Friday, August 10, 2018

How can a person live off the lottery without paying taxes?

Example: a person plays cash 3 in Georgia. If they play the number straight and win the ticket will be worth $500. Let's say 2000 tickets, all individual, all straight, are winning tickets. That would be 2000×$500=$1 million. If they went to the lottery headquarters to cash them in they would be taxed on there winnings. However, if they went to convenience stores and cashed them out, they could receive all $1 million total without being taxed. The rules state that you have to claim your winnings 180 after the purchase date which is 6 months. How can a person live off that cash and pay things off like there mortgage, cars, etc. And put money in accounts without the IRS being alerted. They will not have done anything illegal but the IRS will want to know how they got all that money.

Read more: https://allmortgage.net/forum/how-can-a-person-live-off-the-lottery-without-paying.html