my buddy did same about about 18months ago...
here in mass its simple...50k a year for 20years (works out to 35K after taxes)
you can pick up losers and claim them against the 15K they tax you on....for every dollar you pick up off the ground you get roughly 33% back in taxes...
he told me he's got about 15K in losing tickets collected so he should get back close to 5K back on the 15K they taxed him...
if he has friends tell them to pick up the losers if they see them laying around in convience stores etc....OTB also not a bad option...we go to the track a couple times a year and all he does there is look for losers on the ground....its kinda funny bc you see people looking at this 30year old normal looking guy picking up tickets off the floor and they are probably thinking he's a total degenerate...little do they know LOL....
here in mass its simple...50k a year for 20years (works out to 35K after taxes)
you can pick up losers and claim them against the 15K they tax you on....for every dollar you pick up off the ground you get roughly 33% back in taxes...
he told me he's got about 15K in losing tickets collected so he should get back close to 5K back on the 15K they taxed him...
if he has friends tell them to pick up the losers if they see them laying around in convience stores etc....OTB also not a bad option...we go to the track a couple times a year and all he does there is look for losers on the ground....its kinda funny bc you see people looking at this 30year old normal looking guy picking up tickets off the floor and they are probably thinking he's a total degenerate...little do they know LOL....
I Won 100K On The Carolina Cash 5 Years Ago
It Was 100,000 TAX FREE..........The Year The Lottery First Started In SC. It Should Still Be That Way.
BTW--NoOne Here @ TheRx Believes That I Actually Won, and Thinks It's Impossible To Win The Lottery.
I've Been Getting BASHED For Years!
NW
It Was 100,000 TAX FREE..........The Year The Lottery First Started In SC. It Should Still Be That Way.
BTW--NoOne Here @ TheRx Believes That I Actually Won, and Thinks It's Impossible To Win The Lottery.
I've Been Getting BASHED For Years!
NW
i dont know about what his state's laws are but in mass you cant do lump sum on the scratch offs...has to be 50k X20years....
my buddy was FLOODED with the companies offering to buy him out but you get ass raped that way and unless your REALLY strapped and need the cash its a total rip off...
so he may not be able to do the 1 lump sum and im guessing he cant...
my buddy was FLOODED with the companies offering to buy him out but you get ass raped that way and unless your REALLY strapped and need the cash its a total rip off...
so he may not be able to do the 1 lump sum and im guessing he cant...
I'm pretty sure if you take lump some you will be in the highest tax bracket. Your gambling loses and other itemized deductions will be signficantly limited(phased out). Also personal exemptions are cut in half when you put yourself in this tax bracket. Not a good Idea to take a lump some indivduallu. Maybe form a partnership with families members, than take a lump some.
