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Old 12-17-2013, 03:33 PM
 
Location: East Coast of the United States
18,428 posts, read 20,480,447 times
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Quote:
Originally Posted by chucksnee View Post
Not if you won....
But you won't.

Ever. ;-)
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Old 12-17-2013, 03:41 PM
 
Location: Stasis
15,833 posts, read 10,379,955 times
Reputation: 8569
Quote:
Originally Posted by swagger View Post
Uhh... 25%? Try again.
The feds withhold 25% and come for the balance of the 35% at tax time - but as pghquest said - you can deduct your $212M in ticket purchases as a business expense.
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Old 12-17-2013, 03:44 PM
 
11,770 posts, read 8,833,110 times
Reputation: 3435
I think more people should be like this guy.

Calgary man says he'll donate entire $40M lottery win to charity | CTV News
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Old 12-17-2013, 04:10 PM
 
2,976 posts, read 3,093,295 times
Reputation: 1121
Quote:
Originally Posted by lycos679 View Post
The lottery isn't supposed to be reachable, it's supposed to be a tax on stupidity with proceeds going to fund education. It would be nice if the lottery had reasonable odds though, but the payoff wouldn't be as large if that was the case.
Wish I can rep you more.
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Old 12-17-2013, 04:13 PM
 
11,833 posts, read 6,820,931 times
Reputation: 6450
Quote:
Originally Posted by sullyguy View Post
In Virginia I use the multiplier 0.5425 to figure take-home cash amount from the cash prize.

====
Just looked up tax rates and see Virginia maxes out at 5.75% BUT the feds take 39.6% + possibly another 3.8% SURTAX so the total tax hit could be almost 50%.

So last I saw it was 626 Million , so by the time it's over I'm sure it will be more than that so after taxes I could by this ! Spend it all at one time...LOL

One $400 million super-yacht with three Monet paintings onboard | LUXUO Luxury Blog
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Old 12-17-2013, 04:20 PM
 
Location: Maryland
6,235 posts, read 4,774,378 times
Reputation: 7189
Quote:
Originally Posted by ambient View Post
Conservative shouldn't play the lottery. Don't you take pride in being self-sufficient and not looking for massive un-earned cash awards?
Un-earned?
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Old 12-17-2013, 04:23 PM
 
Location: Northridge/Porter Ranch, Calif.
22,611 posts, read 28,172,758 times
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Quote:
Originally Posted by lycos679 View Post
Would you do that if you won $40 million?
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Old 12-17-2013, 04:38 PM
 
Location: Northridge/Porter Ranch, Calif.
22,611 posts, read 28,172,758 times
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Quote:
Originally Posted by scarabchuck View Post
So last I saw it was 626 Million , so by the time it's over I'm sure it will be more than that so after taxes I could by this ! Spend it all at one time...LOL

One $400 million super-yacht with three Monet paintings onboard | LUXUO Luxury Blog
A yacht? I'd rather buy a big mansion for only about $10 million. Like this one:

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Old 12-17-2013, 04:39 PM
Status: "Oh wait, what's this?" (set 21 days ago)
 
Location: Tyler, TX
15,229 posts, read 18,613,441 times
Reputation: 8080
Quote:
Originally Posted by katzpaw View Post
The feds withhold 25% and come for the balance of the 35% at tax time
That's not how your original quote was phrased.

Quote:
Originally Posted by katzpaw View Post
as pghquest said - you can deduct your $212M in ticket purchases as a business expense.
Were the tickets purchased as part of a business transaction? What business model requires spending a quarter billion dollars on lottery tickets? What's the NAICS code for that type of business?

You could TRY to write them off, but I think you'd be guaranteeing yourself an audit, and you'd probably lose. At the very least, you should already have your legal defense formulated and rock solid before trying it.
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Old 12-17-2013, 04:43 PM
Status: "Oh wait, what's this?" (set 21 days ago)
 
Location: Tyler, TX
15,229 posts, read 18,613,441 times
Reputation: 8080
Quote:
Originally Posted by Fleet View Post
A yacht? I'd rather buy a big mansion for only about $10 million. Like this one:
Eddie Murphy's place? Nah. I'd rather have Travolta's, complete with the largest private airstrip in the country and the jets.
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