Cottage industry helps lottery winners dodge taxes

Comment #32

Teddi — Mon, 18 Aug 2014 15:03:23 GMT

Well that's flat out wrong. The IRS went after Americans with Suisse bank accounts who did NOT report that they had those accounts. They gave them a one time offer to declare the accounts and pay the taxes on the money in those accounts, without penalty. If they did not, they would be prosecuted. So to state that the government can't find those accounts without the taxpayer reporting they had those accounts is wholly incorrect. That was what many had thought until it was no longer the case.... [ More ]

Comment #31

dpoly1 — Mon, 11 Aug 2014 22:58:22 GMT

I say great job!

Screwing corrupt government and union thug public employees out of money

Comment #30

TNPATL — Mon, 11 Aug 2014 18:56:42 GMT

Well people live to find ways to get over in life!!! Guess this yet another way to get over.

Comment #29

Marilyn222 — Sat, 09 Aug 2014 16:13:11 GMT

You're right. Because the U.S. Govt. is beginning to sue Credit Suisse. But I do have a question though, if the money is registered originating in Saudi Arabia which the Saudis are not allowed to collect/give interest/taxes and the bearer of the accts has a multiple diplomatic citizenship, does she/he still have to pay taxes in the U.S.

Comment #28

lucky6025 — Sat, 09 Aug 2014 16:06:10 GMT

Ok here is what the US Gov IRS did

Poking around a little bit, the US originally demanded UBS hand over the names and accounts of 52,000 people. However, Swiss tax officials responded that does not identify any facts that could be construed as constituting tax fraud or the like, but rather makes a broad demand for the identity of all U.S. taxpayers for which certain forms have not been filed. That would be against the spirit of the 4th amendment.

The only thing that changed is that the

Comment #27

Marilyn222 — Sat, 09 Aug 2014 15:06:10 GMT

Suisse Acct is the same with Cayman, U.S. Gov. can't find them unless you start reporting. The only thing is that, Suisse is more secured.

Comment #26

lucky6025 — Sat, 09 Aug 2014 14:00:03 GMT

Yup Swiss accounts have to be reported and US Gov can get records that was done years ago,but Grand Cayman accounts on other hand US Gov can not get records of these accounts,So IRS has to take the persons at his/her word, so having several accounts you can show some of your money but not all saving millions in Taxes this is why Mitt Romney and all the RICH moved their money from Swiss acounts to Grand Cayman accounts.The money 10%'s are stealing is minimal compared to that the rich are stealing... [ More ]

Comment #25

RedStang — Sat, 09 Aug 2014 05:15:17 GMT

Reminds me of the Matthew Lesco book my sucker neighbor bought. I read through it and learned nothing.

Comment #24

Marilyn222 — Sat, 09 Aug 2014 04:33:19 GMT

Comment #23

mikeintexas — Sat, 09 Aug 2014 04:20:17 GMT

Yes'm, that's right. I can guaran-darn-tee ya that if I ever win the lottery, I'm gonna make sure I do things on the up-and-up w/ my money. The IRS can not only squeeze blood out of a turnip, they can confiscate the turnip. It does annoy me about the limitations on what you can give away, but then again, they wouldn't be able to get the taxes on gifts and estates.

Uncle Sam ain't my favorite uncle these days.

Comment #22

Marilyn222 — Sat, 09 Aug 2014 04:02:56 GMT

I heard Suiss Offshore Accts don't collect taxes on interest rates, but still if you were a U.S. citizen you have to declare it here in the U.S.A. and pay taxes for them.

Comment #21

mikeintexas — Sat, 09 Aug 2014 03:54:38 GMT

That's OK, I didn't want to come straight out and act like a grammar Nazi .

I believe that, IF I ever win the lottery and depending upon how much it is, I'm going to have some money offshore , maybe in Switzerland....just so I can casually mention my Swiss bank account .

(j/k, I'm nowhere near that pretentious, but I WOULD keep some money out of the U.S.

Comment #20

Marilyn222 — Sat, 09 Aug 2014 03:45:28 GMT

Whoops! Write-off...my bad...

Comment #19

Coin Toss — Sat, 09 Aug 2014 03:04:41 GMT

Classic, if you can find a copy well worth reading.

The April Game

Secrets of an internal Revenue Agent

by Diogenes

Contents

The Game

3

The Revenue and the Agent

21

Rich Man Poor Man Middleman

27

Comment #18

mikeintexas — Sat, 09 Aug 2014 02:36:44 GMT

You can't take a tax write-off for donating blood, but you CAN take a deduction for the fair value of old clothes you donate. I don't remember the particulars, but Pres. Bill Clinton donated underwear and took a deduction for ea. pair. Much was made of it, but as I recall, they never had never been worn. (he should have saved them up and later sold them on eBay and made a ton of money!)

Not sure why off-shore accounts have such a bad rap. Sure, they're often used by criminals such as drug... [ More ]

Comment #17

Marilyn222 — Fri, 08 Aug 2014 14:04:05 GMT

Yeah! They kept on freagin donating for a tax right off. I wonder, can blood donation has a tax right off too? lol...

Comment #16

JonnyBgood07 — Fri, 08 Aug 2014 12:43:04 GMT

it's ok for the mega billionares to hide their money in protected offshore accounts to avoid taxes,but it's not ok for the common schmo to duck and juke once in a while.

Comment #15

faber98 — Fri, 08 Aug 2014 12:25:58 GMT

they're just becoming aware of this now. it has been going on openly for the last 40 years. there's a ten percenter on every corner of every town or city that has a lottery. everyone who plays knows someone who does it or knows someone that knows someone that will do it. it cannot be stopped because if someone overdoes it and gets bagged (unlikely) there are literally hundreds of others who haven't done it and are willing to do it to take their place. so they might as well continue to do nothing... [ More ]

Comment #14

Nikkicute — Fri, 08 Aug 2014 09:38:37 GMT

No such postings on my local Craiglist, probably because we have 2nd Chance drawings where

you send $10 worth of losing tickets for a chance to win $1,000

I see listings in Chicago though.

Comment #13

Marilyn222 — Fri, 08 Aug 2014 09:06:08 GMT

The question is, why do we have to pay taxes at the embassies with monies that are not earned in the United States as an American

Comment #12

j20aol — Fri, 08 Aug 2014 08:51:00 GMT

Comment #11

Marilyn222 — Fri, 08 Aug 2014 08:45:39 GMT

That's one way of helping money laundering, doesn't it

Comment #10

Coin Toss — Fri, 08 Aug 2014 06:30:41 GMT

From the OP:

If you need the losers to write off for taxes, read one ad, since removed, from Medford. I have 2 boxes full of Mass. losing scratch tickets.

Maybe that should actually read New Hampshire losing tickets. Lots and lots and lots of NH losing tickets, and not just scratchers.

That's all I'm saying.

Comment #9

RedStang — Fri, 08 Aug 2014 05:03:11 GMT

Any system that rips the Government or State off has my vote. It's just wrong how badly they get to waste our money. I will give our Governor credit for asking why they bought new Highway equipment when the old stuff is still good.

Comment #8

Todd — Fri, 08 Aug 2014 03:43:54 GMT

I don't think there's anything wrong with selling your winning lottery ticket to someone. But if you do, you are supposed to pay taxes on the money you made from the sale. Even if it is a private sale to someone.

If you don't like that concept of paying taxes when you privately sell your lottery ticket, then perhaps you are in agreement that HIGH TAXES ARE NO GOOD FOR ANYONE. All that money the government gives away for free to people has to come from somewhere. It comes from TAXES. And if yo... [ More ]

Comment #7

DoctorWhy — Fri, 08 Aug 2014 00:44:35 GMT

What is the big deal? A ticket is worthless until it has a bearer. If a person wants to sell their ticket, they should be able to do that.

Comment #6

icebuster — Thu, 07 Aug 2014 23:15:32 GMT

God D----IT!------MUST THE GOVERNMENT TRY TO BE THAT NOSY AND BLEED EVERYONE?

This story makes no sense....the darn government don't care about homelessness and poverty, but they are concerned with someone trying to get some money for themselves that they wouldn't otherwise be able to get any other way. Anytime someone comes up with a creative way to make a dollar, like people cashing lottery tickets for someone else, the stinkin' government always has to stick its smelly behind where it does... [ More ]

Comment #5

maringoman — Thu, 07 Aug 2014 21:08:59 GMT

freeloaders and the misguided souls would call that patriotism. I call it a money grab

Comment #4

Todd — Thu, 07 Aug 2014 20:45:53 GMT

Don't be silly. Paying lots of taxes is patriotic, right

Comment #3

maringoman — Thu, 07 Aug 2014 18:09:24 GMT

When you tax people to death this happens. It's a form of civil disobedience. I haven't done it. Yet.

Comment #2

RJOh — Thu, 07 Aug 2014 16:03:10 GMT

I maintain a record of all my ticket purchases and losses because I thought it would be necessary to have if I ever won enough to claim loses equal to my wins. It sounds like I been wasting my time because such audits are never made if they only involve a few thousand dollars per individual because it would cost more money than they would collect.

Comment #1

mypiemaster — Thu, 07 Aug 2014 15:45:27 GMT

What's wrong with these people?.

Cottage industry helps lottery winners dodge taxes

Lottery Post — Thu, 07 Aug 2014 15:33:53 GMT

With few rules or law enforcement to stop it, a cottage industry has popped up to help lottery winners avoid taxes, child support, and other debts, potentially costing the state and federal governments millions in lost revenue.

Enterprising merchants risking charges of aiding tax evasion are openly hawking losing lottery tickets on Craigslist and eBay to help winners offset the profits with phony gambling losses.

If you need the losers to write off for taxes, read one ad, since removed, f... [ More ]