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Honestly would you really care how much taxes you had to pay??

Topic closed. 189 replies. Last post 4 years ago by Lucky Loser.

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May 25, 2011
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Posted: December 4, 2012, 7:24 pm - IP Logged

Ohhh!! Now I see!!

I always wondered how the IRS would know you gave someone more than the

$12,000 (gift tax). wow, have to fill out a form for your own money!

 

Now does the IRS get alerted when you deposit a large amount?

The banks automatically notify the authorities of any deposit over $10k.

I say authorities because it's not just the IRS, but law enforcement and the FBI who also get a heads up.

I'm talking from experience. After depositing my lottery check a few years back, I withdrew $25k in cash for gifts to my family. (no form required).

A few days later I got a call from the state department of criminal investigations, who suspected I was up to something. Got it all straightened out.

    Lucky Loser's avatar - bucks
    Texas
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    Member #86154
    January 30, 2010
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    Posted: December 4, 2012, 7:29 pm - IP Logged

    Ohhh!! Now I see!!

    I always wondered how the IRS would know you gave someone more than the

    $12,000 (gift tax). wow, have to fill out a form for your own money!

     

    Now does the IRS get alerted when you deposit a large amount?

    The magic number is always $10K whether at the casino, horse track, or anywhere an amount of winnings can be claimed by the winner at the agency in question. The bank must report $10K as well and the depositor may or may not be audited by the IRS at that point. If you have a "track record" via business or otherwise which includes consistent deposits of, or, over this amount, they won't raise any eyebrows. However, there are people that try and stay just under that threshold while making multiple deposits. This will always get the IRS's attention...especially if you haven't had a verifiable "source" for such an income which substantiates that kind of money in your possession.

     

    L.L.

    Small games, frequent wins, and regular payouts 'cause.....

    There are seven days in the week...'Someday' isn't one of them.

    #lotto-4-a-living

      rdgrnr's avatar - walt
      Way back up in them dadgum hills, son!
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      Posted: December 4, 2012, 7:48 pm - IP Logged

      I like your common sense here. Regardless of what goes down, you're gonna pay the government their's, and, especially if you take the lump sum. The gift tax alone is 35% on that option but, as you've said, you'll still have way more money than you really know what to do with after that. It's still a ton of money to put to work and generate even more money without much effort. Taking the (25) payments is good as long as you're somewhat young and take care of yourself...can't account for freak accidents though.

      There are many ways to offset taxes which are perfectly legal. People that complain about paying the taxes associated on lottery jackpots haven't been educated on our tax codes at all. Tax codes are there to actually help the person keep their money and re-invest it. Businesses have no hobbies...you can put so much under your corporation or business. People should really educate themselves more. FORBES had a really good article on this back in March.

       

      L.L.

       

       

       

      "Tax codes are there to actually help the person keep their money and re-invest it."

      LMAO!

      What a moron.

      What an an insufferable moron you are.

        rdgrnr's avatar - walt
        Way back up in them dadgum hills, son!
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        Posted: December 4, 2012, 8:00 pm - IP Logged

        You want to "stop the insane spending"?  Let's start with breaking the habit of sending our young men and women overseas to die for oil, sucker.  We spend more on the military than we do on safety net programs, and it's not needed.  We already spend billions more than even the #2 nation on the list.

        I'm all for cutting waste, but let's not throw the baby out with the bathwater.

        Ahh yes, mediumbratwurst, stupid as ever.

        Where's all this oil our young men and women died for, squirrelly? Shouldn't our gas be just a little bit cheaper?

        I suffered through about 5 seconds of that pansy's voice in your video before shutting it off and realizing you and Lonely Loser should get together and paint each other's toenails.

          rdgrnr's avatar - walt
          Way back up in them dadgum hills, son!
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          Posted: December 4, 2012, 8:10 pm - IP Logged

          RE-READ WHAT I WROTE.....Didn't say anything about I like paying taxes...I said if you were FOURTUNATE ENOUGH to win the last huge jackpot would you really care how much you paid in taxes....You still have a boatload of cash left after you pay...YOU"RE GONNA PAY THE GOVERNMENT....regardless....and how can you cry about what the govt. spends you gave it up it's gone...its like complain that the homeless guy you gave a dollar to goes and buys beer...he bought it with his money...and YES after YOU give something away it is NO LONGER YOURS....it's given so let it go....Im not a fan of how govt spends my money either but it's not really mine after they take it anyways........

          "...its like complain that the homeless guy you gave a dollar to goes and buys beer..."

          The only way it's like that is if the homeless guy is taking his beer money directly out of your check every time you get paid.

          Otherwise you would stop giving him your money after seeing what he was doing with it.

            rdgrnr's avatar - walt
            Way back up in them dadgum hills, son!
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            Posted: December 4, 2012, 8:13 pm - IP Logged

            I believe we're saying the same thing, buddy. The context in which you interpreted it may be wrong, though. I was basically confirming that there's no way around what the government deems as theirs...they will get it. The analogy of the homeless guy here is one that I used in another thread and makes perfect sense...I'm agreement with you on pretty much all this. Yes, the government wastes LOTS of money...and have been doing intensely so for a very long time now.

            L.L.

            "The analogy of the homeless guy here is one that I used in another thread and makes perfect sense..."

            What a shock!

            Heh,heh,heh,heh,heh...

              rdgrnr's avatar - walt
              Way back up in them dadgum hills, son!
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              Posted: December 4, 2012, 8:19 pm - IP Logged

              Well if i won the lottery like that i would take all my winnings out of the USA into the Bank of Cayman islands and the bank of Bahamas.. That is after i pay all the winning taxes and i know one lottery winner did just that.. He put 3 million in the bank of Cayman and he is getting really good interest rates and etc.. Now cough cough he can't take more money from me and spread it around.. Well you folks need to be more concerned about your 401K and cough cough he is going after that next...

              That's right, tony. Starve the beast.

              But these geniuses think the money they have belongs to the bureaucrat schmucks in the government to do with as they please for some reason. 

              I don't understand why they just don't give it all to them if they think they can spend it better than they can.

                Lucky Loser's avatar - bucks
                Texas
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                Posted: December 4, 2012, 8:21 pm - IP Logged

                "Tax codes are there to actually help the person keep their money and re-invest it."

                LMAO!

                What a moron.

                What an an insufferable moron you are.

                Well, if it isn't the Reverend Rdgrnr...back again to get drop kicked. Obviously, you know absolutely nothing about business operations, or, you just simply enjoy getting embarassed by me time after time. Starting a new business get's a person a $10K credit. Oh, wow, there's that $10K magic number...AGAIN...and this particular credit can be TWEAKED in many, many ways so long as it's business oriented. Restaurants do this all the time as do other entities. Tax codes are, in fact, designed to help the business owner keep a portion of their monies for re-investment you big dummy.

                Ask Trump, Gates, Jordon, Romney,... anyone that has assets of that magnitude with a business. Hey, would you mind sharin' some of that sh*t you're smokin'? I can tell it must be really good for you to be volunteering how stupid you are in front of so many people.

                L.L.

                Small games, frequent wins, and regular payouts 'cause.....

                There are seven days in the week...'Someday' isn't one of them.

                #lotto-4-a-living

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
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                  Posted: December 4, 2012, 8:22 pm - IP Logged

                  It was directed at Sully16 L.L. that's why i included their comments with my comments.....but yeah me and you are on the same page brother...

                  Brother?

                  LOL!

                  Hey Lonely Loser!

                  I think I found the other guy you wanted for that 3some you wanted to do with that hooker!

                  Are you still mad at me for declining?

                    haymaker's avatar - Lottery-012.jpg
                    Egg Harbor twp.south Jersey shore
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                    Posted: December 4, 2012, 8:23 pm - IP Logged

                    "...its like complain that the homeless guy you gave a dollar to goes and buys beer..."

                    The only way it's like that is if the homeless guy is taking his beer money directly out of your check every time you get paid.

                    Otherwise you would stop giving him your money after seeing what he was doing with it.

                    amazing how some folks attitude here sound like they think all the money belongs to gov't and they are permitted to have some,

                     like 25% and be happy about it, WTF ? where did this come from ?

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

                      rdgrnr's avatar - walt
                      Way back up in them dadgum hills, son!
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                      Posted: December 4, 2012, 8:26 pm - IP Logged

                      I've got it...but can you do anything about how the government spends it....Really?? I mean really if you can go to Washington right now and demand all your ill-spend tax dollars back....I won't be suprised if they don't throw you in a cell

                      Yes, we should all be grateful they don't throw us all in a cell.

                      Afterall, they are our boss, right?

                      We work for them and have to do what they tell us, right?

                      God help us...

                        NightStalker's avatar - 50logo
                        East of Columbus, OH
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                        Posted: December 4, 2012, 8:30 pm - IP Logged

                        Seriously if you were the one who just won that 587 million dollar jackpot....Would you really care how much taxes you had to pay??? Be realistic now....I don't want to see ansewrs like if the taxes were a 100% or 75% yeah I'd care....Well stop cause they're not... I live in NC it's 32% here that's reality.... 32% isn't going to kill anybody financially....I mean this is more money that ANY OF US HERE WILL EVER EARN IN 30 LIFETIMES.....I could care less how much I paid  in taxes...I would just be glad I was able to pay it.....SERIOUSLY........

                        Yes I would be upset about paying more in taxes. 

                        Tax, tax, tax, that's all our government knows how to do.  Most of the politicians have sold us down the river.  They will never face the financial problems that average Americans face.  They won't have to deal with Obamacare and all it's new taxes.  America has a spending problem and taxing the 1% won't help.

                         

                        Let me keep more of my money and I'll decide how to spend it.

                        Life's Too Short To Be Unhappy Cool

                          rdgrnr's avatar - walt
                          Way back up in them dadgum hills, son!
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                          Posted: December 4, 2012, 8:31 pm - IP Logged

                          I won 10k in PB. Largest pot I've won. When to the closest Lotto office and they informed me that they take out 25% for anything over 5k. So I got a check for $7500. Not quite what I expected but it was nice to have the extra money and I probably don't have to worry about taxes. So, all in all, taxes haven't been a big deal.

                          Yeah, no big deal.

                          That $2500 was gone in less than a second paying interest on the trillion we borrowed from China to piss away on nonsense.

                          Good investment.

                          I'm sure you couldn't have thought of anything better to do with it, right?

                            rdgrnr's avatar - walt
                            Way back up in them dadgum hills, son!
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                            Posted: December 4, 2012, 8:37 pm - IP Logged

                            Lurking..."Yes Sir, I'll also have a small coke in a LARGE cup...and just fill it up the rest of the way."

                             

                            L.L.

                            Don't get caught doing that in New York City, numbnuts.

                            Your liberal buddies, the Food Police, will throw your ass in jail.

                            You @$$holes vote for rules and regulations and intrusive and abusive laws and the nanny state.

                            Now live with it, numbnuts.

                              rdgrnr's avatar - walt
                              Way back up in them dadgum hills, son!
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                              Posted: December 4, 2012, 8:42 pm - IP Logged

                              Dam* girl...you're workin' 'em over!! I like to see stuff like this, especially when a smart chic is controlling the reigns and calling the shots!! Congratulations on that and many many more! I didn't run any numbers for mid-day today 'cause I didn't see enough of what I needed...aka discipline. After all the results come in, though, I should be ready for tonight.

                              Hey, you keep holdin' it down...okay!! Don't fix what ain't broken.Wink

                               

                              L.L.

                              "I like to see stuff like this, especially when a smart chic is controlling the reigns and calling the shots!!"

                              LOL, is that what you tell the hookers you invited me down to use at your expense?

                              Yeah, you're for women calling the shots alright, LMAO.

                                 
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