Playing the Lottery can be Tax Deductible

Reply #4

smd173 — Sat, 18 Jan 2003 12:30:14 GMT

Quote: Originally posted by AnnuityIsGreat on January 17, 2003 Note: Why choose lump sum and pay all taxes upfront when you can defer it over 26 - 30 years and pay lower taxes.....The only thing guaranteed is that taxes will be lower over the next 10 years thanks to Bush's tax cuts/stimulus plan. There is no way to predict what will happen after that. In fact the Democrats could sweep into the White House and Congress 2 years from now and reverse everything and then where would you be? As a tax... [ More ]

Reply #3

smd173 — Sat, 18 Jan 2003 12:25:53 GMT

Lottery Analyst,To

Reply #2

CASH Only — Sat, 18 Jan 2003 12:02:36 GMT

Analyst: Don't listen to anyone pushing annuities over lump sum. They want to return to the bad old days before winners had a choice.

Reply #1

Lottery_Analyst — Fri, 17 Jan 2003 16:28:11 GMT

Annuity is Great,You are making the rounds today. Thanks for your input. LOLI agree that if you win $50 million it's not worth it to keep a tax log. The question is, how many $50 million jackpots have you won? I have not won any yet, but plan to one day.I have won 5 out of 6, 3 different times, and each of those times I did maintain a tax log and it did save me money at tax time.So, in my opion, for those that plan on winning more than $599.99 and less than $50 Million, the Tax Log is a gre... [ More ]

Playing the Lottery can be Tax Deductible

AnnuityIsGreat — Fri, 17 Jan 2003 16:17:54 GMT

Lottery Analyst,As a CPA, yes you can deduct your losses against your winnings however .. let's be honest, say you win the huge jackpot of $50M, it's not worth it to maintain a log to save few measely dollars.However, if you're a frequent player of Pick 4 or 5, then it might be worthwile.Note: You do not have to report any winnings under $600. Note: Why choose lump sum and pay all taxes upfront when you can defer it over 26 - 30 years and pay lower taxes.....Think Annuity