Powerball

[GURPS]

But there's entertainment value (which takes many forms).

the mental 'what if' gymnastics .....

 

[GURPS]

When I win can I high tail it down to Florida, and establish residency there before cashing in my ticket? I don't want to pay state income tax if I don't have to.

Probably wouldn't work unless you could establish residency before the numbers are drawn. And even if you managed that, as you bought a Maryland ticket you would have to claim it in Maryland, meaning the winnings would probably be subject to taxation by Maryland anyways.

I think the law is one day past 6 months for residency ?

What is my Residency Status?

Resident -Your permanent home is or was in Maryland (the law refers to this as your domicile). OR your permanent home is outside of Maryland, but you maintained a place of abode (that is, a place to live) in Maryland for more than six months of the tax year. If this applies to you and you were physically present in the state for 183 days or more, you must file a full-year resident return.

Nonresident - Your permanent home (domicile) is in a state other than Maryland, unless you are a statutory resident.

Statutory resident - You maintain and occupy a place of abode (that is a place to live) for more than 6 months of the tax year in Maryland.

Part-Year Residents - If you either established or abandoned Maryland residency during the calendar year, you are considered a part-year resident.

For more information about residency, see Administrative Release No. 37 - Domicile and Residency.

you may have to pay MD taxes initially, but you should get one hell of a refund
... I would still more to FL or NV and get an apartment and change my DL ...


or get a lawyer and argue I should pay NO MD Income taxes as I moving and they would have to pay it all back to me anyway ...
... and the numbers we are talking are significant
I would want NO delay in getting 100 or 200 million back from MD in the form of a tax refund ...

'oh sorry we have a budget deficit, we don't have your money to refund'

 

[Tilted]

I think the law is one day past 6 months for residency ?




you may have to pay MD taxes initially, but you should get one hell of a refund
... I would still more to FL or NV and get an apartment and change my DL ...


or get a lawyer and argue I should pay NO MD Income taxes as I moving and they would have to pay it all back to me anyway ...
... and the numbers we are talking are significant
I would want NO delay in getting 100 or 200 million back from MD in the form of a tax refund ...

'oh sorry we have a budget deficit, we don't have your money to refund'

I'm pretty sure Maryland would treat winnings from a ticket bought in Maryland as Maryland income, so it would tax those winnings whether you remained a Maryland resident or not.

 

[DEEKAYPEE8569]

Let's Just Say.....

.....one of us forumites wins the Powerball. Surely, he/she won't announce it; and would said winner still hang around the forums?

 

[Tilted]

.....one of us forumites wins the Powerball. Surely, he/she won't announce it; and would said winner still hang around the forums?

Yes, I will announce it.

And yes, I'll stay around the forums. I actually expect that, after a period of time when I'll busy dealing with some issues, I'll have more time to post than I've had recently. It's one of the things I'll do during my travel time when I'm going to and from the various places I'll be going to.

 

[glhs837]

.....one of us forumites wins the Powerball. Surely, he/she won't announce it; and would said winner still hang around the forums?

I'm with Tilted. The few forumites who know my secret identity are also friends who wouldn't come asking for cash. Might post the occasional picture of the Scrooge McDuck class swimming vault, but that's all the would really change. Maybe invite some of the riding forumites on a Branson (Richard, not MO) style motorcycle tour of a cool place....

 

[Hodr]

Yes, I will announce it.

And yes, I'll stay around the forums. I actually expect that, after a period of time when I'll busy dealing with some issues, I'll have more time to post than I've had recently. It's one of the things I'll do during my travel time when I'm going to and from the various places I'll be going to.

You should also consider hiring Gaddafi's female bodyguard unit to protect you on your travels.

 

[GWguy]

While all you guys were dreaming of wealth winning the Powerball,, I actually DID win in the MegaMillions last night.



Got enough to buy another ticket!!!

 

[Hodr]

The few forumites who know my secret identity are also friends who wouldn't come asking for cash.

You might be surprised. I had a friend come into a decent amount of money in the late 90s; not Powerball money, but enough to live off of the returns from the bonds alone without ever touching the principal.

I never asked him for any money, but I will be honest and tell you it was always in the back of my mind whenever we would talk. And most of the friends from our close circle did ask him for money at one time or another. He almost always refused (completely understandable and correct in my view, you don't stay wealthy giving it away), and eventually our group just petered out. We still see each other every few years during the holidays (his parents live near my own) and occasionally trade e-mails, but we don't travel in the same circles or have the same interests.

But I still hope to win the jackpot.

 

[littlelady]

Interesting...

When Lottery Riches Lead to Ruin: Eight Winners Whose Luck Ran Out

http://www.nbcnews.com/business/per...ead-ruin-eight-winners-whose-luck-ran-n495826

 

[Tilted]

Interesting...

When Lottery Riches Lead to Ruin: Eight Winners Whose Luck Ran Out

http://www.nbcnews.com/business/per...ead-ruin-eight-winners-whose-luck-ran-n495826

Yeah, it seems there are some pretty sad stories relating to lottery winners. But I'm sure there are also some pretty happy ones - even inspiring ones - to be found if we cared to look for them

Generally speaking, I don't think having a lot of money changes who people fundamentally are - good, bad; responsible, irresponsible; efficient, wasteful; wise, not-so-much; caring, uncaring; etcetera. (The journey of making a lot of money is a different matter).

More so than changing who people really are I think having a lot of money tends to amplify their virtues and their vices, and their strengths and their weaknesses.

 

[GURPS]

More so than changing who people really are I think having a lot of money tends to amplify their virtues and their vices, and their strengths and their weaknesses.

if you were an insufferable bastard before you got rich Mr Scrooge, you will just be a RICH bastard afterwards

 

[GWguy]