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The Lottery is now 1.5 Billion
- Thread starter BCP
- Start date
Mack is a Houston Legend, loved by all. Has given so much to the city of Houston. He has done that bet the last couple of years. He has a promotion during the season if you buy 3,000 in furniture you will get it for free if the Stros win the world series. He hedges it with that bet.Maybe its better to stick to sports betting like "Mattress Mack":
'Mattress Mack' wins $75M payout after Astros' World Series victory
With the Astros' win Jim McIngvale, better known in the Houston area as 'Mattress Mack', won a $75m payout after he placed $10m in bets on the baseball team he loves so much.www.dailymail.co.uk
1.9 the amount if you take payments. Cash option would be less, then there is the federal and state taxes on top of that. So redo the math based on that.
So the .gov takes whopping $1,000,000,000 from some lucky soul who before that was probably barely a thousandare.
The magnitude of theft is unfathomable. and ranks up there with some of the largest heists in history.
Few things actually make my blood boil and taxes are one of them. it ranks up there with child molesters and people pointing guns at me.
The magnitude of theft is unfathomable. and ranks up there with some of the largest heists in history.
Few things actually make my blood boil and taxes are one of them. it ranks up there with child molesters and people pointing guns at me.
he bet 10m; won 75M; got a check cut to him for 30million.Maybe its better to stick to sports betting like "Mattress Mack":
'Mattress Mack' wins $75M payout after Astros' World Series victory
With the Astros' win Jim McIngvale, better known in the Houston area as 'Mattress Mack', won a $75m payout after he placed $10m in bets on the baseball team he loves so much.
so, here's a thought for you guys that win.....
Gov will take their 438 m income. but if you 'bet' a few 100million and lose, you can write that off and get some of your money back.
maybe 'buy' some property for one of your LLCs, declare bankruptcy, sell that property off to another LLC that you may or may not control. carry your losses forward
Gov will take their 438 m income. but if you 'bet' a few 100million and lose, you can write that off and get some of your money back.
maybe 'buy' some property for one of your LLCs, declare bankruptcy, sell that property off to another LLC that you may or may not control. carry your losses forward
Gambling Losses
You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."
He's right. The only way to get hoodrats to pay tax. I'll prob buy a ticket tomorrow, but lottery is mostly funded by people that can't afford it. It would be sad except those types would just waste it elsewhere, so fuck them.
You can only deduct the losses from any winnings. So if you sepent 100 mil on lottery tickets you could deduct that from the taxes. if you dont win then you cant deduct it.so, here's a thought for you guys that win.....
Gov will take their 438 m income. but if you 'bet' a few 100million and lose, you can write that off and get some of your money back.
maybe 'buy' some property for one of your LLCs, declare bankruptcy, sell that property off to another LLC that you may or may not control. carry your losses forward
Gambling Losses
You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."
It isn't about lifting people out of poverty, nor is it about funding schools. Stimulating the economy? Nope, not about that either.
Dave Ramsay isn't wrong. This is the only time I will buy a ticket. Technically you have pot odds now. You are 1 in ~250M to win, the pot is paying you a little over 7 to 1 to play....technically, for those who don't "habla" gambling speak.
Theoretically....it would pay you to buy 250M tickets in one go. This is why the whole system makes me scratch my head when that thing gets this big. When it gets this big, theoretically, one should be able to "beat the house" pretty easily.
If you place a wager and lose, you can absolutely deduct that from your "gambling income". It only covers gambling wins and losses. However, you have to show that you are in fact a gambler, and derive a certain amount of income from gambling. A one time bet, does not a gambler make.
I used to work with a guy that fancied himself a gambler. If you are a losing gambler, you can't just "deduct" that from your income tax.
While you would win, if you bought 252 milllion worth of tickets, the issue is.....if someone else wins, you wouldn't get your full investment back.
Thats the other fly in the ointment. There's another 20-40 million other people in the "pot" with you, that are holding "cards".
Hence the term I used....."theoretically".
Give the winning ticket to your church.
That ought to keep the govt out of any tax dollars on it.
That kinda money would likely ruin a man anyways.
That ought to keep the govt out of any tax dollars on it.
That kinda money would likely ruin a man anyways.
- Nov 3, 2010
- 9,730
- 20,533
What iffin I’m already ruint
do you mean if you were something like a profesional poker player who gambles for a living? then wouldnt it be sort of like a business expense? in which case I have no idea.
im talking the average Joe cant spend $1000 a year on lottery and deduct that from his taxes if he never won. he could only use it as a deduction to offset taxes he owed on winnings.
I know the guy i worked with for years, got in a bit of trouble with the IRS. All I know is what he told me. And he was winning and losing tens of thousands.
My favorite saying is the Lottery is a tax on people who are bad at math.
However at this point, do i get $2 worth of entertainment from my ticket?
Yes. Yes I do.
Btw your odds of winning (5 balls from 69, 1 ball from 26)
1 IN
69!/((5!)(64!) * 26 = 292,201,338
5! = 5*4*3*2*1 for example.
Still gonna buy a ticket.
yep. Money and fame ruined him.
I like to think a good church board would do good things with that money.
I guess I could say I get to be part of it and review the books to make sure they do.
And would still wear wranglers from walmart and shop sales. Easier to be middle class and work hard I believe.
Shoot, one might be arrogant/foolish enough to send money to a business partner they never met!
aaaaaaand in a huge non suspiciously stroke of luck Hunter Biden wins powerball and because of a loophole doesnt have to pay taxes so he walks away with the whole $2 Billion.
That's because Powerball is rigged.Pretty amazing they can know within one night how many winning tickets were sold and where, but we can't find out election numbers for weeks.
VooDoo
They're still counting the balls? Do they think they'll get it wrapped up this week?
They're not counting them yet, they're still in the fondling phase.
And there you go. They've hacked the lottery.
"Uh....yes...well, we.....don't know who won yet. Oh no, no, someone definately won we just need to find the winning ticket."
"Uh....yes...well, we.....don't know who won yet. Oh no, no, someone definately won we just need to find the winning ticket."
In the early days of the lottery’s there were groups of people who were able to game this by calculating the odds and buying large blocks of tickets (don’t recall if they also selected the numbers). They were pretty successful in that they ended up being banned from playing and led to changes in the odds that made it no longer profitable.
It’s easy to question if it’s on the level or if it’s rigged. A couple of weeks ago during the run-up to the current pot I bought ten tickets, for the ball I only got 5 different numbers. I got the same number three times, twice. I got another number twice and two singles. That was a crazy result for ten random draws for a number between 1 and 26.
Many people have done it but this was the guy I had in mind, read the article years ago.
Why the strategy one man used to win the lottery 14 times won't work for you today
Stefan Mandel took the luck out of the lottery and won it 14 times, but his strategy can't be replicated.
www.businessinsider.com
The Multi-State Lottery Association (MUSL) is an American non-profit, government-benefit association owned and operated by agreement of its 34 member lotteries.
Stealing from the poor to give to government operatives.
They just stole $2 billion from you. What are you going to do about it?
Stealing from the poor to give to government operatives.
They just stole $2 billion from you. What are you going to do about it?
- Nov 3, 2010
- 9,730
- 20,533
After numerous delays and freezes, Power Ball has decided, they do have a winner. ONE PERSON drew the winning number of 2.1 billion.
Thank you all and keep playing
Thank you,
Dominion voting mgmt Power Ball mgmt
Thank you all and keep playing
Thank you,
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