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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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Columbia, SC
United States
Member #135285
November 21, 2012
584 Posts
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Posted: December 7, 2012, 8:48 pm - IP Logged

I've got a case of MASON jars and a shovel sitting in my shed just waiting for my big day! LOL

 

Of course, I'm kidding....money staying in the states...no use in trying to hide it...Uncle Sam would surely keep tabs anyway....

    Jack-C's avatar - us
    San Diego, CA
    United States
    Member #61467
    May 24, 2008
    28146 Posts
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    Posted: December 7, 2012, 9:08 pm - IP Logged

    Put the money in Muni Bonds.  All the money you make on the bonds is tax free.  This is what the rich people do.  However Obama wants to do away with that.  Too many of those "rich" people not paying enough taxes (according to Obama).

      Avatar
      Columbia, SC
      United States
      Member #135285
      November 21, 2012
      584 Posts
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      Posted: December 7, 2012, 9:23 pm - IP Logged

      Ewwww... The "O" word....

        ashabug725's avatar - Yavill
        Indiana
        United States
        Member #122868
        February 9, 2012
        322 Posts
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        Posted: December 7, 2012, 10:01 pm - IP Logged

        Ewwww... The "O" word....

        I Agree!

        I wish I may, I wish I might...
                   Win the Powerball jackpot THIS big night!!!

          savagegoose's avatar - ProfilePho
          adelaide sa
          Australia
          Member #37136
          April 11, 2006
          3300 Posts
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          Posted: December 8, 2012, 12:28 am - IP Logged

          you have to understand what or why you want to take the money out.  and is theree a way to protect it while still residing in usa.  Is it taxes, there are  ways and means,  google do it. is it the collapse of the purchase power of the dollar due to over inflating, there is hedging.  taslk to a few financial planning,  people tax advisors, hell hire a team. I think the IRS withhold %20 of cash you try to take out the usa, just  incase they can think of a new tax after you have gone,  if you save  more than %20 by staying why leave?

          2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

          keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

            whiteballz's avatar - Lottery-015.jpg
            Nutley, New Jersey
            United States
            Member #131058
            August 1, 2012
            875 Posts
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            Posted: December 8, 2012, 8:35 am - 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.

            Correction: I meant to type FATCA (Foreign Account Tax Compliance Act) not FACTA (Fair and Accurate Credit Transactions Act).

            .