I think we all would have to make our claim and take the payouts individually...you can't hand over millions to other people without paying taxes again...
I think we all would have to make our claim and take the payouts individually...you can't hand over millions to other people without paying taxes again...
LOL I got a stupid question.. and I am lazy soo.
Is this open only for citizens or.. are legal residents included too?
If by some miracle we win the jackpot, we'll figure out the tax issues before collecting. I would imagine we'll have to form a trust or corporation together. The winnings would be paid to the corp, which would pay the taxes, and the corp would disperse the money to us.
If by some miracle we win the jackpot, we'll figure out the tax issues before collecting. I would imagine we'll have to form a trust or corporation together. The winnings would be paid to the corp, which would pay the taxes, and the corp would disperse the money to us.
This. The payout would be made across all of the claimants unless we "allow" Vivi to collect the payout directly as a single individual. The drawback to that is that we would all essentially get taxed twice - Vivi would get taxed initially then would be making a payment to each of us after taxes which we would then be taxed on as it would likely be much larger than exempt gifts.
If we win, we would all pretty much need to show up to collect. Though Vivi could potentially collect it as a trust, but then lawyers would want their cut.
This. The payout would be made across all of the claimants unless we "allow" Vivi to collect the payout directly as a single individual. The drawback to that is that we would all essentially get taxed twice - Vivi would get taxed initially then would be making a payment to each of us after taxes which we would then be taxed on as it would likely be much larger than exempt gifts.
If we win, we would all pretty much need to show up to collect. Though Vivi could potentially collect it as a trust, but then lawyers would want their cut.
Wow this violates a multitude AT forum rules, but the minute I swear outside the "social" forums I get a flag.
Nevertheless, OP you have cash on the way. I'm in every pool I can find at this point.
agreed, no offense to anyone willing to step up but the way I see it, it's all in good fun and while I don't expect to win, I'm willing to take the larger hit on taxes if we do cuz I trust vivi.
plus if vivi tickets win, then you could make the case that we would've lost if we went with someone in cali, lets not put a hex on this.
If by some miracle we win the jackpot, we'll figure out the tax issues before collecting. I would imagine we'll have to form a trust or corporation together. The winnings would be paid to the corp, which would pay the taxes, and the corp would disperse the money to us.
Well, I am a citizen, so we're good there ... not sure how we deal about any of you not citizens?
AFAIK I pay the taxes, and then you guys do not, correct me if I am wrong?
If by some miracle we win the jackpot, we'll figure out the tax issues before collecting. I would imagine we'll have to form a trust or corporation together. The winnings would be paid to the corp, which would pay the taxes, and the corp would disperse the money to us.
If by some miracle we win the jackpot, we'll figure out the tax issues before collecting. I would imagine we'll have to form a trust or corporation together. The winnings would be paid to the corp, which would pay the taxes, and the corp would disperse the money to us.
You are all already trusting vivi to let you know if one of the tickets hit.
There's no reason for him to cash it in then disburse the money. Plenty of pools have been hit and the lottery commission has no problem disbursing the money to all the players.
Let's make this simple:
100 ATOT people are in to split 400 million lump sum after all taxes. The taxes are paid by vivi.
Vivi then distributes the money to the 100 oters at 4 mil each. They would then bear the tax burden on that, giving away 25% plus their state taxes. Why would you all give away a million dollars plus state taxes for no reason?
If you'd just claim it as a pool, it will be broken up to the 100 people at the 4 million after all taxes, varying amount by state of course.
We pay taxes all right. I know that I am eligible for most of the giveaways and prizes.. but not sure about lottery.
I say we get the money in gold coins, put it in a big vault and go swimming in it Scrooge McDuck style
It's funny, I hope we win not because I want the money(although that's the reason I'm in it), but because of the sheer awesomeness of that meetup among us winners when collecting said winnings.