My Grandfather Hit the Cash 5 Colorado Lottery

[El Guaraguao]

Grats!

If it was me, I would buy something for me, then invest the holy hell out of the rest.

 

[Drako]

What is that photo in the first picture?

Reading is not your strong point, is it ?

Anyway, congrats to Grandpa. I hope he doesn't blow it all at the casino.

 

[CPA]

Don't get too excited about offsetting his winnings with losses. Technically, he can only claim losses (to the extent of winnings) if he itemizes. My guess is that he doesn't. My other guess, however, is that he will get some of the taxes refunded just because of his normal tax situation, that assumes he doesn't make a lot of regular income.

 

[rudder]

I'm getting some one piece dickies when I am a grandpa. I think it is an unwritten rule.

 

[gigahertz20]

congrats gramps...

now, i wonder if the winnings cancel out his losses over the years.

He is not a huge lotto player, every year I would estimate he spends less then $300 in lotto tickets and a couple hundred at the slots in the casinos, he plays the nickel and dime machines only.

 

[gigahertz20]

I'm getting some one piece dickies when I am a grandpa. I think it is an unwritten rule.

Haha yeah, that is the only thing he ever wears. He has got a big gut and that is the only thing he likes to wear so his closet his pretty much one piece dickies

 

[BlahBlahYouToo]

Don't get too excited about offsetting his winnings with losses. Technically, he can only claim losses (to the extent of winnings) if he itemizes. My guess is that he doesn't. My other guess, however, is that he will get some of the taxes refunded just because of his normal tax situation, that assumes he doesn't make a lot of regular income.

how does this work?
is this losses for the year only?
lottery tickets only since he won, or any type of financial loss (real estate, stock market, casino, etc.)?

 

[CPA]

how does this work?
is this losses for the year only?
lottery tickets only since he won, or any type of financial loss (real estate, stock market, casino, etc.)?

Yes, only for the current taxable year. Gambling Losses are allowed as an itemized deduction to the extent of winnings. So, if he purchased $100 worth of tickets and he itemizes, he could use the $100 to increase his Schedule A itemized deductions. He CAN'T just reduce his gambling winnings.

 

[Macamus Prime]

Wow - that is one happy man. Grats. At that age, I would just divide it amongst the grand kids.

At my age, I would go nuts in Las Vegas. 2 nights in a $1,000 a night room. $2,000 blown on gambling each day. Hire one of them high end call girls and just live it up.

 

[gigahertz20]

What's he gonna do with his winnings? At that age I hope it's something fun, like a vacation, car, H & B, man toys, whatever.

Put it in his bank, he doesn't really get around that good anymore. He uses a cane and is slow at walking. He use to do alot of fishing here in Colorado but not anymore. He doesn't like airplanes so long trips are out of the question, but he still drives fine which is great since nobody has to constantly drive him around. He'll eventually nickel and dime the winnings back probably at the casinos or something, but he likes doing that.