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The Guy Behind the Tree
The Guy Behind the Tree, Experienced Investor & Financier
Category: Tax
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Experience:  Don't tax you, don't tax me, tax the guy behind the tree.
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If I won the canada lottery how much tax would I have to pay

Resolved Question:

If I won the canada lottery how much tax would I have to pay in the US? and how soon would I have to pay that amount of taxes?
Submitted: 5 years ago.
Category: Tax
Expert:  The Guy Behind the Tree replied 5 years ago.
Has someone recently informed you via email, phone, or letter, that you have won?
Customer: replied 5 years ago.
Yes I have received a letter and spoken to a live person in regards XXXXX XXXXX winnings
Expert:  The Guy Behind the Tree replied 5 years ago.
You are almost certainly being set up for the "Nigerian Scam".

***********

DO NOT send any money to claim your alleged "inheritance" or “prize” or to help your new “friend” escape the clutches of evil or move their family fortune. The “costs” will escalate until you stop paying or run out of money.

Do NOT give them any bank account information. You have no IDEA how prevalent this scam is, and how persuasive the presentations are to people who desperately want to believe it is "real". If I actually received the money promised in emails over the last two years I would have a net worth larger than Oprah’s!

http://en.wikipedia.org/wiki/Advance_fee_fraud
http://home.rica.net/alphae/419coal/
http://www.scambusters.org/NigerianFee.html
http://www.ftc.gov/bcp/conline/pubs/alerts/nigeralrt.shtm
http://www.quatloos.com/scams/nigerian.htm
http://potifos.com/fraud/

(Just a few of many exposes of this scam.)

I personally know two people who have disregarded all warnings and have sent money to move or release or claim their windfall. Are they sadder but wiser? NO! Their con men are so good that my people STILL BELIEVE just a little more of their cash will get the funds released.

However, on the INFINITESIMAL chance that you, of all the possible heirs of your totally-unknown-until-now ancestor, or winner of a lottery-you-never-entered, are going to receive an inheritance, or be given a percentage of a family fortune that can only be moved or released with your help and nobody else’s ...

REMINDER: True heirs or winners do not have to send any money to receive REAL inheritances or prizes! Total strangers in other countries cannot defeat evil by sending their money to foreign countries!

... no, an inheritance is not taxable income. Any income taxes, estate taxes, probate costs, and gift taxes are paid by the estate of the decedent.

Lotteries ARE taxable income. But only if you actually get paid. You won’t. If you give them bank account information they will simply use it to take your money from your account.

REPEAT: DO NOT SEND THEM ANY MONEY OR GIVE YOUR BANK ACCOUNT INFORMATION! Read the descriptions of the various scams in the links I have provided above. Do not give your new "friend" or the alleged representatives of your long lost relative any bank account information, they will drain your account when they have what they need.

******

Customer: replied 5 years ago.
Thank you for that information , however they have not asked for my bank account or any of the above. Once again my question to you is what is the amount that I would have to pay in us taxes and how soon would I have to pay?
Expert:  The Guy Behind the Tree replied 5 years ago.
When a person wins a lottery - assuming that they actually ENTERED the lottery - there is nothing to talk about. You win, they send you a check (or the first of a series of checks) and that's it.

BUT in the event you are truly a winner, the windfall is taxed at ordinary income rates. If you are a US resident, your federal bracket would be at the maximum rate of 35%.

http://www.moneychimp.com/features/tax_brackets.htm

You would also be liable at the maximum state and local tax rates for ordinary income.

If you are a resident of Canada, your maximum tax bracket would be 47%.

http://en.wikipedia.org/wiki/Tax_bracket#Tax_brackets_in_Canada

If you didn't actually enter the lottery you didn't win. Period.

REPEAT: You didn't win. See here.

http://phoenix.about.com/cs/seniors/a/canadianlottery.htm

http://www.consumerfraudreporting.org/lotteryscamCanadaSoccer.php

http://www.news-reporter.com/news/2009/0205/front_page/002.html

http://www.consumeraffairs.com/news04/2007/11/canadian_lottery.html

The con men are very good. Do not be fooled. Do not give any personal information, do not give any bank account information, do not send any money.

The Guy Behind the Tree, Experienced Investor & Financier
Category: Tax
Satisfied Customers: 1387
Experience: Don't tax you, don't tax me, tax the guy behind the tree.
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