Cars of CES 2016
- Thread starter AllFlash
- Start date
Great pics Les. Thanks for sharing. Have a safe trip.
Eric
Eric
Wow, those are some fancy cars! Woo!
Did you see this spaceship though?
Great shots. Now I just need the Powerball . LOL
That is crazy! Nice car and heck, I'd be happy with 1/1000th of a Powerball.
Ok Guys. I may be too late for you to jump on tonight's draw but the odds of winning the powerball are 292.2 million to 1. At $ 2.00 per ticket, you could cover every possible number combination by spending 584.4 million dollars on tickets. Assuming you were the only winner, that's a profit of 915.6 million dollars before taxes. Since the US feds take 50% off the top, you would still come out ahead by 165.6 million dollars. A decent night's pay cheque don't ya think.... Unless of course someone else hits the winning number. Then you're pretty much screwed. 
From my understanding, being a Canadian means we don't have to pay the US Feds their 50% share! Woo! So all that 1.40% exchange rated tax gets to come to Canada! Woo!
This means if a Canadian won the Powerball, they would get a cheque (or is that a 'check' because it's from the US) worth 2.3 Billion dollars.
This means if a Canadian won the Powerball, they would get a cheque (or is that a 'check' because it's from the US) worth 2.3 Billion dollars.
ummmmm not positive about that Riley....You don't have to pay Cdn tax but I think the Americans still take their share no matter where you are from... no matter.... by the sounds of things, neither one of us won it..... 
- Thread starter
- #10
Taxes... 30% foreign winner, 15% witholding that accounts for other small tax deductions and administration and 8% NY if the ticket was bought there. You can apply for taxes back only in the case that you experienced loss. For example, you head over with 100K and lose 90k. You then win 200K. You have to pay taxes on the 200K but can apply for your 90k loss to be subtracted...and the taxes from that 90k would be returned...minus legal fees. This would not count in the case of a lottery. Thoughts? This is also why you always want to use a casino card to track your play whenever you go over.
In the case of the Lottery, you pretty much have to count on the 30% IRS withholding being gone off the top. There are no appreciable losses to be applied unless you bought thousands of dollars worth of tickets. And if you bought the ticket say in Florida where they have no state income tax, that would be it. Seven U.S. states currently don't have an income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.
Les, where are you coming up with the extra 15%?
Les, where are you coming up with the extra 15%?
- Thread starter
- #12
There was an article published a day or so I found that in...try to find it..
Yes, a lot of misinformation out there. Wife is a US & CDN CPA that specializes in tax.
As long as your not a US resident, and not a US citizen ( they have to report worldwide income and file taxes even when not living there). You just have to pay the 30% withholdings that applies to all earnings/winnings to aliens while in the US to the Feds. Then there are the states who also have legislation that applies to Lottery winnings no matter where you live, just that you bought it in the state. Like NY as your example which is 8.97% ( state lottery taxes ).
Very interesting! Good to know!