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Ex-Wife of $273 Million Lottery Winner does Not want him back: 'I have morals'

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Ex-Wife of $273 Million Lottery Winner does Not want him back: 'I have morals'

 
Old 03-14-2019, 03:58 PM
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Originally Posted by ClipperFan View Post
Joe Walsh, or the Eagles
Correction: Life's been good---Joe Walsh


Powerball will be near $500,000 million this week (tonite?)
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Old 03-15-2019, 08:00 PM
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Giving away money is how lottery winners go bankrupt. You have to pay taxes on money you give away to friends and family. You can give away $15,000 tax free to as many people you want. There is a lifetime exemption amount you can give away, but after that you have to pay a gift tax of 35%. This would be explained to you if you got financial advice before cashing in your ticket. After you have bought everyone cars and houses, you get a huge surprise when you do your taxes the next year and see you owe the IRS an additional 35% on top of all the money you gave away. Some won't even know about this for few years because they never knew they had to pay a gift tax. Now your tax bill is huge. That's when you find out you don't have as much money as you thought you had. The accountant that you should had paid in the beginning, and should still have on retainer, will show you how to minimize your tax bill if you choose to be generous with your new wealth. But taxes is why lottery winners go bankrupt within 10 years. Because they don't have enough money left over to pay their taxes.
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Old 03-15-2019, 08:44 PM
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Originally Posted by VegasJen View Post
I was actually going to do that a couple days ago but held off. Lars is good people even though we don't agree on this subject. But you started this **** so I'm blaming you!
I'm not the one who gave Jesus a middle initial.
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Old 03-15-2019, 10:12 PM
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Originally Posted by ByRiver View Post
Giving away money is how lottery winners go bankrupt. You have to pay taxes on money you give away to friends and family. You can give away $15,000 tax free to as many people you want. There is a lifetime exemption amount you can give away, but after that you have to pay a gift tax of 35%. This would be explained to you if you got financial advice before cashing in your ticket. After you have bought everyone cars and houses, you get a huge surprise when you do your taxes the next year and see you owe the IRS an additional 35% on top of all the money you gave away. Some won't even know about this for few years because they never knew they had to pay a gift tax. Now your tax bill is huge. That's when you find out you don't have as much money as you thought you had. The accountant that you should had paid in the beginning, and should still have on retainer, will show you how to minimize your tax bill if you choose to be generous with your new wealth. But taxes is why lottery winners go bankrupt within 10 years. Because they don't have enough money left over to pay their taxes.
Exactly. This is where greedy Uncle Sam gets his hands in the pot of gold again. Even though he taxed the hell out of it when you receive it. What a great country we live in.
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Old 03-15-2019, 11:20 PM
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CA doesn't tax lottery winnings . People are getting smarter and lottery workers are advising winners to get tax, financial and legal advice. Therefore winners are making better decisions...A good example has to be the pro athletes, u don't hear about them filing bankruptcy as much......From what I read I guess, approximately 200-300 a year win $1 million or more in U.S. lotteries. Maybe more
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Old 03-15-2019, 11:28 PM
  #66  
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Originally Posted by ClipperFan View Post
Joe Walsh, or the Eagles
*Eagles
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Old 03-15-2019, 11:35 PM
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Originally Posted by Murray Anderson View Post
*Eagles
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Old 03-16-2019, 10:19 AM
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Originally Posted by ByRiver View Post
Giving away money is how lottery winners go bankrupt. You have to pay taxes on money you give away to friends and family. You can give away $15,000 tax free to as many people you want. There is a lifetime exemption amount you can give away, but after that you have to pay a gift tax of 35%. This would be explained to you if you got financial advice before cashing in your ticket. After you have bought everyone cars and houses, you get a huge surprise when you do your taxes the next year and see you owe the IRS an additional 35% on top of all the money you gave away. Some won't even know about this for few years because they never knew they had to pay a gift tax. Now your tax bill is huge. That's when you find out you don't have as much money as you thought you had. The accountant that you should had paid in the beginning, and should still have on retainer, will show you how to minimize your tax bill if you choose to be generous with your new wealth. But taxes is why lottery winners go bankrupt within 10 years. Because they don't have enough money left over to pay their taxes.
Being taxed multiple times on the same money is BS! Lottery winners already pay huge taxes on their winnings. They should have to pay again if they want to do something nice for someone. And in the end, how does Uncle Sam or Aunt Bertha know if I handed my buddy 500K for a bunch of hookers and blow? It could be peeled away from a box full of spending money in the closet or I wrote myself a check to take it out of the bank. They try to double and triple tax money anyway they can but moms don't have to pay any taxes on the child support they receive. It's all on the dad. That's not right.
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Old 03-16-2019, 11:01 AM
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Originally Posted by rougewave View Post
Being taxed multiple times on the same money is BS! Lottery winners already pay huge taxes on their winnings. They should have to pay again if they want to do something nice for someone. And in the end, how does Uncle Sam or Aunt Bertha know if I handed my buddy 500K for a bunch of hookers and blow? It could be peeled away from a box full of spending money in the closet or I wrote myself a check to take it out of the bank. They try to double and triple tax money anyway they can but moms don't have to pay any taxes on the child support they receive. It's all on the dad. That's not right.
Doesn't make sense to me either. Just like leaving your farm or wealth to your children should be simple to do, but they have to pay an inheritance tax to get it. Our government wants a piece of whatever we have. Not sure how how the IRS would know if you gave a few stacks of cash to someone, but people get busted for it all the time. Perhaps when they deposit more than $10k in their account and have to reveal where it came from? Not sure.

I was reading articles on lottery winners while dreaming about winning the jackpot when I saw the part about gift tax on money you give away. It looks like you self report, but the IRS goes after people who don't. Perhaps they monitor your bank account?

https://www.thebalance.com/annual-ex...-taxes-3505637

https://www.schwab.com/resource-cent...y-can-you-give
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