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Originally Posted by CDSmith
We don't have that in Canada, which is where that couple resides.
In fact, we pay NO tax on lotto winnings, except on interest earned later on from it.
The IRS can go suck an egg. :D
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I think he was talking about gift taxes. In the US, you can "gift" up to $11K without you (or the recipient) paying taxes on it. But each person can gift each person $11K. For instance my Mother could give my brother, his wife and each of their 2 kids $11K each, and so could my Dad, w/o paying taxes. So in basically my parents could give my brother's family $88K tax free. And it's per year so a lot of times family set it up to give it each year.
But once you go over the $11K per person the giver has to start paying taxes.
As far as not paying taxes on winnings, I love sitting next to Canadians who win big in Vegas and watching them find out they won't get all their cash until they get back in Canada
