I guess you mean the IRS that functions under every administration. Maybe I am thinking wrong. Yup. Must be me. Anywho, don't want to get into politi...... So I'm out.
Well, we have won with 2 lottery tickets but those were from a promotion by the state. They sent them to us and we had to ask what to do. Store told us and we had 2 ways of playing one. I let my wife choose numbers and also which way. We would have won more but.... Still, I think it was $86 we won so it was all pure winnings. If we got millions, I can think of many ways to spend it. Yes, there might be a couple of luxuries we would splurge on but I think a good share of the winnings would go to help others that are in need. And yes, we'd probably give some to our sons and their children but not a large sum.
I'm a tax accountant. Your state will take the applicable percentage. In Illinois, it's 5%. In Indiana...3.4% plus the applicable county tax. For IRS, it's ordinary income at the marginal tax rates. For 2014, the top tier is 39.6%. So as much as nearly 50% Federal and State depending upon the state.
I'd buy this if I was a millionaire. I'd buy it if I was at the level I'm at now I suppose. http://www.amazon.com/Oregon-108181...&qid=1389307701&sr=8-3&keywords=chain+grinder
First thing after I was woke up would be to pay off what debts my parents have on that little property.Then find out exactly who owns the 10 acres north to theirs.Also who owns the 40 acres of timber & 7 +/- acres of former corn/bean field abandoned that surrounds them to the west,north & southwest.And make them a decent offer.The 40 + 7 were originally part of a 160 acre Century Farm who's owner's sold their 10 acres + that little 1970 house to Mom & Dad in 1981. When the couple died several years apart starting in 1994,their farm was split up within 3 buyers since their adult children living in other part of state didn't want any of it. Oh,and I'd "retire" immediately. But still get the paperwork set up to collect my monthly pension check starting at 58.Worked 25 yrs for it so far,damm sure I'm gonna take it.
Another thing would build a 40 x 60 heated shop on their acreage,remove that 1 1/2 car garage,buy a decent 40-50HP skidsteer loader with rubber tracks & grapple claw.Plus a few other things,Woodmizer sawmill & do custom sawing & related work. Buy the little house behind me here in town,remove the fence separating the 2 properties & convert it into a bigger shop. A guy can dream,right?
http://www.realtor.com/realestatean...idaysburg_PA_16648_M48708-08372?source=images this is for sale in my valley. Guy built it after winning the lottery 25 years ago. His ex-wife's horse ranch is for sale also. The money ran out this year Yes that's 18,000 sq ft 27 rooms 9 baths guess it was fun while it lasted they split $46 million
The sad thing is if he would have bought the land, put a modest home on it...he'd have been there in comfort forever
At 4% interest in safe investments that's what 1.8 million a year on 46 million??? How do the 1/3 of lottery winner go broke in 5 yrs???
Well, Clem... Most of us are pretty resourceful guys who live within our means... How does that compare with the typical lottery player? All I really see are the guys who buy $50 worth at a pop...
I think a lot of the winners think when they win $ 1 million that they get to spend $ 1 million. When they actually only get a little over half. And think there will always be time later to invest. Then , all of a sudden reality strikes and it's too late. If you win the $1 million Publisher's Clearing House you get $250,000 because they take the "cost of advertising" out of the winnings(yes, it's legal)
Even $250,000 could make any of our lives so much easier. If you just played it smart, like most on here would, it would be a huge game changer to making our lives much more........................................
In all honesty I would consult a lawyer and a financial adviser first and I already have both of them in mind now all I have to do is start playing the lotto so I can win
I would have a home with a view off a hill. A room with a glass wall to look out, and live off the grid with no neighbors nearby. My dogs would have their own couch. Only my kids would have my phone number. The access road would be gated. Don't care a bit to travel, or drive around. Oh yes, no lawn!
I'd like to be somewhat isolated out in the woods. Don't care about travel too much other than Nat'l Parks, which are cheap to visit anyway.
