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Tonight’s Powerball

Water Rat

By Water Rat,
in General Chit Chat

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TreeGuy Rising Star

TreeGuy

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Quick question, if you were to win could you move to another state with no state tax and waited to cash it in would you still be liable to pay nys tax? Or would you have to pay tax on whatever state you bought it in?
NY would never let you get away. Ever.

But, legality wise I'm sure it would fall where you resided. Good luck !!

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Jeremy K Veteran

Jeremy K

Posted
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23 minutes ago, Cory said:

Quick question, if you were to win could you move to another state with no state tax and waited to cash it in would you still be liable to pay nys tax? Or would you have to pay tax on whatever state you bought it in?

My guess is N.Y. would make sure they got their cut before you ever see yours.

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Nomad Grand Master

Nomad

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30 minutes ago, Cory said:

Quick question, if you were to win could you move to another state with no state tax and waited to cash it in would you still be liable to pay nys tax? Or would you have to pay tax on whatever state you bought it in?

You owe NYS. I researched that years ago , along with forming an llc 

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dbHunterNY Proficient

dbHunterNY

Posted
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34 minutes ago, Cory said:

Quick question, if you were to win could you move to another state with no state tax and waited to cash it in would you still be liable to pay nys tax? Or would you have to pay tax on whatever state you bought it in?

no most people try to do that and it doesn't work NY gets their cut and then the other state depending on how you get taxed in that state (purchased assets, income, etc.).

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Rack Attack Contributor

Rack Attack

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You have to turn the ticket in in the state it was purchased and pay the tax due for that state.

 

The reason I know this is last spring when the powerball was big, I was in Florida on vacation and bought some tickets.  When I got home and checked I had won a decent amount of money.  I ended up taking another trip down later in the year to fish and turned my ticket in.

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NFA-ADK Rookie

NFA-ADK

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Don't worry when I win you can all come hunting at my place that will be loaded with deer!  Best part about lotto is thinking about how you would spend all that money!  One thing is for sure I would have lots of land to hunt!  

Talk about setting up plots!  That would be my new full time job!  So many you would have no clue where to hunt, lol.  Call it Jeff's fun farm!  :cheese::crazy:

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