- Apr 1, 2014
- 1,968
- 701
The OFFICIAL Powerball and Megamillions thread:
- Sep 1, 2007
- 8,131
- 618
Will you enlighten me on this gift tax? Is it nationwide? You saying I can only give away 5 milly without being taxed?
Part of me was thinking I would send anonymous cashiers checks to the people I want to give to. Now you got me thinking I need to take out all cash like Money May and just ship my gift in boxes.
- Sep 1, 2007
- 8,131
- 618
M parents and my sister would know. That's all. Everyone else either getting a random cashiers check for $x or a vacuum cleaner box filled with cash. I would prefer people think I'm booming in my business.
I wouldn't pay off **** for anyone. Let them use the gift to make that decision. I could see giving a few people whips. That would be for those that have the same passion for cars as I.
- Jul 18, 2013
- 32,880
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Mom's my lawyer so she'd be the first person to know. After that I'd tell my friends, known them dudes for years and trust them enough with that info. Wouldn't be the first time they learned about money I have anyways. Then I'd have a meeting with the NYC fam and tell them EXACTLY what is and isn't gonna happen. Maybe I'd tell my father, but then my brother and his mother would know and I don't trust them to not tell everyone they know. Would be hard to keep that kind of a secret from him though.
- Aug 9, 2012
- 17,777
- 6,406
Fight Club huh
- Jul 22, 2012
- 37,346
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Same. Immediately family and that's it.
Majorbread
formerly 40inchboost
- Jul 16, 2009
- 4,491
- 3,328
Would claim using a blind trust, work my job rest of 2016
Would set up trusts for my close buddies, wouldn't give them $1M off the bat would set something up so it basically pays them like a $5K bi weekly paycheck for the rest of their lives
Same with Family, would do for all family. Would basically set aside $100M and set fam and friends up, all controlled through trusts
Would blow $100M
Would keep the rest in treasuries or savings account and just draw a $5M a year salary after that
Would set up trusts for my close buddies, wouldn't give them $1M off the bat would set something up so it basically pays them like a $5K bi weekly paycheck for the rest of their lives
Same with Family, would do for all family. Would basically set aside $100M and set fam and friends up, all controlled through trusts
Would blow $100M
Would keep the rest in treasuries or savings account and just draw a $5M a year salary after that
- Jul 20, 2013
- 8,074
- 9,243
The most you can gift someone (who is not your child) is somewhere between $10-13k w/o getting taxed.
I forgot the exact amount but I know for a fact it lies somewhere in that range.
- May 2, 2012
- 27,111
- 14,584
- Jul 20, 2012
- 3,454
- 2,849
Lol, i gifted someone a total of 40k over the past year through PayPal. . Oh whales..
- Jul 18, 2013
- 32,880
- 81,664
What the IRS don't know won't hurt them
cubanref
Supporter
- Aug 9, 2004
- 5,234
- 6,125
Got suckered into a workplace lotto pool... 8 people, 40 tickets. I don't trust these fools
- Jun 16, 2008
- 15,990
- 5,971
You can only give away $14K w/o it being taxed.
And if you don't pay the taxes on that money then the IRS would surely come after those you gave the money to.
Someone has to pay the taxes, it's usually the gifter, if not then it's the giftee. If not you and your friends would likely go down for felony tax evasion.
Enjoy Club Fed.
.
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- Sep 1, 2007
- 8,131
- 618
Thanks fam! The IRS is always trying to get in the mix. Welp, trusts for everyone.
- Mar 25, 2004
- 6,399
- 1,099
Interesting read from over the summer just after the rule change which has sparked the Billion dollar pay outs.
http://fivethirtyeight.com/features...ive-america-its-first-billion-dollar-jackpot/
These huge payout will be the norm since the odds are much worse now but people are flocking to buy tickets (and it only increases with each failed drawing) like this is a one of.
The executive director of the Powerball being put on leave, the security director is in jail currently convicted of fraud , and a switch to substantially worse odds (1 in 175 million chance to 1 in 292 million) and people are spending more than ever.
https://www.washingtonpost.com/news...-million-jackpot-rigged-by-a-former-employee/
http://fivethirtyeight.com/features...ive-america-its-first-billion-dollar-jackpot/
These huge payout will be the norm since the odds are much worse now but people are flocking to buy tickets (and it only increases with each failed drawing) like this is a one of.
The executive director of the Powerball being put on leave, the security director is in jail currently convicted of fraud , and a switch to substantially worse odds (1 in 175 million chance to 1 in 292 million) and people are spending more than ever.
https://www.washingtonpost.com/news...-million-jackpot-rigged-by-a-former-employee/
- Jan 21, 2013
- 1,366
- 959
copped $20 worth.
lady in front of me dropped $200 on tickets.
lady in front of me dropped $200 on tickets.
Majorbread
formerly 40inchboost
- Jul 16, 2009
- 4,491
- 3,328
bout to go cop my 2 tix here in a min
playing your own numbers FTW
playing your own numbers FTW
- Apr 18, 2014
- 8,765
- 5,734
Wait there's a gift tax?
If I'm walking down the street and I drop 10G's in a homeless guys lap the government expects a cut of that?
If I'm walking down the street and I drop 10G's in a homeless guys lap the government expects a cut of that?
- May 2, 2012
- 5,765
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I live in MD and we have that option. I really don't understand why this isn't nationwide. Forcing people to come forward in public is crazy to me. If I absolutely had to, then I would wait until I got my immediate fam away from where ever we called home and set a few things up. So this would be months after knowing I won. I would still be going to work and everything until I came out to the world.
If your peoples got those anonymous checks wouldn't they be required to pay tax on that money if they deposited it?
Ridiculous
- Jul 22, 2012
- 37,346
- 32,227
Anything under $14k won't be taxed by the govt. Anything over, you'll need to report it.
Wait there's a gift tax?
If I'm walking down the street and I drop 10G's in a homeless guys lap the government expects a cut of that?
- Jul 22, 2012
- 37,346
- 32,227
I saw the line today at the corner store near work. I'll pass. People are going crazy now.
- May 2, 2012
- 5,765
- 4,699
How exactly does this work? I write a personal check or a cashiers check to each person for X amount of money over 14k. How does the gov't know that I did that?
- Jan 20, 2002
- 54,313
- 31,869
nothing is certain except death and taxes
