May 19, 201313 yr Played twenty bucks hit 5 of 60 numbers, but did hit the PB on one line so I collect $4. Woo hoo!
May 19, 201313 yr Most of us have talked about giving money to friends or family, say I give my mom $2,000,000 doesn't she get taxed around 35-45% even though I have already paid taxes on the money when I got it. In short, no. She wouldn't pay income tax on the gift, no matter the size of the gift. Gifts are tax free to the person receiving it, regardless of what is given, be it cash, paintings, jewelry, houses, etc. As the donor, you may be subject to "gift tax" if you give one person anything that values more than $13k in any given calendar year, depending upon the value of your estate. This is not income tax but rather part of the federal estate tax and is designed to keep folks from giving away their entire estate on their death bed to avoid estate tax. I'm not an expert but basically as of 2013 you can transfer at your death a total estate of $5.25 million (indexed for inflation) without owing any estate tax obligations. During your lifetime, if you go over the $13k per year limit (to each recipient), the excess is subtracted from the $5.25 million that passes tax free at your death. You can give up to $13k to as many different people as you choose per year, but you cannot give more than $13k to any 1 person without it reducing the tax free amount you can transfer at your death. For most of us, it is a moot point because our estates will be less than the $5.25 million. If you hit the lottery, however, you will have serious estate tax considerations. This alone will cause you to be very selective about how you give away your money and how much. Lawyers and accountants who specialize in estate and trust planning will be your guide and will save you (and your beneficiaries) millions in estate tax down the road. If you are married, you can give more. For example, you can give your son $13k and your spouse can give him $13k for a total of $26k per calendar year. If your son is married, you can also each give his wife $13k for a total of $52k you can give them as a couple each calendar year. Same rules apply for every other person you know, whether or not you are related to them. Edited May 19, 201313 yr by Watusi
May 19, 201313 yr 5, 13, 14, 22, 52 and 11 If those are your numbers, you are $590 million richer this morning. 1 winning ticket sold in Florida, near Tampa. (swamprat maybe?) $590M-Plus Powerball: 1 Winning Ticket Sold in Fla - ABC News
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