What would you do if you won the lottery?

89 posts in this topic

 

No, muppet. Lottery winnings are not taxed in Germany. The money is taxed on the way in (when you -- the dumbass who doesn't understand statistics -- actually buy the ticket), not on the way out (payoff). I have had this explained to me by multiple tax lawyers to whom I tried to explain the pathetic odds.

 

woof.

I view everything through the lens of US worldwide taxation. Smilin' Eyes turns out to be Irish ... sorry, but the way she's been unfairly slagged off on TT one could only assume she was american.

 

P.S. Why the gratuitous "muppet" and "dumbass" epithets? What on earth have I ever done to you? Are people here completely incapable of conversing in a civil fashion? On the internet, nobody knows you're a dog ... unless you have to remind them with every effen post.

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What ever you do don’t do what some guy I used to work with did when he won.

He stood on his desk and urinated onto his work area and unfortunately for him the high voltage from the CRT screen can travel along a stream of water at lightening speed.

Yeah right

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If I won the lotto I would invite all TTers to a party.

If any money remained after the party I would hope to be able to invest it well enough to be able to live off the income and still have enough left over to maintain my standard of living when I retire from doing voluntary work.

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Thank gawd I'm Canadian with no taxes on lottery winnings. I figure I'd invest very conservatively and live off the return while trying to have the original amount keep growing a little. Probably not a very glamourous lifestyle, nor very luxurious, but nice and secure with no worries. Would probably move back to Canada, buy a little place out in the country with a nice piece of land somewhere on the Niagara Peninsula, and just enjoy life with family and my dogs. Might splurge and get a third dog: a Newfoundlander. ;)

 

Yeah... I'm boring, fiscally conservative, and don't need all that much to be happy.

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Yeah... I'm boring, fiscally conservative, and don't need all that much to be happy.

Well if you weren't able to think of anything more interesting to do with it you could just give some away to people or causes who really need it couldn't you?

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Well if you weren't able to think of anything more interesting to do with it you could just give some away to people or causes who really need it couldn't you?

How is my wanting a simple and secure life any better or worse than somebody splurging on a web site, a holiday, a party, or stalkers? :rolleyes: And as for giving it away, that would be my choice to be done when I choose. If I gave away a large chunk right away, then there goes a part of my security and feeling of safety. I'd rather do that via my will when I'm no longer concerned about some emergency coming up unexpectedly. :P

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Just so I can keep my fantasies as realistic as possible, ^_^ I have a question. As an American citizen, if I won the lottery in Germany, would I be liable for income tax in the US? If so, at roughly what percentage?

 

If I won the lottery, €2 million tax free, I would give:

 

  • 100,000 to my ex for supporting me all the years he did,
  • 100,000 to my mom
  • 100,000 to my dad,
  • 50,000 to my brother

I would splurge on:

  • 50,000 for a tricked out blue Mini Cooper with white racing stripes and the Union Jack on the mirrors
  • 20,000 on furniture and stuff for the house
  • 10,000 for a new wardrobe
  • 70,000 fun money, to buy something super-mega-cool for my bf and stuff for my other friends

And then invest:

  • 500,000 in private equity
  • 1,000,000 in a high yield bond, averaging an 8% return, compounded annually.

 

This would give me roughly 5000 a month to live on, after interest-earned taxes, etc., off of which I would live comfortably but not luxuriously. I would move across the street to the new flats recently built in my neighborhood.

 

The private equity investment would be long-term, and when the return comes in, I would buy a flat or house.

 

Since I wouldn't have to work, living moderately on my high yield bond income, I would do humanitarian volunteer work full-time. And be lazy whenever I want!

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taken from Tax Hints @ The Lottery Site

 

 

On the subject of taxation, you can rest assured that no US-based lottery will pay out any winnings without first deducting the taxes due on those winnings - usually, a full 38%.

 

There is no exception. US lottery winnings are taxable, as are ALL lottery wins over $600, anywhere in the world, if the player is a US citizen.

 

There are notable exceptions to the taxation rule, particularly with the Canadian lotteries. All lottery payments are in cash, with no deductions. These winnings are not taxable in Canada if you win on this lottery. There is no further liability for any amount, and you actually get 100% of the prize amount that is forecast.

 

If a Canadian wins the Canadian lottery, the funds are given to the winner in cash, with no tax liabilities ever. If a US citizen wins the Canadian lottery, they would also be given the winning amount all at once, without any tax liability in Canada. But as we stated, the US tax code requires you to list this win on your income tax form, and to pay the associated taxes.

 

A US citizen who wins a huge bundle, and whose identity is not even reported to the US tax authorities, is nonetheless required to report their winnings, and submit their taxes. People have moved to a tax-free haven for considerably less than this.

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I'd likely be wondering who bought me the lottery ticket, then vomit, then lose a few years of lifespan while worrying over estate planning, investments, solicitors, taxes, family, insurance, etc. Easy money is an oxymoron.

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I wouldnt tell anyone about it, I reckon I would pay off our house, do it and my studio up a bit, and make sure that our son was well catered for.

For the rest, I think I would go round all my friends and family and secretly pay off their mortgages if such a thing is possible.

if there is anything left, I would set some sort of scholarship up for young artists.

 

Money just makes things complicated, as long as my family is comfortable, then I'm happy.

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My own house where i could get a Snooker table in it, of course with a bar too.Then i would buy property to rent splitting this through the family.500,000 i would then invest in a high return bank account.Would still go to work because i know the lazy ba*--++ds do not like having to take orders off me.Then if it got too mmuch for me having to watch over my empire i would retire early

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i would then invest in a high return bank account.

Now moving into the world of fantasy. Well, actually, I see you can get 20% if you hold Icelandic Krona.

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I would spend the first million on women, cocaine and partying. Then I would waste the rest...

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Lots of things but first I would pay Chuck Berry to teach me personally his version of "Johnny B. Goode" on one of his guitars that I would buy from him.

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