Welcome Guest
Log In | Register )
You last visited December 4, 2016, 1:15 pm
All times shown are
Eastern Time (GMT-5:00)

If you won the lottery what would you really do with the money?

Topic closed. 76 replies. Last post 5 years ago by markp1950.

Page 4 of 6
42
PrintE-mailLink
Avatar
Inland Empire
United States
Member #118116
October 22, 2011
316 Posts
Offline
Posted: October 24, 2011, 1:00 am - IP Logged

Welcome to LP gogidolim. A good real estate atty and a good CPA are great investments and will help you with the tax situation. Good luck to you!

 Yeah, I hope so. But...

 I think buying income properties as a tax break might be bit of a pipe dream. So if I pay 20 mil in tax and buy 20 mil in income properties, will IRS cough up the tax return? I am afraid not.

    haymaker's avatar - Lottery-012.jpg
    Egg Harbor twp.south Jersey shore
    United States
    Member #112968
    June 29, 2011
    3854 Posts
    Offline
    Posted: October 24, 2011, 4:49 pm - IP Logged

    I've never watched the show, so I am not sure if mine is "crap", but I would most likely quit my job and take a few more foreign language classes during the week. Maybe a cooking class or two (or three) cause I can't cook at all.

    I probably wouldn't buy too much either. I pretty much have everything I want right now. I already drive my dream car and own my own home. But I guess I would have to move after winning. Most of the money would be saved or invested.

    There is really nothing more that I would want besides "time" for doing things I like, like learning, being with my family, and not having to worry about work. I would feel better about having kids of my own then too because I am far too busy with work for them now. :(

    i know how to cook, easy stuff that is.

    but i'm not going to learn how to "cook" .

    i'm going to hire one. LOL

    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

      haymaker's avatar - Lottery-012.jpg
      Egg Harbor twp.south Jersey shore
      United States
      Member #112968
      June 29, 2011
      3854 Posts
      Offline
      Posted: October 24, 2011, 4:55 pm - IP Logged

      d

      I'd spend most of my winning on income properties. And I would buy a modest house. I wonder if I can write off my spending on income properties as a tax break, since they are business expenses. Beside that, I would lay low and buy a mini-van and a Honda CR-Z.

      welcome to LP.

      hows things in the inland empire ?

      Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

        Slick Nick's avatar - Lottery-035.jpg
        Rochester
        United States
        Member #103282
        January 1, 2011
        603 Posts
        Offline
        Posted: October 24, 2011, 5:30 pm - IP Logged

        Hang in there Tiggs.

        Money is a terrible master, but a great servant...Smile

          Slick Nick's avatar - Lottery-035.jpg
          Rochester
          United States
          Member #103282
          January 1, 2011
          603 Posts
          Offline
          Posted: October 24, 2011, 5:32 pm - IP Logged

          I agree Haymaker..Good luck...

          Money is a terrible master, but a great servant...Smile


            United States
            Member #111773
            June 2, 2011
            328 Posts
            Offline
            Posted: October 24, 2011, 5:35 pm - IP Logged

            amen!!!  and pay sully 16 to change her go tigers to go lions :)

              rdgrnr's avatar - walt
              Way back up in them dadgum hills, son!
              United States
              Member #73904
              April 28, 2009
              14903 Posts
              Offline
              Posted: October 24, 2011, 7:10 pm - IP Logged

              amen!!!  and pay sully 16 to change her go tigers to go lions :)

              Hey billbo, how about me?

               

              Go Tigers!


                                                           
                                   
                                                       

               

               

               

               

                                                                                                                 

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

                                                                                                          --Edmund Burke

               

               

                Piaceri's avatar - sarsony1
                Republic of Texas
                United States
                Member #57557
                January 9, 2008
                1095 Posts
                Offline
                Posted: October 24, 2011, 7:30 pm - IP Logged

                 Yeah, I hope so. But...

                 I think buying income properties as a tax break might be bit of a pipe dream. So if I pay 20 mil in tax and buy 20 mil in income properties, will IRS cough up the tax return? I am afraid not.

                The IRS isn't going to give you your investment money back in tax refunds. Your money comes back in earnings. Invest $20m in rental properties, and say $17.5m is the value of the buildings, you get to deduct depreciation of about $636k. Then say you rent those properties for $1m per year, your expenses are $300k for a cash profit of $700k. You subract out the $636k of non-cash depreciation and your taxable income is only $64k and you now have $636k of non-taxed income. So, in a sense, the IRS does give you back the value of your investment through depreciation over 27.5 years.

                Unfortunately, you have to recapture the depreciation when you sell the rental property, but that is considered a capital gain and is currently taxed at 15% capital gains tax if you have held the property for more than a year. 

                First things to get after winning... a good estate atty and a good CPA. They will set you up, then a good financial advisor will keep you going.

                face

                singlewinnersinglewinnersinglewinner   

                  BuyLow's avatar - palm tree.jpg
                  Florida
                  United States
                  Member #61435
                  May 22, 2008
                  906 Posts
                  Offline
                  Posted: October 24, 2011, 9:56 pm - IP Logged

                  "Bitter right-wing troll is bitter"

                  http://www.lotterypost.com/thread/236777/2215497 (Obvious troll is obvious).

                  People should use different phraseology when they pretend to be somebody else.

                  Right, BuyLow?

                  Sowwy...Ridge.  Maybe someone else has caught on to your "ways".  Todd can confirm I have no more than this username.  Troll on.....  hee haw!!!

                    haymaker's avatar - Lottery-012.jpg
                    Egg Harbor twp.south Jersey shore
                    United States
                    Member #112968
                    June 29, 2011
                    3854 Posts
                    Offline
                    Posted: October 24, 2011, 10:07 pm - IP Logged

                    amen!!!  and pay sully 16 to change her go tigers to go lions :)

                    i'm a lions fan.

                    don't pay attn; to.baseball

                    thougt she was a fan of both.

                    and red wings.

                    i bet on ravens.

                    did i underestimate jax.

                     

                     

                     

                    ohh..game on.

                    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                      rdgrnr's avatar - walt
                      Way back up in them dadgum hills, son!
                      United States
                      Member #73904
                      April 28, 2009
                      14903 Posts
                      Offline
                      Posted: October 24, 2011, 10:32 pm - IP Logged

                      Sowwy...Ridge.  Maybe someone else has caught on to your "ways".  Todd can confirm I have no more than this username.  Troll on.....  hee haw!!!

                      Lame alibi is lame.

                      Busted guy got busted.

                      Numbnuts is a numbnuts. 

                      A pigeon who got dusted.

                       

                      Better luck next time, GuyBlow.   LOL


                                                                   
                                           
                                                               

                       

                       

                       

                       

                                                                                                                         

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

                                                                                                                  --Edmund Burke

                       

                       

                        BuyLow's avatar - palm tree.jpg
                        Florida
                        United States
                        Member #61435
                        May 22, 2008
                        906 Posts
                        Offline
                        Posted: October 24, 2011, 10:44 pm - IP Logged

                        Lame alibi is lame.

                        Busted guy got busted.

                        Numbnuts is a numbnuts. 

                        A pigeon who got dusted.

                         

                        Better luck next time, GuyBlow.   LOL

                        Obvious troll is STILL obvious......Cool

                          TRUEBELIEVER's avatar - DiscoBallGlowing
                          OXFORD NC
                          United States
                          Member #105036
                          January 24, 2011
                          40 Posts
                          Offline
                          Posted: October 24, 2011, 11:18 pm - IP Logged

                          AFTER i do all the usual stuff pay off bills. all i want to start is my dream car and to send my parents on a cruise something they always wanted to do. when they leave ill go back to texas and start to build them their dream house. that be all for the first year.

                           

                          2nd year

                          Next year buy my  brother a bigger house and setup my niece and nephews  for college. get each a car if their of age and have a  license  and set up parents and brother sister in law to get money per year. after that ill just travel the country for a year all over driving and when i got tired id just get a room where ever im  at that time cause ill be in no rush and while im gone ill be having my dream home built on the lake

                            tiggs95's avatar - Lottery-036.jpg

                            United States
                            Member #47420
                            November 4, 2006
                            3930 Posts
                            Offline
                            Posted: October 24, 2011, 11:22 pm - IP Logged

                            AFTER i do all the usual stuff pay off bills. all i want to start is my dream car and to send my parents on a cruise something they always wanted to do. when they leave ill go back to texas and start to build them their dream house. that be all for the first year.

                             

                            2nd year

                            Next year buy my  brother a bigger house and setup my niece and nephews  for college. get each a car if their of age and have a  license  and set up parents and brother sister in law to get money per year. after that ill just travel the country for a year all over driving and when i got tired id just get a room where ever im  at that time cause ill be in no rush and while im gone ill be having my dream home built on the lake

                            WAKE UP!!  WAKE UP!!!   Man you wore tiggs out..

                                                                                      Pure luck

                              Win$500Quick's avatar - Lottery-050.jpg
                              Florida
                              United States
                              Member #77815
                              August 1, 2009
                              3459 Posts
                              Offline
                              Posted: October 25, 2011, 9:11 am - IP Logged

                              1. Quit my job.

                              2. Take a course in financial planning, so I can be my own advisor.

                              3. Figure out the rest from there.

                              Guess Who's Back?