Seeking Tax deduction methods after winning the jackpot?

Reply #3

KY Floyd — Fri, 20 Mar 2020 20:03:38 GMT

I can offer you a foolproof way to reduce your tax burden to a single digit. Better still, that digit is zero. Just give the ticket to me, along with an affidavit saying that it was a gift and that all rights associated with e ticket belong to me. That way you won't have to pay a penny in taxes.

Now if you're wondering if there are strategies that will keep more of a lottery prize in your pocket, that's a completely different question.

Reply #2

OnFire2016 — Fri, 20 Mar 2020 03:46:03 GMT

You can sell your ticket to a private investor like a jg Wentworth

Reply #1

Sarge0202 — Thu, 19 Mar 2020 19:11:17 GMT

Step 1: Win the lottery (almost impossible)

Step 2: Create consulting team consisting of at least a Lawyer, investment professional, and A TAX CONSULTANT (easier than winning the lottery)

Step 3: Trust the people from step 2 and get a second opinion , if possible. (still easier than step 1)

Step 4: If you fear paying all the evil taxes (on extra money) that keeps America great, please send me the winning ticket and I will bravely shoulder that burden.

Seeking Tax deduction methods after winning the jackpot?

gogidolim — Sat, 14 Mar 2020 00:14:06 GMT

I might be able to live with 25% tax bracket but 37% is a bit excessive. I live in Cali so I won't have to pay the state, county, or city tax though.

Is there any good way to reduce the tax burden? If setting up a scholarship program is a good way to ease the tax burden it would be great.