Wizard...Powerball thought- sports bet free roll?
January 18th, 2016 at 8:35:13 PM
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I might be crazy - but if you won powerball and they took
For arguments sake 50 percent in taxes
Would there be any benefit of betting 100 million on the Super Bowl
If you win you would win 100 million but if you lost its a partial loss rebate as you could write the 100 million off against taxes they withheld and get 50 percent of it back
For arguments sake 50 percent in taxes
Would there be any benefit of betting 100 million on the Super Bowl
If you win you would win 100 million but if you lost its a partial loss rebate as you could write the 100 million off against taxes they withheld and get 50 percent of it back
No longer hiring, don’t ask because I won’t hire you either
January 19th, 2016 at 4:31:30 AM
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Why do you think you would not owe taxes if you won the Superbowl bet?
January 19th, 2016 at 8:20:31 AM
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Quote: sabreWhy do you think you would not owe taxes if you won the Superbowl bet?
Agreed. While a loss could be a tax deduction, a win would be taxable.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
January 19th, 2016 at 8:32:58 AM
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You are completely right-brain lapse since I rarely bet sports I do not think I even put them on my totals
No longer hiring, don’t ask because I won’t hire you either
January 19th, 2016 at 12:27:07 PM
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I read the question originally as:
Big winner on lottery, millions. Would it make sense to bet a million on Super Bowl?
The logic being;
If you lost the Million, you could deduct that against your tax due on on the lottery winning. In a way you could say your bet was partially paid for by the money you already were going to have to pay in tax anyway.
Of course if you won the Super Bowl bet, you'd just owe some more taxes.
I got no problem paying taxes on winnings, it's getting the winnings that is the complicated bit.
I saw it as a valid, and thoughtful, question. Of course that implies there must be something wrong with it ;-)
Big winner on lottery, millions. Would it make sense to bet a million on Super Bowl?
The logic being;
If you lost the Million, you could deduct that against your tax due on on the lottery winning. In a way you could say your bet was partially paid for by the money you already were going to have to pay in tax anyway.
Of course if you won the Super Bowl bet, you'd just owe some more taxes.
I got no problem paying taxes on winnings, it's getting the winnings that is the complicated bit.
I saw it as a valid, and thoughtful, question. Of course that implies there must be something wrong with it ;-)
Last edited by: TwoFeathersATL on Jan 19, 2016
Youuuuuu MIGHT be a 'rascal' if.......(nevermind ;-)...2F
