First, the feds grab 25% before you ever see any of it. How much more you owe next April needs to be determined by a tax expert. Then your state grabs it's share. That's high variable and hopefully you live in one of the few states with no state income tax. Next, you need a tax expert to figure out how much you can give your relatives while avoiding gift taxes. It gets a bit complicated. So, worst case, the tax man gets as much as half.
Umm, yeah, that’s a known and comes with winning.
Question was, ‘what’s your strategy if YOU won?’
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They take more than 25%
God bless Texas----------------------- Old 300 I will remain what i am until the day I die- A HUNTER......Sitting Bull Its not how you pick the booger.. but where you put it !! Roger V Hunter
