To: funfan
Michigan counts lottery winnings as “liquid assets”, not income even though he still has to pay income tax on it. A head scratcher if ever there was one. So if you win the lottery tell the IRS agent, “It’s not income, it’s liquid assets” and see how far that will get you.
18 posted on
05/18/2011 5:12:03 PM PDT by
SoCal SoCon
(Conservatism =/= Corporatism.)
To: SoCal SoCon
When you win the money it is income, or it should be. Once you paid the Taxes on the winnings, the remaining money becomes an Asset.
Any income derived from investment of that asset is Taxable.
24 posted on
05/18/2011 5:28:00 PM PDT by
Kickass Conservative
(If Sarah Palin was President, you would have a job by now...)
To: SoCal SoCon
This is nuts. If you have liquid assets (your home is not liquid) shouldn’t you (have to) turn to those assets first before taking a handout from taxpayers?
36 posted on
05/22/2011 9:33:20 PM PDT by
rbb
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