An easy way to avoid that pesky Gift Tax

[Brendan Burgess]

But probably better to check with a tax advisor first...

Lotto winner sued by stepson cannot sue former lottery operator

Mary Walsh claims she was told if she wished to gift money those persons should sign ticket

www.irishtimes.com

She claimed the advice, where she was told that if she wished to make gifts to anyone those persons should sign the winning ticket if those gifts were to be exempted from taxation, was negligent.

As a result of the advice she claimed that she and five others, including David Walsh signed the winning ticket. That resulted in High Court proceedings being brought against her by David Walsh. She was married David’s father Mr Peter Walsh, who died in December 2011.

 

[Gordon Gekko]

It’s also complete and utter nonsense.

Co-signing a winning ticket to avoid CAT is tax fraud. A syndicate either existed or it didn’t.

If I have a €3m winning ticket and my son co-signs it, that’s a €1.5m taxable gift.

 

[torblednam]

If I have a €3m winning ticket and my son co-signs it, that’s a €1.5m taxable gift.

How could Revenue tackle that, do you think i.e. prove the absence of something, in the face of the only people who know the truth, being willing to lie about it...?

 

[Gordon Gekko]

How could Revenue tackle that, do you think i.e. prove the absence of something, in the face of the only people who know the truth, being willing to lie about it...?

I don’t know, but backdating of documents is fraud.

 

[NoRegretsCoyote]

It could be a legitimate grey area. Family regularly chip in to a weekly syndicate, but someone steps out for a while when short of cash, but when family gets the jackpot they feel they are owed something.

Family syndicates almost never have written contracts or accounts, and even many workplace ones don't either.

This, btw, is why I would never join a syndicate. You can get rich, yes, but lose the people who are closest to you.

 

[shweeney]

the whole point of the lotto is that it's tax-free - this isn't something the revenue should be chasing IMO (at least between family members).

(and I say that as someone who never plays the lottery).

 

[NoRegretsCoyote]

the whole point of the lotto is that it's tax-free

It's only tax free for winners!

If you decide to donate your winnings to Mr Michael Mouse it should be taxed like any other gift.

 

[rob oyle]

It's only tax free for winners!

If you decide to donate your winnings to Mr Michael Mouse it should be taxed like any other gift.

PUBLIC DECLARATION: I would like to put on record that if anyone is willing to share their lottery winnings with me, I am happy and willing to declare them and pay the appropriate taxes. Michael Mouse is already comfortably looked after at this point.
PM me for details. Thank you.

 

[Brendan Burgess]

Hi Rob

I am not giving away any of my lottery winnings so that eliminates Gift Tax completely.

Brendan

 

[torblednam]

Hi Rob

I am not giving away any of my lottery winnings so that eliminates Gift Tax completely.

Brendan

C'mon now Brendan, there's no way a man of your acumen plays the Lotto...!

 

[Cricketer]

Michael: "I've won the Lotto!"
Tom: "But what about all the begging letters?"
Michael: "I'm going to keep sending them!"