Richard Hatch isn't entertaining, so... - Page 2

saganista · 01-19-2005, 02:48 AM

Quote:

Originally Posted by melidasaur

If you obtain illegal income, you're supposed to pay taxes on it. Talk about self-incrimination!

Did Al Capone know this?

Roosta · 01-19-2005, 07:15 AM

I don't think we pay tax on lottery wins here.

staceyv · 01-19-2005, 07:34 AM

What would you do if you won the lottery? Let's be more specific, Let's say $5,000,000 (after taxes) falls into your lap.
What would you change about your life? Employment status! quit job and spend time learning karate, working out, volunteer at animal shelter...

What would you buy? house, drums and PA system, gym equipment, car, 2 vacations- Russia and Virgin Islands and all kinds of teachers- russian tutor, karate lessons, personal trainer, music lessons...

Would you give any of the money away? I'm not really a generous person, so the only people I 'd feel a strong urge to take care of are my grandparents. I'd like my grandmother to have a diamond tennis bracelet and her house remodeled ...I'd probably spend about $300,000 on them, but for everyone else, I'd lie and say that the taxes took most of my money away and we broke even after we bought the house!

I'd want to invest about 3 million so we could hopefully live off the interest, although if I really did have that 5 milion, I'd look into this way more than now, as it's hypothetical.. before spending anything, I'd want to know all of the math...If we invest this amount, how much yearly interest will we have?, that amount?... etc.

__________________

Clodfobble · 01-19-2005, 08:02 AM

What are the anonymity rules regarding the lottery? It seems to me that as soon as you step forward to claim it, it becomes public record who you are and where you live and how much money you got. Is there any way to claim it without having your picture taken with that stupid big check and having the local news write a story about you??

Beestie · 01-19-2005, 08:10 AM

Quote:

Originally Posted by Clodfobble

What are the anonymity rules regarding the lottery?

Go to an attorney and form a trust. Then have the attorney claim the winnings in the name of the trust. The winnings are then payable to the trust which, via the law firm, distributes the money in accordance with the rules of the trust. The trust documents are not a matter of public record and you will be perfectly anonymous. I know quite a few lottery winners who have done this.

The problem with staying anonymous are family members and friends who blab.

Elspode · 01-19-2005, 08:25 AM

Quote:

Originally Posted by Carbonated_Brains

And our television tends to suck the knobbly balls of Satan.

I assume that this is, in part, due to the infamous "specific Canadian content" regulation being applied to original programming there?

Clodfobble · 01-19-2005, 08:35 AM

The problem with staying anonymous are family members and friends who blab.

Hell, I wouldn't tell them. They'll just get to wonder why their Christmas presents have gotten a lot nicer.

Of course it's going to be very hard for me to win the lottery without ever buying a ticket, but at least now I have a plan. It's good to be prepared for anything.

Beestie · 01-19-2005, 08:52 AM

If I won the lottery, after paying off everything except mortgage debt, I'd probably go out and buy a Harley. I like this one:

melidasaur · 01-19-2005, 08:53 AM

Quote:

Originally Posted by saganista

Did Al Capone know this?

He probably did... but who wants to incriminate themselves

?

lookout123 · 01-19-2005, 10:05 AM

the IRS doesn't share the info with law enforcement. ** they are only concerned with their money. on the other hand, how many real criminals have been taken down because of tax evasion?

When i worked in the car business i had a guy who pulled $9500 out of his pocket for his down payment and when i filled out his credit app, he claimed to be an "independent distributor", with a great big smile. he said he filed his taxes and was meticulous with his record keeping and had never had any problems.

Ten minutes after we closed the car sale, he pulled out another $9500, and said his girlfriend wanted one too. Same thing for her.

Undertoad · 01-19-2005, 10:40 AM

And that $9500 was purposefully $500 less than $10000, wasn't it? He expected you to report a cash transaction of $10000 or more to the IRS...

lookout123 · 01-19-2005, 11:00 AM

bingo!

lumberjim · 01-19-2005, 11:03 AM

anyone listen to howard stern? Crazy Cabby is a frequent guest who won $100,000 in a payper view boxing match. he bragged on the air that he doesnt pay his taxes. an IRS agent was listening. he got busted. now that's stupid.

lookout123 · 01-19-2005, 11:13 AM

a guy i worked with in the air force in the early 90's became an IRS auditor. if 1/3 of what he says is true, they have mad scary powers and abilities. i hear they can shoot death rays out of their arses, too.

russotto · 01-19-2005, 03:10 PM

5 million? I quit my full-time job and become a consultant. Much easier when you don't have to worry about dry spells, and can work a lot less than otherwise necessary to maintain my current lifestyle.

01-19-2005, 07:15 AM	#17
Roosta Nutter. Join Date: Jul 2004 Location: England Posts: 221	I don't think we pay tax on lottery wins here. __________________ Back from the brink...

01-19-2005, 08:52 AM	#23
Beestie -◊\|≡·∙■·∙≡\|◊- Join Date: Feb 2003 Location: Parts unknown. Posts: 4,081	If I won the lottery, after paying off everything except mortgage debt, I'd probably go out and buy a Harley. I like this one: __________________ ♠ ♥ ♣ ♦

01-19-2005, 10:05 AM	#25
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	the IRS doesn't share the info with law enforcement. ** they are only concerned with their money. on the other hand, how many real criminals have been taken down because of tax evasion? When i worked in the car business i had a guy who pulled $9500 out of his pocket for his down payment and when i filled out his credit app, he claimed to be an "independent distributor", with a great big smile. he said he filed his taxes and was meticulous with his record keeping and had never had any problems. Ten minutes after we closed the car sale, he pulled out another $9500, and said his girlfriend wanted one too. Same thing for her. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

01-19-2005, 11:00 AM	#27
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	bingo! __________________ Getting knocked down is no sin, it's not getting back up that's the sin

01-19-2005, 11:03 AM	#28
lumberjim I can hear my ears Join Date: Oct 2003 Posts: 25,571	anyone listen to howard stern? Crazy Cabby is a frequent guest who won $100,000 in a payper view boxing match. he bragged on the air that he doesnt pay his taxes. an IRS agent was listening. he got busted. now that's stupid. __________________ This body holding me reminds me of my own mortality Embrace this moment, remember We are eternal, all this pain is an illusion ~MJKeenan

01-19-2005, 07:34 AM	#18
staceyv Lecturer Join Date: Nov 2003 Location: Ohio Posts: 927	What would you do if you won the lottery? Let's be more specific, Let's say $5,000,000 (after taxes) falls into your lap. What would you change about your life? Employment status! quit job and spend time learning karate, working out, volunteer at animal shelter... What would you buy? house, drums and PA system, gym equipment, car, 2 vacations- Russia and Virgin Islands and all kinds of teachers- russian tutor, karate lessons, personal trainer, music lessons... Would you give any of the money away? I'm not really a generous person, so the only people I 'd feel a strong urge to take care of are my grandparents. I'd like my grandmother to have a diamond tennis bracelet and her house remodeled ...I'd probably spend about $300,000 on them, but for everyone else, I'd lie and say that the taxes took most of my money away and we broke even after we bought the house! I'd want to invest about 3 million so we could hopefully live off the interest, although if I really did have that 5 milion, I'd look into this way more than now, as it's hypothetical.. before spending anything, I'd want to know all of the math...If we invest this amount, how much yearly interest will we have?, that amount?... etc. __________________

01-19-2005, 08:02 AM	#19
Clodfobble UNDER CONDITIONAL MITIGATION Join Date: Mar 2004 Location: Austin, TX Posts: 20,012	What are the anonymity rules regarding the lottery? It seems to me that as soon as you step forward to claim it, it becomes public record who you are and where you live and how much money you got. Is there any way to claim it without having your picture taken with that stupid big check and having the local news write a story about you??

01-19-2005, 08:35 AM	#22
Clodfobble UNDER CONDITIONAL MITIGATION Join Date: Mar 2004 Location: Austin, TX Posts: 20,012	The problem with staying anonymous are family members and friends who blab. Hell, I wouldn't tell them. They'll just get to wonder why their Christmas presents have gotten a lot nicer. Of course it's going to be very hard for me to win the lottery without ever buying a ticket, but at least now I have a plan. It's good to be prepared for anything.

01-19-2005, 10:40 AM	#26
Undertoad Radical Centrist Join Date: Jan 2001 Location: Cottage of Prussia Posts: 31,423	And that $9500 was purposefully $500 less than $10000, wasn't it? He expected you to report a cash transaction of $10000 or more to the IRS...

01-19-2005, 11:13 AM	#29
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	a guy i worked with in the air force in the early 90's became an IRS auditor. if 1/3 of what he says is true, they have mad scary powers and abilities. i hear they can shoot death rays out of their arses, too. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

01-19-2005, 03:10 PM	#30
russotto Professor Join Date: Jan 2001 Posts: 1,788	5 million? I quit my full-time job and become a consultant. Much easier when you don't have to worry about dry spells, and can work a lot less than otherwise necessary to maintain my current lifestyle.

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