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Originally Posted by Peaches
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.
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But from his post he was referring to this couple in question, and they are Canadian, not in the US. They won a Canadian Lottery, so all the blabber about gift taxes and 11k's just don't apply here.
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Originally Posted by Peaches
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  |
From what I've heard from people who have won big down there, we get dinged by the IRS just the same as anyone else. Win $100k and they take their large chunk no matter where you're from.... at least that's the way I've heard it (from many sources actually)
The difference is that once back in Canada, there is an agency we can apply to, to recover most of what the IRS took from us. If they took $40k for example, this agency can recover up to something like 90% of it. They then take their fee and we get the rest.... which is still a better deal than what any US citizen gets. :D