View Full Version : Buzz Lottery

2007-Apr-19, 05:10 PM
Astronaut plans space travel lottery (http://www.cnn.com/2007/TECH/space/04/18/aldrin.lottery.reut/index.html)

Details of the competition are still sketchy, Aldrin said at a space investment conference on Wall Street Tuesday, with the legal status of selling lottery tickets still to be resolved.

Wouldn't that be an important detail to resolve before announcing it?

The prize would not be transferable or salable on eBay

I believe not transferable is sufficient language, that already rules out eBay.

Larry Jacks
2007-Apr-19, 07:29 PM
I would hope that there's some provision for helping the winner pay the taxes on a $20 million dollar prize.

2007-Apr-19, 07:35 PM
Like that one guy that had to refuse his prize because of the taxes.

I don't know how things are overhere; I have a feeling we don't have that taxes problem for non-money prizes. Maybe for houses, but I haven't heard about having to pay taxes on the value of for example the car you won. (of course you need to pay the regular car taxes when using it, but that's something completely different).

Larry Jacks
2007-Apr-19, 08:57 PM
In the US, prizes are considered income and are subject to tax. As an example, a talk TV host named Oprah Winfrey gave a new car to everyone in her studio audience one day last year (actually, the auto company gave the cars). Reportedly, the people were hit with a tax bill (http://www.upi.com/NewsTrack/Entertainment/2004/09/22/oprah_largesse_marred_by_tax_worries/) of several thousand dollars ($7000 in federal taxes plus state income taxes). If the prize is valued at $20 million (that's the reported cost of buying a ride on a Soyuz to the ISS), then the taxes would be in the neighborhood of $7-9 million or so.