If I win the lottery should I start a church & donate the money to the church so I can get the money tax free?

Question

If I win the lottery should I start a church & donate the money to the church so I can get the money tax free?

Answer 1

haha, but then you will have to do charity, so you loose the money anyway

Answer 2

If the law allows yes, having worked in taxes a bit, learned Hand (That's his name) said, it behoveth all individuals to make the maximum usage of tax law so as to pay the least legal taxes, I go by that myself.

Answer 3

The IRS has been on to stuff like that since the 70's. People started becoming ministers in the Universal Life Church (started by an atheist) and tried calling their luxury houses monasteries and churches. A lot of those people went to jail.

It won't work.

Answer 4

If you are asking me what you should do with your money then I want you to give it to me.  In return I will, one day, give you something great in return.  

Answer 5

you would not be able to use the money for yourself.

IRS Laws forbids anyone profiting from a tax free corporation.

Church's are registered as Tax free corporations

Answer 6

your money do what you want

Answer 7

you'd still have to pay tax on 1/2 of the money, since charitable contributions are limited to 1/2 of your adjusted gross income.

Answer 8

What would be the beliefs of your church? Will the doctrine be sincere to the teachings and statues of God's Words.

Then decide if 1.) playing the lottery is Godly way of earning money. 2.) finding the answer to question 1 will answer your question.

Answer 9

Of course you can, it's your money, anyway.  But there's a name for it's  malicious intent.

Answer 10

Won't work, first you have to claim the prize in order to collect it in the first place before you can give it to anyone else...at which time the lottery commission will take 25% of any actual prize awarded.

Example, you win 3 million, you take a cash out and recieve 1.5 million, that 1.5 mil is taxed at 25% you are left with something around 1 mil which then you may disperse at will..

better scenario, start a family trust, redeem winning ticket as trustee. you still have to pay the taxes but that money was never yours and you can never be sued out of it.

Answer 11

That money will be taxed immediately and at about a hefty 38 to 48 percent rate. They have a special tax they levy on lottery winnings and it's quite steep.. Hope this helped...God bless you !