Wednesday, December 18, 2013

Didn't win Mega Millions last night? Maybe next time.

As of yesterday, the jackpot was estimated to be $636 million in the 43 state plus the District of Columbia and U.S. Virgin Island Mega Millions lottery that was drawn last night.  65 to 70% of the over 259 million possible number combinations had been played by Monday.

While dreams of vast wealth dance in players heads, actual lottery and gambling winnings bring up a host of very real legal and tax issues.  The Massachusetts Department of Revenue's guides to personal income tax includes one about Gambling and Lottery income.  The American Bar Association offers a brief guide to helping clients who have suddenly become very wealthy.  For many other sources of information about games of chance in Massachusetts, see our Law About Gambling and Casinos.