Mega Millions lottery: Did you win Friday’s $20M Mega Millions drawing

Mega Millions lottery: Did you win Friday’s $20M Mega Millions drawing? Results, winning numbers (6/11/2021). The Mega Millions jackpot for Friday’s lottery drawing has rolled back to $20 million after a lucky ticketholder in suburban Chicago won Tuesday’s $56 million prize.

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The winning numbers were: 4, 43, 56, 63 and 68. The Mega Ball drawn was 13 with a Megaplier of 4X.

In addition to the jackpot-winning ticket bought at a Citgo gas station in Crestwood, Illinois, a pair of second-prize, $1 million tickets were purchased: in Iowa and West Virginia. Each matched five numbers but not the Mega Ball.

In the Garden State, no one won more than $600 with a single ticket, according to the New Jersey Lottery.

Tuesday’s winning numbers were: 9, 22, 39, 41 and 54. The Mega Ball drawn was 19 with a Megaplier of 3X.

Both large multi-state lottery drawings have been won in the past week — on Saturday someone who bought a ticket in Jacksonville, Florida hit the $286 million Powerball jackpot.

Mega Millions tickets cost $2 each and in New Jersey must be bought by 10:45 p.m. on the evening of the drawing. The odds of a ticket hitting the jackpot by matching five numbers and the Mega Ball are 302,575,350 to 1. Players have a 1 in 12,607,306 shot to win the second prize of at least $1 million by matching five numbers.

The game is played in 45 states, Washington, D.C. and the U.S. Virgin Islands.

The New Jersey Lottery office in Lawrence is open by appointment only. You can still claim your winnings — provided they’re less than $599.50 — in person at any retailer.

The lottery is also accepting mailed claims, though officials warn payments might be temporarily delayed. Winners are advised to make copies of the claim form and the winning ticket for their records.

Do I have to pay the exit tax after selling house at a loss?

Q. I am selling a house in New Jersey which was bought in 2004 at the price of $780,000. I paid off the full mortgage. The house has been rented out for six years, and it just sold for $755,000. I was directed to pay a non-resident tax of $15,000. Do I have to pay that given that I sold the house at a $25,000 loss?

— Seller

A. The exit tax isn’t a separate tax, but instead it’s an estimated tax paid on the sale of a home.

The state instituted the tax so non-residents would file a final state tax return and not skip out on paying what they owe on a home sale.

We’re going to assume this home was your primary residence when you purchased it, and when you moved out six years ago, you converted it into a rental property.

Rental properties are allowed to take a depreciation deduction against rental income, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown.

He said depreciation is an acknowledgment that while you are collecting rental income, the underlying structure is aging away.

“The depreciation deduction shelters part of your rental income from taxation,” he said. “This tax savings is to compensate the owner for the wear and tear that the structure, not the land, is undergoing.”

The downside of a depreciation deduction is even though you are saving taxes, your tax basis is being reduced by the depreciation deduction, he said.

Kiely assumed that your improvements were 80% of the original purchase price and the land was 20%. This means that $624,000 was subject to depreciation, he said.

Under current tax laws, you would have taken $135,200 in accumulated depreciation between the years 2105 and 2020. That means your adjusted tax basis is $644,800 ($780,000 – 135,200 = $644,800), which gives you a taxable gain of $110,200, Kiely said.

What happens is you now say “I didn’t depreciate the property?”

“The words in the Internal Revenue Code are your basis is adjusted by the depreciation `allowed or allowable,’” he said. “This means even if you did not take the depreciation deduction, you must still adjust your tax basis downward.”

The $15,000 that was withheld at closing represents 2% of the sales price. You will have to pay both federal and New Jersey taxes on the $110,200, Kiely said.

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