Power Ball

[ijustposthere]

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

Isn't it awesome how you can't write it off on your tax return, but they can take the money anyway?

 

[Unannounced Fart]

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.

Well, I hope her estate doesn't get audited. Because if you sell shit at below market value, the difference is considered a gift. So fair market value of the home minus $10 = gift. I'm 95% sure that's correct.

 

[Warrior Spirit]

Well, I hope her estate doesn't get audited. Because if you sell shit at below market value, the difference is considered a gift. So fair market value of the home minus $10 = gift. I'm 95% sure that's correct.

I'd like to see the law on that. I would think you could set your own price for anything you own.

 

[ijustposthere]

Well, I hope her estate doesn't get audited. Because if you sell shit at below market value, the difference is considered a gift. So fair market value of the home minus $10 = gift. I'm 95% sure that's correct.

He's had it for over 6 years now, and it was already paid off to begin with. They also did it legally somehow, with a lawyer and whatnot. Don't ask me how, I never got into specifics with him on it.

 

[Unannounced Fart]

I'd like to see the law on that. I would think you could set your own price for anything you own.

This isn't an actual citation from a statute, but it's from the IRS website:

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Gift-Tax

The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.

The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.

 

[SERE Bear]

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.

They pull 5 balls from one barrel that has 69 balls in it. Then they pull one ball from a different barrel , with only 26 ball in it, for the powerball number

Beginning in October, 2015, Powerball® became an even larger combined large jackpot game and cash game. Every Wednesday and Saturday night at 10:59 p.m. Eastern Time, we draw five white balls out of a drum with 69 balls and one red ball out of a drum with 26 red balls. This change means bigger jackpots. It also means that your odds of winning some prize are improved.

The only way you'll get a duplicarte number is if the powerball matches one of the other balls.

 

[R_Mac_1]

If you have a 1 in 292 mill chance of winning, it seems to me that there would be 292 mill possible combinations.

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[ijustposthere]

They pull 5 balls from one barrel that has 69 balls in it. Then they pull one ball from a different barrel , with only 26 ball in it, for the powerball number




The only way you'll get a duplicarte number is if the powerball matches one of the other balls.

You still have to go 12345 1, 12345 2, etc, which in the end costs more than you're winning. You're losing $100 million on a lump sum payment.

 

[ijustposthere]

If you have a 1 in 292 mill chance of winning, it seems to me that there would be 292 mill possible combinations.

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Yeah, I kept thinking the Powerball went to the same 59 numbers.

 

[AussieBear]

powerball number is crazy.. celebs dying... whats really going on in the world to have all this slight of hand at work

 

[AussieBear]

aussies can now buy us powerball tickets.

http://www.msn.com/en-au/news/australia/us-powerball-jackpot-worth-dollar21-billion-now-open-to-australians/ar-CCrUiT?li=AAgfYrC&ocid=mailsignout

hmmm... gonna have to go buy some for shits and giggles... would you pissed if russel crowe won yo shit..

i find this the following part fucked up..

"Were an Australian to win the jackpot, they would be required to pay the same taxes as an American citizen." id be taking that shit to court if i were an aussie... youd have plenty of bank to waste in that endeavor too

 

[brett05]

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.

I appreciate what you showed, but you have an error in your math. The math is N/5 x (N-1)/4 x (N-2)/3 x (N-3)/2 x N-4 x Y Where N represents the total number of balls to be picked and Y represents the number of Powerball numbers to be picked. The odds are just under 300million to one. That's why there is value. In your example,the number could be the same each and every time and it can't.

The only risk is more than one winner and at this point it looks like you need three winners to break the system the way the pot keeps going up.

 

[brett05]

Also you have to remember that if you have every single ticket you not only win the jackpot but you also win one out of every 24-25 tickets money as well.

http://www.durangobill.com/PowerballOdds.html

 

[JimJohnson]

"Were an Australian to win the jackpot, they would be required to pay the same taxes as an American citizen." id be taking that shit to court if i were an aussie... youd have plenty of bank to waste in that endeavor too

How exactly is it fucked up? Seems reasonable to me.

 

[ijustposthere]

I appreciate what you showed, but you have an error in your math. The math is N/5 x (N-1)/4 x (N-2)/3 x (N-3)/2 x N-4 x Y Where N represents the total number of balls to be picked and Y represents the number of Powerball numbers to be picked. The odds are just under 300million to one. That's why there is value. In your example,the number could be the same each and every time and it can't.

The only risk is more than one winner and at this point it looks like you need three winners to break the system the way the pot keeps going up.

In the end, the lump sum ends up being around $380 million take home. Taxes take 40%, and the irs takes another 25-28% because it's gambling. Not worth the time nor paying $584 million for.

 

[Monster]

Today is the day. Some people's lives are changing big time tonight.

 

[Scoot26]

http://www.williwinthelottery.org/

 

[brett05]

In the end, the lump sum ends up being around $380 million take home. Taxes take 40%, and the irs takes another 25-28% because it's gambling. Not worth the time nor paying $584 million for.

Someone already with wealth can hide that I would imagine. So no real risk.

Plus you are not taxed 25 and then 40, it's 39.6 percent.

you are still ahead even without the shelter

http://www.cnbc.com/2016/01/11/tallying-the-big-tax-bite-of-a-14b-powerball-win.html

 

[Ares]

IJPH hates the lottery so much hes invented new Math to battle against the lottery in a war of mental attrition

 

[Unannounced Fart]

So this actually happened:

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