How does a big lottery winner cash his huge check risk-free?
"You've just won $20 million in the lottery" Oh wow! thanks for the hot news! Where do I send the $1000 check to cover the bank fee? More seriously, while California might be marching to the beat of a different drummer, many state lotteries with large jackpots pay off over many years, and a $20 million win might actually be paid out in $1 ...
taxes - If someone lives in one state and purchases a winning …
2012年3月31日 · Lottery winnings are payed by States/State-run corporations and as such sourced to the State that pays it. Buying a ticket in SC links you to the lottery run in that State, even if you live in another. You'll be claiming your winnings in SC, not in NC, and the winnings will be sourced to SC, not NC. As such SC will be taxing them.
united states - Donating winning lottery ticket to 501(c)3 Private ...
2019年5月22日 · When there is a significant delta of price paid vs current redeemable value, it seems this can still be a perk for the donating taxpayer in some circumstances, such as with lottery tickets that are known winners already. If the donating taxpayer pays $1 for the ticket. Their cost basis is $1.
investing - Are lottery tickets ever a wise investment provided the ...
2016年1月10日 · If the odds of winning a lottery jackpot are one in 292 million, and the jackpot prize is expected to be greater than than $1 billion, does this make a lottery ticket a wise investment? I know there is a risk that I'll lose my investment, and also a risk that if I do win then I may have to share the jackpot with other winners. However, there ...
Winning the lottery and moving to save on taxes
2016年7月27日 · The tax on lottery winnings is based on the state where the lottery was held, because for legal purposes that's where the winnings are considered to have been earned for taxation purposes. Also, changing where you live after earning money does not change your tax liability at all. You still owe the state where the money was earned the tax that ...
If I win the lottery, what is the best way to secure this money?
2015年12月9日 · Winning the lottery seems like a great thing to people who haven't won, but statistically speaking most people end up worse off. Most people, not just lottery winners, but people who come into large sums of money unexpectedly just don't know how to handle it. Hire people who do know how to handle that sort of thing and get them on your side.
How are lottery winnings taxed when you move to a new state?
2017年6月21日 · Since US lottery winnings greater than $5k (I believe) have taxes automatically withheld from the payment, and the annuity payment always comes from the lottery organization in the state in which the ticket was bought, you have no way to escape owing (and paying) taxes to the state you bought the ticket in.
If I won the lottery but gave it all away, would I still have to pay ...
2018年10月22日 · Theoretically, you could walk into the lottery office with a winning ticket and a list of 970,000 people to whom you want the winnings distributed, and the lottery commission would make a $1000 payment - which would be taxable income - to each of those 'winners'. In practice, your state lottery commission may balk at dividing up the winnings ...
united states - Taxation on split lottery winnings? - Personal …
2017年5月22日 · When you win a lottery or have other gambling winnings (over the threshold), you will receive a W-2G form from the payer. You could submit IRS form 5754 to the payer to inform them to split the winnings and issue separate W-2G forms accordingly. Note that certain payers do not honor the form and will only distribute a single W-2G form.
united states - How long to save losing lottery tickets? - Personal ...
2019年7月9日 · I know I can write off losing lottery tickets (a) up to the amount of any winnings, and (b) provided I itemize my federal taxes. But does that apply only to losses in the same year as winnings, o...