El Gordo

Reply #13

Original Bey — Sun, 09 Dec 2012 17:18:36 GMT

You are correct and I would be on the side of the IRS on this one.

One can avoid ongoing income taxes, gift taxes, etc. The initial state, federal, municipal taxes will apply. As well as that first year of additonal taxes on that winfall as it as you say will take a few months to process citizenship.

The Federal government will view this as a blatant attempt to evade taxation and as such milk every dime they could.

To give up citizenship to avoid taxation is extreme unless you always wa... [ More ]

Reply #12

whiteballz — Sun, 09 Dec 2012 17:08:35 GMT

You have to become a citizen of another country before you can renounce your US citizenship. The caribbean country of Dominica offers a citizenship program but you must invest $100,000 into their economy and the process takes months.

The IRS will still try to tax you on the grounds that you were a US citizen when you won the money. The fact that you claimed the prize after you renounce your US citizenship would make no difference to them.

Reply #11

Original Bey — Sun, 09 Dec 2012 14:22:44 GMT

Ridge I figured that was a given. I thought the poster was referring to Spain's taxes on lottery wins. No man escapes IRS or his ex wife

Reply #10

billionaire2bee — Sun, 09 Dec 2012 13:58:25 GMT

I HAVE to agree....I don't think the good ole US is gonna let you be a citizen here and NOT give them their share....I wonder if you could renounce your citizenship THEN claim your winnings and then just come over on a student visa ........and just disappear into the great American landscape.....like soooo many others........

Reply #9

rdgrnr — Sun, 09 Dec 2012 12:23:11 GMT

C'mon OB, you didn't really think Barry wasn't gonna take a big ol' piece of that off the top, did ya?

He likes El Gordo too.

As long as you're buyin'.

Reply #8

winsumloosesum — Sun, 09 Dec 2012 11:14:26 GMT

I may be wrong but most credit cards will be declined when making purchases outside the US . You may need to call your bank to authorize a payment of this type. I believe banks will block any overseas transactions made when using a credit card. That's if you live in the US.

Reply #7

mcginnin56 — Sun, 09 Dec 2012 04:10:25 GMT

Taxes

Reply #6

Original Bey — Sun, 09 Dec 2012 03:40:44 GMT

Taxes

Reply #5

billionaire2bee — Sun, 09 Dec 2012 01:51:09 GMT

How are they paying it out??........ 2.52 in Euros or dollars...........don't get me wrong I'll take either.....I'm wondering how much you'd end up with after taxes though.........whatever it is.....I'll take it w/o saying a mumbling word.......

Reply #4

maringoman — Sun, 09 Dec 2012 00:39:08 GMT

I think it takes a few days after registration for them to accept a transaction from your card. Is it a visa? mine is and was accepted.

I registered at that website about a month ago because I wanted to buy Euro Millions lottery tickets. I tried to buy but my transaction was declined.

Then when this El Gordo raffle thing was posted, I decided to try again and the transaction went through very easily.

Good luck man.

Reply #3

Original Bey — Sun, 09 Dec 2012 00:26:14 GMT

El Gordo means Fat One in Spanish.

It's Spain's Annual Christmas lottery.

Todd has a thread on it in this forum.

Reply #2

Mr-Smith — Sun, 09 Dec 2012 00:05:37 GMT

What Elgordo

Reply #1

x1kosmic — Sat, 08 Dec 2012 22:04:28 GMT

I was so exited when Todd posted the link

my card was declined as well ......

sure would've been fun ... mabey next year I'll send Money Ordes in advance

and build up an account

El Gordo

Original Bey — Sat, 08 Dec 2012 19:29:03 GMT

2.52 Billion in the pot

180 top prizes of 4 million Euros each

Over 50% of the overall pot dedicated to sweet and tempting 2nd, 3rd... tier prizes

Odds that make your heart skip a beat 1:100,000 for the top prize

Are you in