If you win the jackpot on the lotto and were to give

Reply #28

Delta Draw — Mon, 27 Sep 2010 05:10:19 GMT

Oh poo!.

What difference does it make if Caesar wants his toll?

Nothing new about taxes, Ridge Runnicuss-Maximus.

It is the product of government!

Go down to see our master and ask him about his rotted rye seed for his reply. He got the idea from that seaside loafer who talked about riding on waves with a plank carved of wood. He never paid taxes because he did not work.

DD

Ahh, Socrates, the original party animal

Reply #27

Delta Draw — Mon, 27 Sep 2010 04:56:45 GMT

Pumpi! You live with your dad, don't you think he is a good cause after all these years?

DD

Reply #26

RJOh — Sun, 26 Sep 2010 16:38:47 GMT

If I won $10M in a lottery and wanted to give $2M to family member of anyone else I would fill out a IRS form 5754 showing them as 20% owner of the winnings, that way they would get $2M along with the responsibility of paying all taxes on it.

Reply #25

rdgrnr — Fri, 24 Sep 2010 03:37:21 GMT

Surely there are a few good Spartans left. They're probably down by the Hot Gates.

I'll have to ask that guy from Greece when I see him.

Reply #24

OwlCreekBridge — Fri, 24 Sep 2010 00:32:10 GMT

300 took place over 2,000 years ago. I'm sure quite a few things have changed since then

Reply #23

CutlassBob — Thu, 23 Sep 2010 22:54:56 GMT

The estate-tax laws changed markedly as of 1 Jan 2010, and further change is expected. The recipient of a gift made by a U.S. citizen has nothing to worry about, no matter the size of the transfer, because gifts are not taxable income. No estate tax at all is imposed in 2010 because that tax was repealed for 2010. Contrast this with 2009, when an estate of less than US$3,500,000 was not taxed, depending on prior gifts; then in 2011 the current law restores a limit of US$1,000,000.

Read the re... [ More ]

Reply #22

rdgrnr — Thu, 23 Sep 2010 22:21:27 GMT

What do you mean you don't know what Greece is like? Didn't you see 300 ?

I wish Leonidis and the Spartans were still around to deal with them Persians again.

Our leader is far too sensitive.

Reply #21

victorl3ichiban — Thu, 23 Sep 2010 19:43:14 GMT

USA government don't play with regular citizen but celebrity now a day seem to get away with everything just look at Lindsay and Paris.

Reply #20

savagegoose — Thu, 23 Sep 2010 19:30:21 GMT

i think in greecs cash transactions over $1400 euro are now illegal

Reply #19

B$Rizzle — Thu, 23 Sep 2010 18:42:27 GMT

if you are going to give your parents $2 Million then just accept the check from the lottery office and then setup a seperate account with your Mom/Dad/You as owners of that account. Then just let your parents use the account in which the $2 Million is deposited in.

You would still have a Main account that has all of your money and then you just transfer $2Mil to your Joint account with your parents =) that way no gift tax your parents only have access to the joint account

I... [ More ]

Reply #18

ttech10 — Thu, 23 Sep 2010 18:34:53 GMT

That's why I suggested having it withdrawn from a bank and keeping the bank receipts with the money. That way if, for whatever reason, a cop searches your home and finds tens of thousands they would at least have some clue that it did in fact come from a bank. Also if they questioned how you came about so much money you could probably mention the lottery (if you didn't claim anonymously/with a blind trust) or have them speak to your lawyer which could likely settle it.

Of course I would... [ More ]

Reply #17

OwlCreekBridge — Thu, 23 Sep 2010 17:19:07 GMT

If it was illegal to keep over $10,000 in your home, which I doubt. I suggest you stay on the right side of the law. I don't know what Greece is like but the US government don't play.

Reply #16

rdgrnr — Thu, 23 Sep 2010 15:00:50 GMT

They freeze the money?

Man, then if you get it back, do they pay you in cold cash

Reply #15

Stack47 — Thu, 23 Sep 2010 13:54:20 GMT

Is there really a California legal statute prohibiting the citizens of that state of having more than $10,000 in their home or are you just making an assumption?

If a police came into your house and found out if you have more that $10,000, they will easily cease it and freeze the money and you would have a lot of answering to do.

California is still part of the U.S. and Constitution says the police or FBI need a search warrant to search your house. Did you forget your topic is if you win... [ More ]

Reply #14

johngreek — Thu, 23 Sep 2010 12:48:58 GMT

i didn't know that victor

but even if it is illegal how can one now how much money you have stashed in hidden house spots or safes

Reply #13

rdgrnr — Thu, 23 Sep 2010 11:59:35 GMT

If you claimed the 10 million and then wrote a check to your parents for 2 million, the taxman will ask you for another 1.1 million for gift taxes, that $2 million dollar check will cost you $3.1 million. Gift taxes isn't just a little tax, it's a big tax.

Isn't it amazing how we've come to accept that we owe the government part of our money every time we give someone a large cash gift? They demand that if we give family members a gift of $2 million, that we also give them a million or... [ More ]

Reply #12

OwlCreekBridge — Thu, 23 Sep 2010 10:07:21 GMT

this doesn't sound right at all. To my knowledge, there is no law written in any book or any legal document that limits the amount of money someone can legally keep in their home in California or in any US state. If there is such a law (which I highly doubt), provide me with the link to this law or its article number and I will gladly eat my words. In the meantime I would say the claim there is a $10,000 limit on cash kept in someones home in California is an old wives tale.

Reply #11

jwhou — Thu, 23 Sep 2010 07:31:56 GMT

In my opinion, the best way would be to get the money into an offshore trust or corporation. Your parents can be employed by the corporation and have expense accounts for whatever they need as well as drive a corporate car, live in a corporate house etc. Perhaps have the family sail around the Mediterranean for a while to disentangle yourself from taxes as much as possible.

If you claimed the 10 million and then wrote a check to your parents for 2 million, the taxman will ask you for another

Reply #10

Colt45ML — Thu, 23 Sep 2010 05:54:45 GMT

They could, and probably would, sieze it under the RICO statutes. All the cops have to say is that they suspect that you got this money through illigal means, such as selling drugs. You would go through hell trying to get it back, and you still probably wouldn't be able to. I'm sure they have some Patriot Act statute that they can use to rob you too. This kind of stuff makes my blood boil.

Reply #9

victorl3ichiban — Thu, 23 Sep 2010 05:42:48 GMT

it is illegal in CA. If a police came into your house and found out if you have more that $10,000, they will easily cease it and freeze the money and you would have a lot of answering to do. Also think bout how your house might get caught up in fire. You don't want all those cash to burn away.

Reply #8

ttech10 — Thu, 23 Sep 2010 04:57:38 GMT

Yea, it may not be illegal but if they came across the average person with that kind of cash in their home they would be pretty suspicious. I'm sure their first thought would be that you have it from illegal activities and then they may investigate.

If you want to keep large sums of money at your house and you withdrew it from your bank, I would hang on to the bank receipt just incase. It would really help out in explaining why you have $50,000 in cash at your house.

Reply #7

rdgrnr — Thu, 23 Sep 2010 03:59:35 GMT

Yeah, I didn't think that sounded right either.

Reply #6

iGlenn — Thu, 23 Sep 2010 03:50:09 GMT

It's not illegal to have more than $10,000 cash in your home.

Reply #5

pumpi76 — Wed, 22 Sep 2010 23:58:31 GMT

rare ailments/conditions/diseases the ones that rarely get support or publicity, stuff that are not common...That s where i will go....rare causes...

sorry thought you meant charities...

Reply #4

victorl3ichiban — Wed, 22 Sep 2010 21:29:06 GMT

true, but you live in greece. Most of the Asian country or the East have no probelm having a lot of cash at home but in America, you could only have max of $10,000 otherwise it is illegal.

Reply #3

johngreek — Wed, 22 Sep 2010 18:57:26 GMT

i would claim the money for my self

then i would withdraw 2 millions in cash and put the other 8 in high yield banking functions..

i would give my parents the 2 million in cash which they would put in their safe or under matress

tax would be no problem of course anymore but inflation would be the major problem

Reply #2

Raven62 — Tue, 21 Sep 2010 14:58:09 GMT

Consult a Tax Professional!

Lottery Post Forums Search is Your Friend: When it comes to looking up previous discussions on the same Topic

Reply #1

ttech10 — Tue, 21 Sep 2010 07:29:33 GMT

You could probably say that y'all bought the tickets together. That's what pools do. Of course in that scenario it would probably be split 50/50 (you and them as a couple), saying y'all went in as a group but then not divide the winnings evenly may look fishy to either the lottery or the government.

I've read some members on here mention creating a trust or LLC and you can add whoever you want as a part of that group and you won't have to pay the gift tax. I believe you could still claim... [ More ]

If you win the jackpot on the lotto and were to give

victorl3ichiban — Tue, 21 Sep 2010 07:00:28 GMT

let say you win 10 million dollar and wants to give 2 million dollar to your parents. would you claim all 10 million and right 2 million check to your parents are let them come with you and let them claim at the office? would they still tax you on gift tax when your family member come with you and get the money with your or they will be tax seperately? I am always confused abou this. I know that the government would be chasing your ass once your write check of 2 million dollar to your parents an... [ More ]