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New Show About Lottery Winners Starts Today ...

Topic closed. 43 replies. Last post 2 years ago by lejardin.

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Drenick1's avatar - villiarna
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Posted: March 7, 2015, 2:17 pm - IP Logged

I just read that the Hot lotto winner has their initial withholding (25% federal and 7.25% state) paid for by the lottery. They are only responsible for the balance of the federal tax which is 14.6% which is $1.7 million so the MN winners ended up netting $10 million.

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    NYC
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    Posted: March 7, 2015, 2:40 pm - IP Logged

    Now everyone knows where they live. I wonder how much the property tax would be on that California Eagle nest home.

      Think's avatar - lightbulb
      Marquette, MI
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      Posted: March 7, 2015, 3:28 pm - IP Logged

      It used to be if I ever won I wanted to finance a few projects that nobody else is working on but under the current regulatory and tax environment I no longer feel like doing that.

      I watched this show and the houses are nice but I wouldn't want to have them.

      Maybe there will be an episode where someone buys a big island and puts a modest house on it.  That would be interesting.  (Or maybe buy an already built home on an island)

        Think's avatar - lightbulb
        Marquette, MI
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        Posted: March 7, 2015, 3:32 pm - IP Logged

        I just read that the Hot lotto winner has their initial withholding (25% federal and 7.25% state) paid for by the lottery. They are only responsible for the balance of the federal tax which is 14.6% which is $1.7 million so the MN winners ended up netting $10 million.

        Maybe but there are circumstances where they may have to pay the extra 3.8% Obamacare  vigorish so don't forget about that!

          music*'s avatar - nw bookeep.jpg
          Happy California
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          Posted: March 7, 2015, 5:19 pm - IP Logged

          Shocked I was surprised by the choices of both couples. I would have chosen differently.  I think that they will enjoy their homes and entertain friends and family.  Cool

            Teddi's avatar - Lottery-008.jpg

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            Posted: March 7, 2015, 5:25 pm - IP Logged

            Darn, I missed it. So I probably shouldn't pre-judge, but...come on. How are you going to spend 25% of your winnings on one home? Unless they were in their 70s and had absolutely no debt when they won, this was probably not a good idea.

            However, what I've learned from watching Million Dollar Rooms and other "look at me, I'm rich" franchises, is to take everything with a grain of salt, especially when the numbers don't add up. We always find out later on that it's a marketing tool for either the house or the people, or it was an investment purchase with others involved, or they never bought it but simply rented it for the show, or the house was in foreclosure but only the pre-foreclosure price was given in the show, etc etc etc

              Wheeler's avatar - Lottery-023.jpg
              Pittsburg, Ks
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              Posted: March 7, 2015, 5:31 pm - IP Logged

              I don't get HGTV anymore but after reading about lottery winners losing their money they'll probably be looking for their dream trailer

               God Bless America

               

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                Drenick1's avatar - villiarna
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                Posted: March 7, 2015, 5:38 pm - IP Logged

                Now everyone knows where they live. I wonder how much the property tax would be on that California Eagle nest home.

                The property tax on the Eagle Crest home was 23k in 2014. That home is over 16,000 sq.ft and sits on 50 acres and they bought it for $5.5 million. The 155 acre bison ranch below them was purchased for $1.59 million one week after they closed on the Eagle Crest property.

                Property tax on the bison ranch was $300 for 2014. They also purchased 600 acres behind them but I couldn't find any data on that.

                  Drenick1's avatar - villiarna
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                  Posted: March 7, 2015, 5:42 pm - IP Logged

                  Maybe but there are circumstances where they may have to pay the extra 3.8% Obamacare  vigorish so don't forget about that!

                  California also has a top tier 13.3% state income tax rate but the lottery win was exempt. Any future earnings will be subject to the state tax as well as the 3.8% Obamacare tax.

                    Original Bey's avatar - Lottery-022.jpg

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                    September 30, 2012
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                    Posted: March 7, 2015, 5:48 pm - IP Logged

                    The property tax on the Eagle Crest home was 23k in 2014. That home is over 16,000 sq.ft and sits on 50 acres and they bought it for $5.5 million. The 155 acre bison ranch below them was purchased for $1.59 million one week after they closed on the Eagle Crest property.

                    Property tax on the bison ranch was $300 for 2014. They also purchased 600 acres behind them but I couldn't find any data on that.

                    Those tax rates are so sweet!` In the Sunshine State, they would have paid 5 times as much in property taxes but no income tax on their lottery winnings. I guess no state offers every advantage.

                    "Everything works  ONCE!"

                      Drenick1's avatar - villiarna
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                      Posted: March 7, 2015, 5:51 pm - IP Logged

                      Those tax rates are so sweet!` In the Sunshine State, they would have paid 5 times as much in property taxes but no income tax on their lottery winnings. I guess no state offers every advantage.

                      That's what I thought. Very true that in Florida or TX their annual property tax would have been over $100k.

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                        fajardo
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                        Posted: March 7, 2015, 5:56 pm - IP Logged

                        Darn, I missed it. So I probably shouldn't pre-judge, but...come on. How are you going to spend 25% of your winnings on one home? Unless they were in their 70s and had absolutely no debt when they won, this was probably not a good idea.

                        However, what I've learned from watching Million Dollar Rooms and other "look at me, I'm rich" franchises, is to take everything with a grain of salt, especially when the numbers don't add up. We always find out later on that it's a marketing tool for either the house or the people, or it was an investment purchase with others involved, or they never bought it but simply rented it for the show, or the house was in foreclosure but only the pre-foreclosure price was given in the show, etc etc etc

                        I was just watching  one of the newest american greed and they had an episode called the Playboy of Indiana , turns out he was a fraudster. The things he bought was with money he stole from investors ,lot of the luxury cars were leased and the huga mansion had a huge mortgage and was poorly build.  Is crazy how they go from documenting his success and a couple of years later he is in their fraud show and on his way to jail. At one point he was successful but not enough to maintain the appearance of success and lavishness .

                        Everything that shine is not gold and you need to take everything with a grain of salt.

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                          Posted: March 7, 2015, 6:42 pm - IP Logged

                          Darn, I missed it. So I probably shouldn't pre-judge, but...come on. How are you going to spend 25% of your winnings on one home? Unless they were in their 70s and had absolutely no debt when they won, this was probably not a good idea.

                          However, what I've learned from watching Million Dollar Rooms and other "look at me, I'm rich" franchises, is to take everything with a grain of salt, especially when the numbers don't add up. We always find out later on that it's a marketing tool for either the house or the people, or it was an investment purchase with others involved, or they never bought it but simply rented it for the show, or the house was in foreclosure but only the pre-foreclosure price was given in the show, etc etc etc

                          That's the strange thing ... at least for now, the episodes are not listed to be shown again any time soon and there are no new episodes scheduled to be broadcast also any time soon. So either they are still working on future episodes or they may rush more episodes to be broadcast sooner.

                          Perhaps they were caught off guard with the popularity of the show ... but many of their shows are popular. I often check to see what the country is watching and many times HGTV has a show in the top five. People like that channel.

                          It did seem to be popular ... on DirecTV you can see what five shows and films are currently the most watched at that moment. I waited ten minutes after the 1 PM show started and then ran a check ... on the East Coast it was the second most popular show being watched and on the National tab it was number three down out of the top five shows.

                          I'm thinking with the other satellite and cable companies this may also have been the case.

                          ...

                            lejardin's avatar - Lottery-014.jpg

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                            Posted: March 7, 2015, 7:11 pm - IP Logged

                            Very interesting shows. That Eagle Nest home was absolutely gorgeous.  I didnt think they were going to choose it, altho it would have been my pick lol.  All three of the houses were very nice. 

                            I did check and they are trying to cast more people to come on the show.  So maybe this will continue?  They usually rerun many times so I expect in time these too will be run again.

                            The minnesota couple picked an equally nice home.  Something to be said about any multi-million dollar home lol. 

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                              Kentucky
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                              Posted: March 7, 2015, 8:35 pm - IP Logged

                              I just read that the Hot lotto winner has their initial withholding (25% federal and 7.25% state) paid for by the lottery. They are only responsible for the balance of the federal tax which is 14.6% which is $1.7 million so the MN winners ended up netting $10 million.

                              As a bonus, the lottery picks up the taxes on this game's big payout.

                              According to this article, the MN Lottery pays 100% of the taxes.