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

Topic closed. 28 replies. Last post 6 years ago by Delta Draw.

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victorl3ichiban's avatar - georgemichael
san jose
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Posted: September 21, 2010, 3:00 am - IP Logged

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 and eventually tax you on gift tax so what is the best way?

    ttech10's avatar - blobdude
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    Posted: September 21, 2010, 3:29 am - IP Logged

    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 with those entities as long as you appear at a press conference (for those states that don't allow you to stay anonymous with a blind trust). I've only read a small bit about this on here though so I may be completely off.

      Raven62's avatar - binary
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      Posted: September 21, 2010, 10:58 am - IP Logged

      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 and eventually tax you on gift tax so what is the best way?

      Consult a Tax Professional!

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

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        johngreek's avatar - Lottery-023.jpg
        Patras,Achaia,Greece
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        Posted: September 22, 2010, 2:57 pm - IP Logged

        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 Big Smile

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

          victorl3ichiban's avatar - georgemichael
          san jose
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          Posted: September 22, 2010, 5:29 pm - IP Logged

          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.

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            Honduras
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            Posted: September 22, 2010, 7:58 pm - IP Logged

            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...

            The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


             


             


             

             


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              Posted: September 22, 2010, 11:50 pm - IP Logged

              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.

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

                rdgrnr's avatar - walt
                Way back up in them dadgum hills, son!
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                Posted: September 22, 2010, 11:59 pm - IP Logged

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

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


                                                             
                                     
                                                         

                 

                 

                 

                 

                                                                                                                   

                "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                            --Edmund Burke

                 

                 

                  ttech10's avatar - blobdude
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                  Posted: September 23, 2010, 12:57 am - IP Logged

                  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.

                    victorl3ichiban's avatar - georgemichael
                    san jose
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                    Posted: September 23, 2010, 1:42 am - IP Logged

                    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.

                      Colt45ML's avatar - 4eyes
                      Jawja
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                      Posted: September 23, 2010, 1:54 am - IP Logged

                      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.

                      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.

                      Be sassy and be happy.

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                        Posted: September 23, 2010, 3:31 am - IP Logged

                        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 and eventually tax you on gift tax so what is the best way?

                        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 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.

                          OwlCreekBridge's avatar - Lottery-031.jpg
                          lottoville
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                          Posted: September 23, 2010, 6:07 am - IP Logged

                          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.

                          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.

                            rdgrnr's avatar - walt
                            Way back up in them dadgum hills, son!
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                            Posted: September 23, 2010, 7:59 am - IP Logged

                            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 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.

                            "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 so. And if we don't cooperate, they'll throw us in jail.

                            How did we come to accept being robbed like this?

                            Here's an even better one. Obama is putting the death tax back on us January 1st. So if you give a family member a million dollars and they die, the government will tax that money again. Yes, they will confiscate half of that money before anybody family member sees a nickel of it. Why? Because they say you owe it to them!

                            How long have we put up with this - this practice of allowing ourselves to be robbed by our own elected government?

                            And that begs the question:  How long will we put up with it?


                                                                         
                                                 
                                                                     

                             

                             

                             

                             

                                                                                                                               

                            "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                        --Edmund Burke

                             

                             

                              johngreek's avatar - Lottery-023.jpg
                              Patras,Achaia,Greece
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                              May 15, 2010
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                              Posted: September 23, 2010, 8:48 am - IP Logged

                              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?