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Old 09-09-2012, 07:51 PM   #31
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Originally Posted by cornflake View Post
Not in Canada, where the poster who said that is from - lottery winnings are tax free, they're not counted as income afaik.
I'd assume they'd pay taxes on interest/capital gaines earned off the winnings (assuming they don't blow it), correct? Obviously not the same as taking a direct hit on the winnings though. And, I like the idea of the one time "get out of jail free" though
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Old 09-09-2012, 08:18 PM   #32
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Watched an episode yesterday with a man who had won the lottery and his partner that was spending it hand over fist. I cannot remember how much he won but I do remember the two men looking at houses with one costing 3.2 million and thinking to myself how and the heck he could afford that as his winnings where close to the price of the house. I don't think he did buy it.
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Old 09-10-2012, 05:00 PM   #33
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Here if you win 10,000,000. you get it all. There is no tax's on it at all.
I live in a smallish town in a semi-detached house that is 1300 sq. ft. It is listed at about 300,000.00. Far too high as far as I am concerned but that is the cost around here.
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Same here. You don't pay tax on anything you have won.
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Old 09-10-2012, 06:53 PM   #34
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I read somewhere that most people who win lotteries end up filing bankruptcy in 5 years. They don't know how to handle money and think they are rich. DH likes to play the lottery with no real intention of winning. It comes out of his entertainment fund. It makes him happy to play the what if game.

A family not too far away from here won a million in the lottery very recently. They are using the money they get to build a handicap accessible home for their child. It is nice when someone wins that could really use the money.
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Old 09-10-2012, 07:24 PM   #35
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Is this show currently playing? I see that it's on TLC but nothing comes up on my tv when I search.
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Old 09-10-2012, 09:20 PM   #36
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A family here in town won 1.5 million. They bought a big house and 2 new cars to start with. One was a sports car. She weighted about 350 lbs. She destroyed the car in a matter of months and then bought another car. He decided that he really didn't like the car he bought so they got rid of that one and bought a truck. The decorated their new house and then decided that they didn't like it so redecorated it again. Last I heard they were having money problems.
You do have to pay tax's on the interest but never on the original amount. And you get the whole thing at the start. If you won 34 million you get 34 million. I hear of people winning 34 million and their take is 1/2 of that.
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Old 09-11-2012, 12:48 PM   #37
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Quote:
Originally Posted by Pikester View Post
Watched an episode yesterday with a man who had won the lottery and his partner that was spending it hand over fist. I cannot remember how much he won but I do remember the two men looking at houses with one costing 3.2 million and thinking to myself how and the heck he could afford that as his winnings where close to the price of the house. I don't think he did buy it.
Sounds like he wasn't taking into consideration the taxes that will be taken out of his winnings and the yearly property taxes associated with the house. I doubt that those who look at houses too close to their winnings are thinking about that.
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Old 09-26-2012, 08:38 PM   #38
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Quote:
Originally Posted by tigercat View Post
A family here in town won 1.5 million. They bought a big house and 2 new cars to start with. One was a sports car. She weighted about 350 lbs. She destroyed the car in a matter of months and then bought another car. He decided that he really didn't like the car he bought so they got rid of that one and bought a truck. The decorated their new house and then decided that they didn't like it so redecorated it again. Last I heard they were having money problems.
You do have to pay tax's on the interest but never on the original amount. And you get the whole thing at the start. If you won 34 million you get 34 million. I hear of people winning 34 million and their take is 1/2 of that.
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It's a shame that they blew thru the money. I don't see why her weight had to be mentioned!
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Old 09-26-2012, 09:24 PM   #39
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Sorry about mentioning her weight. It was because the sports car just wouldn't hold her weight. The shocks kept giving out on the car.
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Old 09-26-2012, 11:00 PM   #40
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Originally Posted by tigercat View Post
Sorry about mentioning her weight. It was because the sports car just wouldn't hold her weight. The shocks kept giving out on the car.
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Wow! I would think that was more of defective shocks problem if anything.


I'm watching old shows on youtube of The Lottery Changed My Life. This is the first time I've watched this show.
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