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tax issue regarding oversea lottery winnings

Topic closed. 3 replies. Last post 7 years ago by joshuakim.

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FL
United States
Member #77284
July 19, 2009
60 Posts
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Posted: July 23, 2009, 2:22 am - IP Logged

I understand that there is no "cash option"/"annuity" BS for Euromillions, Superenlatto, and other European lottery jackpot winners.

But as far as I know you still need to pay taxes on the amount won for being a U.S. citizen to uncle sam.

Would it be the full 35%? 25%?


And would that be everything uncle sam will be taking or will there be some other crap you have to deal with?

 

I just bought some Superenlattos and Aussie Powerball tickets and it made me curious - both will be drawn in couple hours haha.

 

Thanks in advance for shedding some light to my question.  =)

 

(sorry for the spelling/grammatical mistakes. typing on the iphone can be a hassle)

    RJOh's avatar - chipmunk
    mid-Ohio
    United States
    Member #9
    March 24, 2001
    19831 Posts
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    Posted: July 23, 2009, 2:28 am - IP Logged

    Uncle Sam consider lottery winnings as regular income so you pay the same rate you would pay on regular income of the same amount.

     * you don't need to buy more tickets, just buy a winning ticket * 
       
                 Evil Looking       

      bigdaddy's avatar - aviator2 1.jpg
      BETWEEN OAKRIDGE AND WRIGHT-PATTERSON AFB
      United States
      Member #1647
      June 10, 2003
      2368 Posts
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      Posted: July 23, 2009, 9:09 pm - IP Logged

      Uncle Sam consider lottery winnings as regular income so you pay the same rate you would pay on regular income of the same amount.

      put the money in belize bank account don't bring 2 usa,irs can't touch belize bank accounts,get a credit card from bank spend at will..declare bankruptcy in us if irs comes calling....

      Relax,Bigdaddy has your number!!!!!

      Pi is the way...

      turning $30 or less into thousands everyday!!

      here we go steelers ..here we go---------stairway to seven 

      TIME FOR THE LOMBARDI TROPHY TO  COME  HOME..

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        FL
        United States
        Member #77284
        July 19, 2009
        60 Posts
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        Posted: July 23, 2009, 9:45 pm - IP Logged

        that is genius!...

         

        not..

         

        i really trust the soundness of the British Honduras financial institution enough to put all of my money into the former breakaway colony of GB.

        and you are clearly in the wrong as even the financial giants like UBS and other Swiss institutions are getting bullied by the US Treasury Dept, what makes you think the govnt. of Belize wont be bullied into coughing up names of the american account holders?

        all the safe havens are being choked off by the pressures of all G20 nations.

        now even france is scorning switzerland to give up thenames of those who are avoiding taxes. and it goes for many microstates in the continental europe.

         

        better just to pay the 35% to uncle sam and avoid the headaches, tax penalty, and jail time.

         

        pay the tax and just index your money to the S&P. thus you've done your duty as a citizen and you will recoup whatever you paid in taxes in couple years.

        and above all, your mind is at peace.

         

         

        ---------------

         

        also...what you proposed is not that simple.

        so you declare bankruptcy in the states, then how are you going prove where you got your posessions? when your expenditure clearly exceeds your income.....