"What's the quickest way to become a millionaire?"
"Be a billionaire and buy a yacht"
The US Powerball jackpot - silly, silly amount.
- Thread starter Droolinggimp
- Start date
"Be a billionaire and buy a yacht"
I just keep thinking about the angry americans watching a Brit carry a Giant novelty cheque onto his private jet back to Blighty
They could take $800million away from me, I aint going to complain
Soldato
- Joined
- 30 Sep 2005
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I'm honestly not sure what I'd do with that amount of money. I'd buy a nice house, but not something anyone would think "he's won the lottery", more "he's taken on a big mortgage lol" and I don't think I'd buy loads of cars either.
I'd probably buy a house somewhere local, and two cars. Decent family car, and something for the weekend. Then go on a couple of holidays a year with the family and that's about it.
The rest would go to helping family out. Not sure about charities, I think I'd give a lot of it away but maybe directly to specific causes.
I think if you started snorting coke of supermodels chests you're on the path to somewhere quite dark.
I'd probably buy a house somewhere local, and two cars. Decent family car, and something for the weekend. Then go on a couple of holidays a year with the family and that's about it.
The rest would go to helping family out. Not sure about charities, I think I'd give a lot of it away but maybe directly to specific causes.
I think if you started snorting coke of supermodels chests you're on the path to somewhere quite dark.
And moist as well I'd imagine
You could buy King Charles a new yacht.
UK drops plans for £250m national flagship yacht
The ship, commissioned by ex-PM Boris Johnson, was meant to help promote the UK around the world.
www.bbc.co.uk
Actually, it's smarter to take the money if you can be prudent with it. The annuity is a poor rate of return and not AFAIAA index-linked. $60M on $1.9B is about 3% and you still pay tax on that. If you take the money - $900M, you say, after taxes - so 5% annual return will net you $45M and the US stock market has averaged about 10% over the past century for a $90M annual return. And you don't pay taxes on unrealised growth so you can leave your investments to compound. But you do require self-control. And the ability to take advice.
It's the other way around (unless you meant federal taxes too when you said state taxes).
A UK resident is exempt from federal taxes (via a tax treaty) but would have to pay state income taxes in applicable states (not all states have income tax though).
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Its a little complicated than either of us said
According to Publication 519 – U.S. Tax Guide for Aliens – “In general, nonresident aliens are subject to the 30% tax on the gross proceeds from gambling won in the United States if that income is not effectively connected with a U.S. trade or business and is not exempted by treaty. However, no tax is imposed on nonbusiness gambling income a nonresident alien wins playing blackjack, baccarat, craps, roulette, or big-6 wheel in the United States.”
Furthermore, according to Artio Partners, foreign nationals from certain countries are exempt from tax withholding on gambling winnings due to the provisions of tax treaties with the United States: Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Netherlands, Russia, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Tunisia, Turkey, Ukraine, and United Kingdom.
Foreign nationals from these countries should present Form W-8BEN – Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals) – at the time of winning to claim the treaty benefits. If tax was already withheld on gambling winnings, foreign nationals should file Form 1040-NR – U.S. Nonresident Alien Income Tax Return – to reclaim any amount improperly withheld.
Eh? That's just supporting what I said, UK residents (UK residents who pay tax here/aren't US citizens or green card holders) would be covered by the treaty mentioned and don't have to pay federal tax... they can be liable for state taxes.
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For many it would be a curse that ultimately would result in broken down families, health problems and maybe worse. For some it would be an opportunity to do a lot of good. For others, they might just sit on it and do nothing but carry on with life as normal.
I'd probably still go to work tbh, assuming I could keep it quiet. I certainly wouldnt tell anyone. But I would look to do a lot of good. Or at least, if I can, find people I could trust to do a lot of good with it.
I'd probably still go to work tbh, assuming I could keep it quiet. I certainly wouldnt tell anyone. But I would look to do a lot of good. Or at least, if I can, find people I could trust to do a lot of good with it.
Caporegime
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There are a few houses near me that is set a bit back from the main road with a longish drive (50m) and can easily missed when walking or driving by. Some of those houses are quite larger than your average 3 bed detached. All are purpose one off built and some are gated. I think for the sake of argument I’ll probably go for one of those for a bit of privacy, and can actually have a really nice car or a few without the neighbours suspecting anything.
Unlike one house not far from here that has a garden with a massive pole with a helicopter model on top of it….and they do own a helicopter!
and thats why you selectively ignored the whole of my post and just quote the part you wanted - taken the whole post, the tax situation is far more complicated than you pretend it is. Now, no more Dowie hole.
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Eh? What additional complication are you referring to? I just highlighted the relevant bit. Your post mentioned the tax treaty, that covers federal taxes not state taxes... if you think there is something being ignored then can you be clearer about what you mean here - all you've done there is post something re: federal taxiation that is in agreement with what I claimed.
The admin side isn't relevant to the point - whether you avoid paying federal tax in the first place or you have to fill out a form to claim it back either way you still don't pay federal taxes... this is the same situation as say poker tournament wins (or indeed any other casino win) over 10k if you say go to vegas.
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