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RomneyLies

(3,333 posts)

21. The use of an LLC is actually REQUIRED in Illinois if multiple people share the prize.

Reply to AnotherMcIntosh (Reply #15)

Sat Dec 1, 2012, 03:21 PM

Dec 2012

SENd are still collected and the LLC is dissolved after the prize is divided.

The primary use for an LLC is to remain anonymous which is why most states do mot allow it.

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Highlight:

Lottery tax questions [View all] SHRED Dec 2012 OP

Is there something you're not telling us? former-republican Dec 2012 #1

I wish SHRED Dec 2012 #2

every time i've won millions in the lottery it's been treated as ordinary income. unblock Dec 2012 #3

How come dipsydoodle Dec 2012 #4

Even state to state there are different taxable income guidelines... Earth_First Dec 2012 #5

Local issue then. dipsydoodle Dec 2012 #7

Not just state taxes - enlightenment Dec 2012 #8

I referred to here in the UK when I mentioned interest. dipsydoodle Dec 2012 #12

I knew that you were talking about the UK enlightenment Dec 2012 #27

Lottery winnings ARE treated as income. See below. n/t A HERETIC I AM Dec 2012 #13

I was unclear in my post to dipsydoodle - enlightenment Dec 2012 #28

This message was self-deleted by its author AnotherMcIntosh Dec 2012 #6

Exactly right. A HERETIC I AM Dec 2012 #10

This message was self-deleted by its author AnotherMcIntosh Dec 2012 #14

Yup, and the IRS sued that "Survivor" winner (whiner?) 3 ways to Sunday if memory serves. A HERETIC I AM Dec 2012 #19

Not contributing to the society marybourg Dec 2012 #26

Lottery winnings are straight up income. They are not short term capital gains. RomneyLies Dec 2012 #9

This message was self-deleted by its author AnotherMcIntosh Dec 2012 #15

Yup. Beat me to it. A HERETIC I AM Dec 2012 #18

The use of an LLC is actually REQUIRED in Illinois if multiple people share the prize. RomneyLies Dec 2012 #21

This message was self-deleted by its author AnotherMcIntosh Dec 2012 #22

www.illinoislottery.com RomneyLies Dec 2012 #23

This message was self-deleted by its author AnotherMcIntosh Dec 2012 #24

This message was self-deleted by its author AnotherMcIntosh Dec 2012 #25

Ordinary income, and money spent on losing tickets can be deducted... slackmaster Dec 2012 #11

This message was self-deleted by its author AnotherMcIntosh Dec 2012 #17

I think this is income, and has nothng to do wth the stock market or capital gains. robinlynne Dec 2012 #16

Or homes or any other asset. n/t A HERETIC I AM Dec 2012 #20