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If you took the lump sum

Topic closed. 20 replies. Last post 4 years ago by whiteballz.

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Posted: December 7, 2012, 5:16 pm - IP Logged

If you took the lump sum would you take it out of the country and put in Cayman island bank account or keep in the states?

    Original Bey's avatar - Lottery-022.jpg

    Bahamas
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    Posted: December 7, 2012, 5:35 pm - IP Logged

    If you took the lump sum would you take it out of the country and put in Cayman island bank account or keep in the states?

    Uncle Sam gets his due either way.

    "Everything works  ONCE!"

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      Posted: December 7, 2012, 5:37 pm - IP Logged

      Yes agree on that but after you do pay taxes there is always next year taxes..

        Original Bey's avatar - Lottery-022.jpg

        Bahamas
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        Posted: December 7, 2012, 5:42 pm - IP Logged

        Yes agree on that but after you do pay taxes there is always next year taxes..

        And the annual income earned in the form of interest.

         

        Bank Secrecy laws aren't what they used to be.

        "Everything works  ONCE!"

          whiteballz's avatar - Lottery-015.jpg
          Nutley, New Jersey
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          Posted: December 7, 2012, 6:10 pm - IP Logged

          If you took the lump sum would you take it out of the country and put in Cayman island bank account or keep in the states?

          if you are a US citizen, you are taxed on world wide income. If you paid all of this years taxes and then parked your money in an offshore bank, you must still file a tax return to the IRS every year. If you didn't report your world wide income, the IRS would consider that tax evasion. Keep in mind there are laws like FACTA (Fair and Accurate Credit Transactions Act), where offshore banks are required to report any annual income you make to the IRS.

          The only way to get out of paying future US taxes would be to legally renounce your US citizenship but that poses a host of new issues like what new country you will need to become a citizen of and where you will reside. You will also have to give up your US passport, which is one of the best passports to have in order to travel to other countries without having to apply for any visas.

          .

            haymaker's avatar - Lottery-012.jpg
            Egg Harbor twp.south Jersey shore
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            Posted: December 7, 2012, 6:15 pm - IP Logged

            if you are a US citizen, you are taxed on world wide income. If you paid all of this years taxes and then parked your money in an offshore bank, you must still file a tax return to the IRS every year. If you didn't report your world wide income, the IRS would consider that tax evasion. Keep in mind there are laws like FACTA (Fair and Accurate Credit Transactions Act), where offshore banks are required to report any annual income you make to the IRS.

            The only way to get out of paying future US taxes would be to legally renounce your US citizenship but that poses a host of new issues like what new country you will need to become a citizen of and where you will reside. You will also have to give up your US passport, which is one of the best passports to have in order to travel to other countries without having to apply for any visas.

            Yeah, no where to run, this explains why Jersey is not a vast wilderness. LOL

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

              helpmewin's avatar - dandy
              u$a
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              Posted: December 7, 2012, 6:17 pm - IP Logged

              If you took the lump sum would you take it out of the country and put in Cayman island bank account or keep in the states?

              Big Grin SantaNo i will keep in all in my house White Bounce

              Let it Snow Snowman

                SergeM's avatar - slow icon.png
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                Posted: December 7, 2012, 6:20 pm - IP Logged

                Big Grin SantaNo i will keep in all in my house White Bounce

                  helpmewin's avatar - dandy
                  u$a
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                  Posted: December 7, 2012, 6:28 pm - IP Logged

                  Green laughthat is so what it would be like, but with a lot more babiesGreen laugh

                   

                  your super Funny Rudolph

                  Let it Snow Snowman

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                    Posted: December 7, 2012, 6:34 pm - IP Logged

                    Holy smokes that is alot of cash there and it looks like Euro money... Well i met someone that won the WA lottery and he put in 3 million in the bank of Cayman and he gets better rates and also don't pay taxes.

                      whiteballz's avatar - Lottery-015.jpg
                      Nutley, New Jersey
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                      Posted: December 7, 2012, 6:34 pm - IP Logged

                      Yeah, no where to run, this explains why Jersey is not a vast wilderness. LOL

                      Even if everyone decided to leave, Chris Christie isn't going anywhere. Jersey is where he stores his large stockpile of twinkies.

                      .

                        haymaker's avatar - Lottery-012.jpg
                        Egg Harbor twp.south Jersey shore
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                        Posted: December 7, 2012, 6:39 pm - IP Logged

                        Even if everyone decided to leave, Chris Christie isn't going anywhere. Jersey is where he stores his large stockpile of twinkies.

                        LMAO, check my post in the news thread about privatizing the lottery.

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

                          whiteballz's avatar - Lottery-015.jpg
                          Nutley, New Jersey
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                          Posted: December 7, 2012, 6:40 pm - IP Logged

                          Holy smokes that is alot of cash there and it looks like Euro money... Well i met someone that won the WA lottery and he put in 3 million in the bank of Cayman and he gets better rates and also don't pay taxes.

                          if this is true and he is a US citizen, he is evading taxes. I'm not saying he's going to get caught anytime soon but there is always a risk there will be a whistleblower at the bank that will report him to the IRS. The whistleblower will get a percentage of the money that will be recovered.

                          .

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                            Posted: December 7, 2012, 6:41 pm - IP Logged

                            Holy smokes that is alot of cash there and it looks like Euro money... Well i met someone that won the WA lottery and he put in 3 million in the bank of Cayman and he gets better rates and also don't pay taxes.

                            That's an option, but he's breaking the law. People live and work and do business in other nations around the world and are honest enough to pay their taxes. It will catch up to him sooner or later and I know others who have gone through this. 

                            I will tell you upfront, it's not pretty!

                            He will not only be straddled with a heavy tax debt but also the lawyer and accountant fees to figure out the huge mess and save him a dollar or two where they can, if they can.

                            "Everything works  ONCE!"

                              whiteballz's avatar - Lottery-015.jpg
                              Nutley, New Jersey
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                              Posted: December 7, 2012, 6:49 pm - IP Logged

                              That's an option, but he's breaking the law. People live and work and do business in other nations around the world and are honest enough to pay their taxes. It will catch up to him sooner or later and I know others who have gone through this. 

                              I will tell you upfront, it's not pretty!

                              He will not only be straddled with a heavy tax debt but also the lawyer and accountant fees to figure out the huge mess and save him a dollar or two where they can, if they can.

                              and if they don't have enough money to pay, they could end up serving time in federal prison.

                              .