Powerball

Foxrac said:
Oh... interesting...

If no one claim capital gains nor gift tax so it means you lose about half of money.

For 930 millions, it means $929,584,950 are taxed at 39.6%
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dont forget state taxed and the others... they basically rape you.
 
sonocativo said:
capital gains is hidden, but they will nail you at tax time for any intrest you get unless its rolled back in and never touched... its not in these stories, but the tax advisor will warn you ( Ive sold stocks so I know the scoop on capital gains)
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sonocativo said:
any money you give away is a gift, unless its a non profit charity. But theres still a big if about that too... any money you give away is considered a gift, thats why you need a tax attourney and financial advisor to keep you out of trouble
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I got it now - I'm surprised about gift tax, that's 40%, OMG...

The gift tax isn't covered under business financial course, but it is probably covered in accounting course.

Of course, agreed, it is best to discuss with tax attorney and meet with tax preparer.
 
sonocativo said:
dont forget state taxed and the others... they basically rape you.
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Alabama? I'm laughing because percent of tax is lower.

Some states have no income tax like Florida and Texas.
 
Foxrac said:
I got it now - I'm surprised about gift tax, that's 40%, OMG...

The gift tax isn't covered under business financial course, but it is probably covered in accounting course.

Of course, agreed, it is best to discuss with tax attorney and meet with tax preparer.
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the catch is, when you gift, youre allowed XXX amount, after that they hit you hard... the person you gifted to, well, they have to claim that and pay taxes on it.
 
Foxrac said:
Alabama? I'm laughing because percent of tax is lower.

Some states have no income tax like Florida and Texas.
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May not have income taxes, but still have federal, state and others... each state is different... crazy that its a " United States" but Un-United in every aspect....Taxes, laws....
 
sonocativo said:
May not have income taxes, but still have federal, state and others... each state is different... crazy that its a " United States" but Un-United in every aspect....Taxes, laws....
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Yes, if there is no state income tax so it means other taxes will be higher.

In Texas, if you own a property like $1 million house, you will have pay over $10,000 annually for property tax.

Texas has highest property tax, along with many northern states like NY and NJ.

Oregon has no sale tax, but they have high income tax and high property tax.
 
sonocativo said:
the catch is, when you gift, youre allowed XXX amount, after that they hit you hard... the person you gifted to, well, they have to claim that and pay taxes on it.
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According to the Feds any individual can give to any number of individuals 14,000 bucks without any kind of penalty. My wife an I each could give an individual 28,000 bucks...
 
'King of Instragram' Dan Bilzerian, who lives close to Chino Hills, revealed he bought $100,000 of tickets earlier today

Appears that at least one person in Chino Hills area of California has won


I hope he didn't win. :lol:
 
Tousi said:
According to the Feds any individual can give to any number of individuals 14,000 bucks without any kind of penalty. My wife an I each could give an individual 28,000 bucks...
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But the receiver has to pay taxes.
 
Tousi said:
According to the Feds any individual can give to any number of individuals 14,000 bucks without any kind of penalty. My wife an I each could give an individual 28,000 bucks...
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Just so you know, if your wife and you ever want to give me $28,000 that is perfectly ok with me ;)
 
When I still worked for the city, we did a pool every week for wednesday and saturday draws. If it was a small win, it got rolled back into the pot to buy more tickets the following week. We hit a few nice sized wins, but since it wasnt enough to matter when split, we rolled it back in as well... more tickets= better chance to win.
 
$̶1̶4̶6̶,̶0̶0̶0̶ ̶f̶o̶r̶ ̶7̶3̶,̶0̶0̶0̶ ̶t̶i̶c̶k̶e̶t̶s̶ (I had to strikeout that!) :laugh2:
 
Tousi said:
My understanding is that there's no tax on a gift of that size for either party....
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Any money one gets has to be claimed as income. Any items gifted has to be claimed as income... uncle sam doesnt like one to get something for FREE.
 
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