LOUISVILLE, Ky. -- Tossing money into the office lottery pool? There are a lot of legal pitfalls to watch out for.
Louisville tax attorney Darby Smith says if you do put money in the office pool, make sure there is a written contract showing who is in on the pool.
He says if the pool hits the big one, massive tax ramifications kick in and the members of the pool will need to decide how to split the tax bill.
Smith says transparency is important, adding pool members should be provided scans or pictures of the tickets before the drawing.
Smith says if your pool wins, your first call should be to a lawyer or financial adviser before reaching out to the lottery.