Upside down maybe true but the ones that are more confident, intelligent or patient, they'll likely to advise you first then wait for you to pay later because if you just give them all, they know that money wouldn't last forever but when they advise and help you which investment is the best and help you to be financially efficient. They knew your financial stability would be good for their resource and that you'll be their golden goose that would giving them very efficient finances whenever you need them.
at least in the UK the jackpot sum is what you take home and you are not taxed on it. You pay tax when you buy the ticket. However I bet your money gets taxed in the bank.
I'm glad I watched this for that losing ticket tax deduction advice. Now I'll go to the liquor store with a plastic bag and dump out all the losing tickets in the trash into my bag, keep them for 1 year, and then when I win a large taxable amount I just give them all of "my" unsuccessful tickets.
these tax are crazy. government should not tax the winning player. the player already lose money buying lottery tickets. the odds stack against player greatly. if it's private company that own the lottery business I'm sure the government already tax their income. lottery is already called "tax for the poor". and now when the lucky poor won. the government will tax their luck and cut their wealth in half. it's the player that spend their hard earn money(which already taxed!) and took the risk not the government or "the people".
Well it was your money and as long as you spent it on stuff helped you there's no problem it don't matter how fast you spent it. It's when you spend it all on gambling and hookers and crap...
Sounds about right. People think $1m is enough to retire and never work again and live in a mansion on a private island. I'm in my 20s. If my salary never increases, I'll have made about $2.5m over the course of the next 40 years in my career. And my salary is below the U.S. median. No way I could even quit my job if I won $1m. I would have far, far less than I would if I never won. First off, I'd only have $500k after taxes. That's basically a fairly normal semi-nice home in my area. I could win a $1m jackpot and own a fairly common house and have nothing else to show for it, still needing to work to pay taxes on said house, put food on the table, etc. Pretty amazing how different the reality is from the perception.
If i won the lottery of £200m I would invest 150m into property to rent, 800x £250,000 houses with an average rent of approx £1000 per month. This gives a yearly return of: 9.6m pre tax. So now i have assets of 150m, and nearly 10m annual income. Next i put 5m (or the max in high interest deposit accounts, these will make me 250,000 a year in interest. (Which i can live off of quite easily.) I would then have 25m. And an annual income of £6m approx after tax. When i reached 65, I would create a property business, and name ALL my children as business partners. Upon my death there would be no inheritance tax :D as my children already own the business (its better than a trust fund lol) The 25m i would split, blow 10m on stupid things totally enjoy the high life. 2m i would ensure all my kids have no mortgages etc. The other 12m i would invest in local community. Now all the money is tied up and gone. But id still have nearly 6m a year to live on, and if you cant live happily on 6m a year something is seriously wrong LOL. Well thats what i would do. And have a fantastic time doing it, and not lose the money, so i could have my lottery and eat it :D Sadly the odds of winning the lottery (euro lottery) in that amount is low, but it could happen.
I live in an RTK state.. I'm curious whether or not a big jackpot winner can put a GAG ORDER on the Lottery to buy them time to relocate. That way, by the time the Dinner Bell for Carpetbaggers goes off, the winner will have since moved out of harm's way.
Furthermore, state and local taxes can be deducted to reduce the pre-tax income on federal taxes - you don't just add federal + state. Do not hire this guy
Lawyer and CPa are the last two clotures I'll ever go to... It's common sense when you win. Go to lotto office and get your check.... Automatic deposit then hire some good family members with guns to hard your house until after the storm clears.... Or just dussappeared quietly after you claim your prize....
These guys looks so greasy and slick. The Jackpot is $650 million, after tax the net take home $280 million, and you're giving away $300 million. These guys can't do math.
welder424 You cant.Say you moved the 600m to Canada. You will still be taxed the amount that the state and country requires you to pay. The government made it this way because lots of the taxed money goes to schools and shit. they don't want you to just bypass the taxes by moving it. same goes with states. if you won 600m in Arizona with its 5% tax and you found out that Utah only taxes say 3% and you move the money to Utah to save yourself some dough. you will still be taxed Arizona's 5%. So basically the state you bought the ticket in is the state you will be taxed in. No matter what.
