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How long would you wait before claiming your prize?Reply
At my age I would need enough time to do the paper work for the prize to be shared by more than one person. I could claim it alone then my heirs would have the added burden of inheritance taxes. Combine my tax as an indivdual plus inheritnce tax would be something like 70% of the prize amount. Plus all the legal fees for my estate settlement. Give it away now rather than later. What in hell would I need all that money for at my age.
Jan 17, 2011, 11:01 am - JAP69 - Lottery Discussion Forum

I dream that I was rapeReply
RAPE-211 -0211 According to Zolar's dream book interpretation ...to dream of being raped means you will receive a marriage proposal. Being raped by a woman: will receive inheritance. Friends being raped: will be highly embarrassed. 211 Maybe a warning to stay far away from this type of character...
Mar 20, 2010, 11:09 pm - DREAMtoREALITY - Mystical Forum

British couple wins $88M lottery, daughter says 'whatever'Reply
With the UK lottery there is no instalement pay out system, the winner gets a one time pay out, plus the winning is tax free, the only time these winners would have to pay tax is when they die, who ever they leave their fortune to is then taxed 40% (40% inheritance tax) of whatever this couple or other big lottery winners leave in their will. The interest this couple gets is from their private banking, as they can't hold a normal bank account with this money as normal current accounts pa
Feb 22, 2010, 4:52 am - buttercake - Lottery News

Part of stolen lottery jackpot is returned to Texas manReply
Its not right but of course he has to pay taxes on it! Its considered income. While that @ss that stole the money paid taxes on the whole amount, Mr. Willis only has to pay what was given to him. The government will double dip and triple dip whenever they can! For example, a person saves all their lives....they cash out their savings (lets say 401k) they have two million dollars. two million is taxed (unless they did it right) Oopsy she died (from shock probably) but she left you in her will.
Feb 18, 2010, 7:08 pm - whitmansm2 - Lottery News

How would you explain your huge amount of money?Reply
Since im a doctor, i dont really have a excuse to tell because i would still work even if i win the lotto. And since my profession can't justify the amount of wealth, I guess I have to go with the inheritance story. As a doctor, I make enough to live comfortably, but I will never get past the upper-middle class tax bracket. Anyhow, I hope I would get to tell this lie soon... it's the only lie that im looking forward to tell others.
Sep 18, 2009, 5:44 am - joshuakim - Lottery Discussion Forum

Mega Millions lottery jackpot rolls to $120 millionReply
Death and taxes, right? Personally, I think there is too much double taxation. Taxes on monetary gifts where the money had most likely already been taxed on the giver, and inheritance taxes where taxes have already been paid on earnings being inherited. Abolish the IRS and establish flat tax 10%, or a national consumption tax.
Feb 25, 2009, 1:27 pm - Piaceri - Lottery News

Conn. man's last lotto ticket wins $10M for widowReply
Good song, Hearsetrax! Well, at least this woman has good taste in automobiles. I don't understand why she didn't ask one of her children to claim it, however. Sure she might live 10 or more years, maybe even to 100, but there will be a lot of estate taxes to pay when she dies, unless the laws change. If she takes it in 21 annual payments and dies, it will be even worse for the family. The IRS doesn't care if you inherit a structured annuity from a lottery prize. You still have to pay tax on
Jan 4, 2009, 3:38 pm - justxploring - Lottery News

Woman scammed out of $400,000 pursuing lottery-sized fortuneReply
I receive everyday emails about long lost relatives and people who have been killed in an accidents with no living relatives. I have received emails with links to legitamate news stories about no surviving relatives. On several occasions I have received emails from President Bush, the Director of the FBI and from the Prince of Saudi Arabi. They all have asked for either money, bank account information, social security number and address. Immediately, these emails are deleted because I know that
Dec 9, 2008, 8:34 am - truesee - Lottery News

Why is it beneficial to collect a lottery jackpot as a LLC?Reply
It matter not one iota what the lotteries will or won't allow. They have zero influence on taxes. Z-E-R-O! The lottery only passes out the money, they don't tax it. You do the paperwork up front and uncle doesn't care either. Just so it is legal (in the eyes of the government) and they get every thing that is owed them. Every thing is the key phrase. If there is a pre-dated document itemizing who gets what (percentage or actuals) the tax man will be happy to tell you what he wants from you.
May 16, 2008, 9:20 pm - MeFirstYouLast - Lottery Discussion Forum

Using Win To Start a BusinessReply
If someone was planning on starting a small business, using lottery winnings instead of financing would certainly be better, but the same can be said about using an inheritance or winning the Publisher Clearing House sweepstakes. I was wondering if it was a discussion on sound business planning, practices or about the lottery. There are many topics on how I would spend the winnings and there are probably 146 million Powerball and 175 million Mega Millions like topics waiting to be discussed.
Mar 25, 2008, 5:35 pm - Stack47 - Lottery Discussion Forum