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PCF Powerball Group - 12/20 Drawing - 12/22 Drawing - CLOSED (2 Viewers)

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raynmanas said:
actually though, with the drawing being tomorrow and you having a daily cash limit, you may need to cap it at some point to be able to purchase all the tickets in time! :ROFL: :ROFLMAO:
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We should be good. I started ATM withdraws and buying tickets yesterday. $2600 worth of tickets already bought so far. As of right now, I only need to get $225 more. I can get $1200 more out tomorrow + I have another $200 behind.
 
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RocAFella1 said:
Nice tax write off all the losing tickets!
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is that a thing in DE? in MA, they caught onto that scam a while back - now you can write off the cost of winning tickets only. last year i won $1000 on a scratch ticket, and i was only able to write off the $10 that it cost.
 
raynmanas said:
is that a thing in DE? in MA, they caught onto that scam a while back - now you can write off the cost of winning tickets only. last year i won $1000 on a scratch ticket, and i was only able to write off the $10 that it cost.
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Chat GPT says...

are losing Delaware lottery tickets a tax write off?

Short answer:
No — losing Delaware lottery tickets aren’t a standalone tax write-off in the sense of reducing your taxable income unless you also have lottery or other gambling winnings to offset. Under current U.S. federal tax rules, lottery losses are treated as gambling losses, and you can only deduct them up to the amount of your gambling winnings if you itemize deductions on your federal return.
 
Would you like me as a Canadian to collect and not have to pay taxes on it.
Then split it evenly. Probably a bump of 240%!
Good luck to us all.
 
Tommy said:
Chat GPT says...

are losing Delaware lottery tickets a tax write off?

Short answer:
No — losing Delaware lottery tickets aren’t a standalone tax write-off in the sense of reducing your taxable income unless you also have lottery or other gambling winnings to offset. Under current U.S. federal tax rules, lottery losses are treated as gambling losses, and you can only deduct them up to the amount of your gambling winnings if you itemize deductions on your federal return.
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40 years as a tax accountant. This is correct.

raynmanas said:
is that a thing in DE? in MA, they caught onto that scam a while back - now you can write off the cost of winning tickets only. last year i won $1000 on a scratch ticket, and i was only able to write off the $10 that it cost.
Click to expand...
Maybe for state taxes, but for federal taxes, all gambling losses can be written off to the extent that you have gambling winnings. No winnings, no write-off. Big winnings, you can write-off any other gambling losses that you can substantiate. Back when I used to buy more lottery tickets than I do now, I would save all my tickets for the year, just in case I had a decent sized win. And I would occasionally run pools like this and obviously save all the losing tickets.
 
After the drawing tomorrow night, the Powerball website will probably crash, but when it comes back up, you want to look for DE in this box, preferably at the top by itself. It will be like squeezing your cards. :cool Then start checking tickets!

2025-12-19_20-07-35.webp
 
Tommy said:
About 3.2 million after taxes if we have the only winning ticket.
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LA CROSSE (WKBT) -- The Powerball jackpot has hit a staggering 1.5 billion dollars, the fifth largest in the game's history.

If you're the lucky winner, local financial advisors say you face a key choice: a lump sum of 686.5 million dollars or the full amount paid out over 30 years.


Freeman Linde, a certified financial planner with La Crosse Financial Planning, explains:

"If you take the lump sum up front, which is what you should do, you could invest that, still get your 22 million dollars a year if that's enough for you, and then you'd still have about a billion dollars leftover after those same 30 years if you do it the right way."
 
mugenpowr said:
LA CROSSE (WKBT) -- The Powerball jackpot has hit a staggering 1.5 billion dollars, the fifth largest in the game's history.

If you're the lucky winner, local financial advisors say you face a key choice: a lump sum of 686.5 million dollars or the full amount paid out over 30 years.


Freeman Linde, a certified financial planner with La Crosse Financial Planning, explains:

"If you take the lump sum up front, which is what you should do, you could invest that, still get your 22 million dollars a year if that's enough for you, and then you'd still have about a billion dollars leftover after those same 30 years if you do it the right way."
Click to expand...
The only reason to consider taking the 30 payments is if you have no confidence in your ability to not spend it all in a few years.

And that $22 mil per year is a very conservative number. That's about 5% annually. I think I could do considerably better, and still protect my capital. And no way I'm spending $20MM a year.
 
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