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

Reply #10

KY Floyd — Sun, 29 Aug 2010 07:33:08 GMT

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... [ More ]

Reply #9

Rick G — Sat, 28 Aug 2010 19:48:10 GMT

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

Reply #8

savagegoose — Sat, 28 Aug 2010 19:34:11 GMT

yeah but i like his attitude

Reply #7

KY Floyd — Sat, 28 Aug 2010 17:07:10 GMT

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.

Reply #6

Rick G — Sat, 28 Aug 2010 12:21:13 GMT

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

Reply #5

markp1950 — Fri, 27 Aug 2010 23:14:30 GMT

If I read it right you have 1 $1 million exclusion for gifts.

That is for your lifetime and not per person.

MarkP

Reply #4

DC81 — Fri, 27 Aug 2010 17:41:35 GMT

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.

Reply #3

badboy00z — Fri, 27 Aug 2010 03:17:47 GMT

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

Reply #2

victorl3ichiban — Fri, 27 Aug 2010 01:03:43 GMT

anymore ideas

Reply #1

savagegoose — Thu, 26 Aug 2010 22:03:46 GMT

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... [ More ]

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

victorl3ichiban — Thu, 26 Aug 2010 21:56:42 GMT

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