery winnings to get out of a drug charge, well, not exactly out of it, but no jail time, the man had been convicted of possession of a large quantity of marijuana, after winning about 4 million in a lottery, his lawyer successfully argued for house arrest instead of a custodial sentence to prevent his client from being targeted by inmates or their outside accomplices
OmSigDAVID
 
  2  
Reply Wed 4 Apr, 2012 04:38 am
@djjd62,
djjd62 wrote:
i don't believed that's ever happened in Canada,
I saw a woman on TV who had been a successful surgeon and head of surgery in her hospital,
before she won I think it was $18,OOO,OOO in the lottery.
She lost the brakes in her car and she was dangerously close
to being injured in a collision, after having received death threats
by fone from some stranger.

Her mechanic found the brake line in her car to have been cut.

The moral of the story is:
When u win the MegaMillions Jackpot, KEEP IT SECRET.





David
0 Replies
 
 

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