Power Ball

[Monster]

If this gets high enough, wouldn't it be possible for some billionaire to buy one of every number combination possible and be guaranteed to win? I do realize that if there were two winners and they had to split it would be a loss...but am I crazy or would that work?

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294 million combos... Times 2 bucks each. That and you would have to fill out each card to ensure no double numbers.

 

[brett05]

If this gets high enough, wouldn't it be possible for some billionaire to buy one of every number combination possible and be guaranteed to win? I do realize that if there were two winners and they had to split it would be a loss...but am I crazy or would that work?

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You can totally do that and it is easily worth it outside of the risk of duplicate numbers.

Here's the issue. You could never get the machines to print out enough tickets in time.

 

[ijustposthere]

You can totally do that and it is easily worth it outside of the risk of duplicate numbers.

Here's the issue. You could never get the machines to print out enough tickets in time.

You're losing money, how is it worth it?

 

[brett05]

You're losing money, how is it worth it?

You are not losing money. I said outside of the risk of duplicate numbers...aka multiple winners. If you knew you'd be the only one there is no risk.

 

[Unannounced Fart]

I hate to rain on everyone's parade, but for those of you who are planning to give away money to family/friends, you're also gonna be required to pay taxes on your gifts. Anything you give above $14,000 gets taxed, even though you've already paid taxes on your winnings. I think the rate is 40%, which means that any amount over $14k that you gift, tack on another 40% for Uncle Sam.

That may be just drops in the bucket considering all the money you have, but it's still a shit ton of money that will be flushed down the drain. I'm not an accountant, so maybe there's some loopholes, but to my knowledge, if you're just giving straight up gifts to a family member, there's no way around it. Gift and death taxes are pure BS.


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[Monster]

I hate to rain on everyone's parade, but for those of you who are planning to give away money to family/friends, you're also gonna be required to pay taxes on your gifts. Anything you give above $14,000 gets taxed, even though you've already paid taxes on your winnings. I think the rate is 40%, which means that any amount over $14k that you gift, tack on another 40% for Uncle Sam.

That may be just drops in the bucket considering all the money you have, but it's still a shit ton of money that will be flushed down the drain. I'm not an accountant, so maybe there's some loopholes, but to my knowledge, if you're just giving straight up gifts to a family member, there's no way around it. Gift and death taxes are pure BS.


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You don't give it to them in the States. Place in a forign account under their name.
Hell I don't even know if that's legal, wouldn't mind having that problem though.

 

[Unannounced Fart]

You don't give it to them in the States. Place in a forign account under their name.
Hell I don't even know if that's legal, wouldn't mind having that problem though.

You'd be surprised/shocked/scared to know how much the government keeps an eye on your money. I know an undercover agent for the Department of Homeland Security, and he has a huge database of wealthy Chinese people in the US, and they keep an eye on their money like a hawk, looking to see if they send it back to China illegally. Same goes for money sent to Mexico (Mexican mafia/drug cartels). And you can't transport large sums of cash like that through the airport, either. Bottom line, Uncle Sam is gonna get his.


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[Monster]

You'd be surprised/shocked/scared to know how much the government keeps an eye on your money. I know an undercover agent for the Department of Homeland Security, and he has a huge database of wealthy Chinese people in the US, and they keep an eye on their money like a hawk, looking to see if they send it back to China illegally. Same goes for money sent to Mexico (Mexican mafia/drug cartels). And you can't transport large sums of cash like that through the airport, either. Bottom line, Uncle Sam is gonna get his.


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I'm sure you're right. Not like I'll ever have that problem.

 

[Ares]

Can't I just give people a sack filled with money with a $ on it? Preferably in a shady parking garage.

If it is cash and stays cash, how does Uncle Sam go after the person you gave the gift to? or you?

 

[xer0h0ur]

Unless the tax laws were changed with respect to gifting, I believe you can "gift" any given person up to $100,000 a year without it being taxed.

 

[brett05]

I hate to rain on everyone's parade, but for those of you who are planning to give away money to family/friends, you're also gonna be required to pay taxes on your gifts. Anything you give above $14,000 gets taxed, even though you've already paid taxes on your winnings. I think the rate is 40%, which means that any amount over $14k that you gift, tack on another 40% for Uncle Sam.

That may be just drops in the bucket considering all the money you have, but it's still a shit ton of money that will be flushed down the drain. I'm not an accountant, so maybe there's some loopholes, but to my knowledge, if you're just giving straight up gifts to a family member, there's no way around it. Gift and death taxes are pure BS.


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Someone at my job said that for this lottery in 2016 the rule was untaxed up to 6.25 million.

 

[Scoot26]

Unless the tax laws were changed with respect to gifting, I believe you can "gift" any given person up to $100,000 a year without it being taxed.

Totally separate from the lifetime gift exemption amount is the annual gift tax exclusion amount. It’s $14,000 for 2016, the same as 2015 and 2014, up from $13,000 a year in 2013. You can give away $14,000 to as many individuals as you’d like. A husband and wife can each make $14,000 gifts. So a couple could make $14,000 gifts to each of their four grandchildren, for a total of $112,000. The annual exclusion gifts don’t count towards the lifetime gift exemption.

When you’re making gifts to children and grandchildren, keep in mind that there’s a federal kiddie tax that covers students through the age of 23 and puts investment income, above small amounts, into the parents’ tax bracket. For 2016, the kid pays no tax on the first $1,050 of unearned income and then 10% rate on the next $1,050, the same as in 2015.

If you want to make gifts and not have to bother to keep track for gift tax purposes, you can make gifts for medical, dental, and tuition expenses for as many relatives (or friends) as you’d like so long as you pay the provider directly. These gifts don’t count towards any of the limits.

http://www.forbes.com/sites/ashleae...d-gift-tax-limits-the-10-9-million-tax-break/

 

[Unannounced Fart]

Unless the tax laws were changed with respect to gifting, I believe you can "gift" any given person up to $100,000 a year without it being taxed.

It's $14,000 per person, per year, as of 2016. https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#5

 

[Unannounced Fart]

Can't I just give people a sack filled with money with a $ on it? Preferably in a shady parking garage.

If it is cash and stays cash, how does Uncle Sam go after the person you gave the gift to? or you?

As long as the person you give it to never deposits the cash, then that may work. I can't think of how they would be able to track the money in that instance.

 

[Scoot26]

As long as the person you give it to never deposits the cash, then that may work. I can't think of how they would be able to track the money in that instance.

If you started showing as having so many large purchases without the proven income, they may audit you.

 

[xer0h0ur]

Well son of a *****, not even close. Where was I getting that 100k thing from then?

 

[Monster]

It's $14,000 per person, per year, as of 2016. https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#5

This I knew. My wife's mother has been doing that with her and her sister for years.

 

[Scoot26]

Well son of a *****, not even close. Where was I getting that 100k thing from then?

:dunno:

 

[ijustposthere]

You are not losing money. I said outside of the risk of duplicate numbers...aka multiple winners. If you knew you'd be the only one there is no risk.

There are a ridiculous amount of combinations. For instance 1-1-1-1-1-1 is one combo. The next is 1-1-1-1-1-2. 1-1-1-1-1-59 would be 59 combos. Then you move to the next number. 1-1-1-1-2-1. 1-1-1-1-2-2. Do you see where this is going? There are 59 lotto balls (i believe) which means there are 59 separate combos FOR EACH NUMBER FOR EACH BALL. To get the actual combo, you have to multiply 59 by itself 6 times. That leaves you with over 42 billion combos. Multiply that by 2 and it will cost you 84 billion to get every possible combo. It isn't worth it.

 

[ijustposthere]

I hate to rain on everyone's parade, but for those of you who are planning to give away money to family/friends, you're also gonna be required to pay taxes on your gifts. Anything you give above $14,000 gets taxed, even though you've already paid taxes on your winnings. I think the rate is 40%, which means that any amount over $14k that you gift, tack on another 40% for Uncle Sam.

That may be just drops in the bucket considering all the money you have, but it's still a shit ton of money that will be flushed down the drain. I'm not an accountant, so maybe there's some loopholes, but to my knowledge, if you're just giving straight up gifts to a family member, there's no way around it. Gift and death taxes are pure BS.


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I know about the gift tax. For immediate family, like my mom, dad, & sister, I'd open a bank account where I'm the primary and they're the secondary. Everyone else, I'd figure something out. My friend went through this when his mom died. Right before she passed, to avoid the gift tax, she sold her house to him for $10.