Dividing a Winning Ticket with Family

Reply #4

Thomas Covenant — Sun, 21 Dec 2003 22:58:02 GMT

I stand corrected, it varies by state. I stole this from the Powerball website. SHARING OF PRIZE; GIFT TAXCan the Powerball winner designate additional recipients, such as family members? Roger B. via Compuserve.Prize claims are handled by each state lottery that sells the game. State prize claim rules will vary, but states generally prefer to issue one check and withhold taxes for one person. Note, however, that some state lotteries will issue separate checks and withhold amounts for any number... [ More ]

Reply #3

megamillionaire — Sun, 21 Dec 2003 22:15:20 GMT

Quote: Originally posted by Thomas Covenant on December 21, 2003 Well, yes and no. Lotteries will only pay one person or entity, Not necessarily so Thomas. If several members of a family chip in when buying the ticket the lottery will pay them the percentage owed them and tax them on that portion. There was a recent article in the news forum about a father and daughter who each collected half of a lottery jackpot. Also the twelve or so New York civil service workers collected his or her own shar... [ More ]

Reply #2

Thomas Covenant — Sun, 21 Dec 2003 20:02:51 GMT

>>YES. BUT THEY SHOULD BE INCLUDED ON THE WINING TICKET(FORM AT TIME OF WINNING) SO THEY CAN ALL SO SHARE IT THE TAX!<<Well, yes and no. Lotteries will only pay one person or entity, so in order to avoid having one person paying all the taxes you should start a Family LP or Family LLC .Doing a Google search on the words in quotes should give you more info.

Reply #1

MrSteel01 — Sun, 21 Dec 2003 06:57:37 GMT

Quote: Originally posted by Sally Jane on December 19, 2003 Can a winning ticket holder divide the ticket with his family and/or friends?YES. BUT THEY SHOULD BE INCLUDED ON THE WINING TICKET(FORM AT TIME OF WINNING) SO THEY CAN ALL SO SHARE IT THE TAX!unless you want to give it to them tax free! Or just $ 10,000 each

Dividing a Winning Ticket with Family

Sally Jane — Fri, 19 Dec 2003 20:03:39 GMT

Can a winning ticket holder divide the ticket with his family and/or friends