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What is the best way to give money to family member if you win the lotto and avoiding tax?

Topic closed. 10 replies. Last post 4 years ago by KY Floyd.

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victorl3ichiban's avatar - georgemichael
san jose
United States
Member #53761
July 20, 2007
277 Posts
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Posted: August 26, 2010, 5:56 pm - IP Logged

Just to give you example. If I win the jackpot of $10 million dollar and take a lumpsum which will be about $7 Million and I want to give $2 million to my parents. Is it better to give them as a gift tax? or they come with me and claim the money together and split the check? or after I claim the money, I just write a $2 million dollar check to them which is unreasonable and the government would be really suspecious. What is the best way to avoid tax when giving money to family member?

    savagegoose's avatar - ProfilePho
    adelaide sa
    Australia
    Member #37136
    April 11, 2006
    2782 Posts
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    Posted: August 26, 2010, 6:03 pm - IP Logged

    write a reciept for a  20c part share, on ea lotto ticket. give them the reciepts or keep em on a folder.

     i mean keep a record of every ticket you buy, and write a reciept for your parents  giving them a 20% share and for %20 of the costs of ea ticket.

    infact, put it in your tax claim every year,

    gift, %20 of my lotto tickets purchased are gifts ot my parents totalling, $200 of my $1000 spend, here are the reciepts.

     

    hopefully the tax office recognise the gifts in years uptto your lotto win, socant doulbe tax a agift, ie the $2 on a $10 ticketwas the gift.

    they cant then come around and say the $2M win is also a GIFT AS THEY ACCEPTED THE $2 GIFT OF THAT TICKET SHARE.

    Start the records now.

     

    heheh im a trouble maker. and i wouldnt do it myself,but hey it should work

    2014 winnings

    JAN -$48.50;  FEB  -$77.5; MAR -$18.05;  APR -$96.05 MAY -$61.10; JUN $-85;

      victorl3ichiban's avatar - georgemichael
      san jose
      United States
      Member #53761
      July 20, 2007
      277 Posts
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      Posted: August 26, 2010, 9:03 pm - IP Logged

      anymore ideas?

        Avatar
        CA
        United States
        Member #84266
        December 26, 2009
        410 Posts
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        Posted: August 26, 2010, 11:17 pm - IP Logged

        Just pay for whatever they want until you have "given" them $2 million. Lol

          DC81's avatar - batman39
          MI
          United States
          Member #54830
          August 31, 2007
          975 Posts
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          Posted: August 27, 2010, 1:41 pm - IP Logged

          Give them a million and write off your life time exemption. If you want to give them more give them each the maximum amount allowed under the regular gift tax exemption.

          You can't predict random.

            Avatar
            Milwaukee, WI
            United States
            Member #3131
            December 27, 2003
            665 Posts
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            Posted: August 27, 2010, 7:14 pm - IP Logged
            If I read it right you have 1 $1 million  exclusion for gifts.
            That is for your lifetime and not per person.
            MarkP
              Rick G's avatar - avatar 1766.jpg
              FEMA Region V Camp #21
              United States
              Member #520
              July 27, 2002
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              Posted: August 28, 2010, 8:21 am - IP Logged

              Open up a joint checking account with them.  Put $250K in the account and let them draw what they need as they need it.  Replenish account as necessary. 

              Why do we worry about complying with their tax statutes?  Do they comply with how we want the money spent?

              Posted 4/6:  IL Pick 3 midday and evening until they hit:  555, 347 (str8).


                Avatar
                NY
                United States
                Member #23835
                October 16, 2005
                2829 Posts
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                Posted: August 28, 2010, 1:07 pm - IP Logged

                "Why do we worry about complying with their tax statutes?  Do they comply with how we want the money spent?"

                Last time I checked our recourse if we dont like the way they spend money is to not vote for them. Their recourse if we violate their tax statutes is prison and/or huge fines and penalties.

                  savagegoose's avatar - ProfilePho
                  adelaide sa
                  Australia
                  Member #37136
                  April 11, 2006
                  2782 Posts
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                  Posted: August 28, 2010, 3:34 pm - IP Logged

                  "Why do we worry about complying with their tax statutes?  Do they comply with how we want the money spent?"

                  Last time I checked our recourse if we dont like the way they spend money is to not vote for them. Their recourse if we violate their tax statutes is prison and/or huge fines and penalties.

                  yeah but i like his attitude

                  2014 winnings

                  JAN -$48.50;  FEB  -$77.5; MAR -$18.05;  APR -$96.05 MAY -$61.10; JUN $-85;

                    Rick G's avatar - avatar 1766.jpg
                    FEMA Region V Camp #21
                    United States
                    Member #520
                    July 27, 2002
                    5699 Posts
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                    Posted: August 28, 2010, 3:48 pm - IP Logged

                    "Why do we worry about complying with their tax statutes?  Do they comply with how we want the money spent?"

                    Last time I checked our recourse if we dont like the way they spend money is to not vote for them. Their recourse if we violate their tax statutes is prison and/or huge fines and penalties.

                    Understood, all robberies are done by force or threat of force.  Voting is no longer a recourse.  The two parties are the same criminals.

                    At what point do we stand up for ourselves and tell the thugs NO?  What's worse, death as a free man or life as a slave?

                    Posted 4/6:  IL Pick 3 midday and evening until they hit:  555, 347 (str8).


                      Avatar
                      NY
                      United States
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                      October 16, 2005
                      2829 Posts
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                      Posted: August 29, 2010, 3:33 am - IP Logged

                      "Voting is no longer a recourse."

                      Of course it is, but it's not some overnight miracle cure, and it doesn't come without a price. You can't wait until months after a dog pees on the carpet, beat them, and expect them to learn to go outside, and politicians are no different. You can't re-elect somebody by a modest margin and think they'll know that means that people aren't happy with the job they're doing. If you want them to learn you need to tell them what you want, and if they don't deliver you need to vote them *out*. The first doesn't happen often enough, and the second happens even less. Politicians, like most other people, don't just quit a good job if they don't have a better gig waiting. That generally means that your choices on election day are the guy you're not happy with because of his past performance, or the guy you're not happy with because his idealogy doesn't match yours.

                      If you knew you wouldn't be fired, would you always do everything the boss wanted you to do? Especially when there are other bosses who want you to do something different? Everybody wants the government to spend less, except on the things that are important to them. Everybody is against pork, except the pork that comes to their state or region. There's a reason that Robert Byrd was in the senate for 51 years.