MegaMillions Jackpot Reaches $540 Million

  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 12:53 PM GMT
    1333111394468_8920369.png
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 12:56 PM GMT
    mega-millions-lottery-winner-friday-conf
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 12:57 PM GMT
    tax-mega-millions-lottery-winning-confes
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 12:57 PM GMT
    1333112151843_4517955.png
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 2:24 PM GMT
    Hmmmm what would I do..

    Well one of the first things I'd probably do is rent an executive helicopter to fly and land me on site at one of the small facilities I used to work at where I had a boss and a few co workers I couldn't stand. Then I'd waltz in to visit a few of the really nice co workers I worked with, give each of them a cheque for at least a million so they could afford to quit on the spot and we'd all hop on the copter, middle fingers held high and take off leaving them in the dust.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 2:29 PM GMT
    TheGuyNextDoor saidLOL,,, a bought a card the other night for tonight's drawing.
    I'm suppose to fly away tomorrow for a week in Augusta to work during Masters 2012 and I've had to ask myself a million times.. what would I do if I won?
    My partner says... yeah, I know you.. you'd go work anyway.. Then quit!
    I think he's right. Once you're set with that kind of money, what's the big rush to leave your co-worker's of 19 yrs? I'd probably give them a 3 week notice to start looking.
    What would you guys do if you won?


    I would hire a mariachi band to go into work and sing a song about me quitting.
  • CuriousJockAZ

    Posts: 19136

    Mar 30, 2012 2:48 PM GMT
    I can't even imagine what it would feel like to win that amount of money. It would probably be really overwhelming at first. I think the first thing I would do is take an amazing 1st Class vacation to places I have always wanted to see, just to clear my head and try to figure out how the money should be used. Of course a big chunk would go to charitable causes, family members, friends (especially those who have really struggled). I'd definitely build my dream house.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 3:05 PM GMT
    I drove to the state line and bought me $10 bucks worth. Probably a total waste of gas, time and money.

    If I won, I'd hire a lawyer and a high profile CPA. I'd change my phone number, close facebook and contact a select few of my REAL friends and surprise them by pulling up to their house with police escort and a stretch limo and presenting them with a Price is Right sized check.

  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 3:15 PM GMT
    Are you allowed to hire an attorney and accept the winnings anonymously? Getting your face / name plastered all over the media, wouldn't be surprised if the winner ends up dead in a week.
  • CuriousJockAZ

    Posts: 19136

    Mar 30, 2012 3:20 PM GMT
    S34n05 saidAre you allowed to hire an attorney and accept the winnings anonymously? Getting your face / name plastered all over the media, wouldn't be surprised if the winner ends up dead in a week.



    I don't think you are required to make a public appearance, however the name of the winner I believe becomes public record.

    Are there any CPA's in the house? I'm curious how it works with Lottery winners in terms of taxes. I know if they take the winnings in a lump sum, they get the amount less taxes owed. However, if say you gave $10 million to a sibling, would that sibling have to also pay taxes on that money, or can it only be taxed once?
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 3:31 PM GMT
    CuriousJockAZ said
    S34n05 saidAre there any CPA's in the house? I'm curious how it works with Lottery winners in terms of taxes. I know if they take the winnings in a lump sum, they get the amount less taxes owed. However, if say you gave $10 million to a sibling, would that sibling have to also pay taxes on that money, or can it only be taxed once?

    I'm not a CPA but I really enjoyed my tax law class....the recipient of a gift is taxed on the value of any gift over $13,000/year. It wouldn't be double taxed since you'd get taxed when you receive the money from the lottery since it'd be new income to you. When you give over the gift limit, it is new income to the recipient of the gift and therefore taxable income to them. There are ways to minimize the tax implications by creating trusts but at the end of the day, it'll be taxed.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 3:32 PM GMT
    There is a thing called a gift tax. You can give up to 13,000 per person in gifts (either money or property) without being taxed. Paying for someone's medical or tuition is exempt for the gift tax.

    Recipients never owe income tax on the gifts

    If you give more than the annual exclusion amount to one person in a single year you'll have to file a gift tax return. But you still won't have to pay gift tax unless you gave given a very large amount. The rules let you give a substantial amount during your lifetime without ever paying a gift tax. As of 2011 the amount is $5,000,000.

    The lifetime gift tax exemption is tied directly to the federal estate tax exemption such that if you gift away any amount of your lifetime gift tax exemption, then this amount will be subtracted from your estate tax exemption after you die.

    Though personally I don't know what stops you from say giving 13k to 10 different people, and then having 9 of those people give that 13k to a single person. Thus a single person ends up with 130k absent the tax gift restriction.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 3:34 PM GMT
    JPtheBITCH saidFunny question, Tony. I've spent the last six or so years giving away most of my possessions and I no longer feel the need to acquire stuff. My kids were just coming out of college and I was able to give them tons of furniture, linens, kitchen stuff, etc. to help set them up. I've moved in the last decade from a 14 room house to a 4-room apartment and my mindset now is all about de-cluttering. I used to have 4000 books; over the last few years I've pared it down to maybe 500. I had 4000 CDs, and I ripped them all to a hard drive and gave them to a library.

    So what would I do with the money? Search me. Give a lot of it away, I expect. Oh, and never fly coach again. Probably travel a bit.


    I hope you gave the books away to other readers vs trashing them!
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 3:34 PM GMT
    And I would still use the money to fulfill fantasy fucks.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 3:55 PM GMT
    TheGuyNextDoor saidWhat would you guys do if you won?


    Being frugal, so even though that money might afford a 130-footer, I'd stick with my original decision of this puppy

    motor-yacht-My-Issue-II.jpg

    All male crew, naturally.

    My family & closest friends would all become independently wealthy if they aren't already. Afterall, someone's gotta enjoy those lovely staterooms.

    After generous expenses, what's left of the principal probably safely generates, ongoing, at least $3,000,000/year to be spent on gay acceptance causes, human rights & wildlife conservation, where also goes the bulk of the imaginary estate upon death.

    Oh, but there's a problem in Florida. No MegaMillion here. Would someone please send me a ticket? Imagining all that for one dollar? Sure beats 10 minutes of my cable bill. Well, except for Merlin. Now what would I do if I was Merlin?

    CuriousJockAZ saidHowever, if say you gave $10 million to a sibling, would that sibling have to also pay taxes on that money, or can it only be taxed once?


    The giver, not the recepient pays the tax. I think gift tax over the $1,000,000 lifetime exemption is 50%. So for you to give $10mm, it will cost you $14,500,000 or something like that because they'd pay no tax, but you'd pay about $4,500,000 on the $10mm.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 3:58 PM GMT
    I wouldn't tell anyone.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 4:13 PM GMT
    BREAKING NEWS: Lotto sales pushes jackpot to world-record $640 MILLION!
  • CuriousJockAZ

    Posts: 19136

    Mar 30, 2012 4:14 PM GMT
    hou2jax saidBREAKING NEWS: Lotto sales pushes jackpot to world-record $640 MILLION!



    Damn, now I have to figure out how the heck I am going to spend another $100 million. icon_lol.gif
  • Posted by a hidden member.
    Log in to view his profile

    Mar 30, 2012 4:30 PM GMT
    hou2jax saidBREAKING NEWS: Lotto sales pushes jackpot to world-record $640 MILLION!


    Oh damn. Well, now I'm going to have to get the 130

    main_568x418.jpg
  • Import

    Posts: 7190

    Mar 30, 2012 4:57 PM GMT
    AvadaKedavra said
    TheGuyNextDoor saidLOL,,, a bought a card the other night for tonight's drawing.
    I'm suppose to fly away tomorrow for a week in Augusta to work during Masters 2012 and I've had to ask myself a million times.. what would I do if I won?
    My partner says... yeah, I know you.. you'd go work anyway.. Then quit!
    I think he's right. Once you're set with that kind of money, what's the big rush to leave your co-worker's of 19 yrs? I'd probably give them a 3 week notice to start looking.
    What would you guys do if you won?


    I would hire a mariachi band to go into work and sing a song about me quitting.


    YESSSSSS. I told a coworker the saaaame thing.

    Only i said I'd hire a high school marching band.... like the guy on youtube did like a year ago.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 31, 2012 3:17 AM GMT
    I matched the Megaball number! But not a single other. Last time I played was 30 years ago. Still not meant to be.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 31, 2012 3:21 AM GMT
    Same here. I had the Mega ball + 1 other number. Damn...
  • Posted by a hidden member.
    Log in to view his profile

    Mar 31, 2012 3:23 AM GMT
    StudlyScrewRite saidtax-mega-millions-lottery-winning-confes
    +500mil
  • Posted by a hidden member.
    Log in to view his profile

    Mar 31, 2012 3:24 AM GMT
    I'd research and find where I can buy an entire city block in a gay community and open a semi-self-succient block where you don't need to go anywhere else, but you're more than welcome to. Gay and Hetero friendly everything! Mostly gay-centrist. If that goes over well, I'll buy another block in another city. The excess revenue would go back into supporting Gay Rights, Finding the Cure for AIDS, and the local community and the homeless and troubled gay youth.

    Also, buy a shit load of clothes and a few houses across the United States. Invest. Invest. Invest!
  • Posted by a hidden member.
    Log in to view his profile

    Mar 31, 2012 5:55 AM GMT
    boooo someone in maryland won it. i hate you.