Skip to comments.$853,492 Powerball Tickets to Expire!
Posted on 04/06/2006 3:36:47 AM PDT by Lokibob
Powerball drawing Saturday will be for $195 million.
While this is odd, some people buy or are given tickets on a lark. These tickets did not actually match the powerball and the people may not have been aware of the (rather sizeable) secondary prizes and tossed them at the time.
I play both lottos in Texas and this is one of my worst phobias. I have have even envisioned the newspaper misprinting the numbers and printing to correct numbers the next day after I've all ready thrown my ticket away. THE HORROR!
You should keep your old, dead tickets for a year for irs use. If you get a win that is reportable income, you get to deduct all your losses that year against the win. Just a hint.
Anyone who spends enough on lottery tickets to make such a plan worthwhile is spending *far* too much on the tickets.
Do the math:
$5/ drawing (not a lot IMHO)
2 drawings a week
52 weeks a year
total spent $520
If you win $1000, you only have to pay taxes on $480.
Do what you want, but I'd deduct it......Bob
However,I *did* spend $100 recently on a raffle ticket issued by a local Catholic high school to raise money.
The prize is a new car and they said that only 400 tickets would be sold...so my chances are 1 in 400.
You will spend $100 when the odds are 1 in 400 but you won't spend $1 when the overall odds are 1 in 11 or less. (overall odds of winning a powerball prize are 1 in 37 with the minimum payout at $3.00)
I do agree with you that it is a losing proposition, but when I buy my $5.00 ticket, I really get more than $5.00 worth of enjoyment out of it, dreaming about the mega millions I'm going to spend.
Eveybodies boat floats differently, i guess.
In my raffle,there's one prize...a car worth around 25K.
If you were to spend $400 on lottery tickets,what are your chances of winning $25K or more? My guess is that there worse than 1 in 400.
Plus,my ticket helps a cause that I support...and there are no government hacks acting as "middlemen" as is the case with state lotteries.
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