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Well, it sounds like you'd be at least $9 million richer than you were before. And gambling losses are tax deductable, up to the amount of your winnings, so if
by nandhp 11y ago
Well, it sounds like you'd be at least $9 million richer than you were before. And gambling losses are tax deductable, up to the amount of your winnings, so if I understand tax deductions correctly wouldn't you be taxed only on about $200 million of the cash payout?
https://www.irs.gov/taxtopics/tc419.html https://www.irs.gov/taxtopics/tc419.html
https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Can-You-Claim-Gambling-Losses-on-Your-Taxes-/INF14370.html https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Can...