Holy cow!

One of my cousins just hit a progressive slot machine for $1,369,000
Wonder what'll be left after the tax man cometh?

Originally Posted by Arlyn

One of my cousins just hit a progressive slot machine for $1,369,000
Wonder what'll be left after the tax man cometh?

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I have no clue what a "progressive slot machine" is but $1,369,000 is a lot of money!

Wow! That's awesome!!

In Canada those winnings would be 100% tax free! Too bad he didn't win here!

I would imagine the government would take at least 1/2. But what he has left over will still be a hefty chunk of change!!

Welll.................those that can handle their money when they have a little, do better handling money when they get a lot

WOW!! The most we ever won was $2200 on slots. Are they taking a percentage out for taxes first? If not and she's getting the entire amount I would say put half aside for taxes due. That's just awesome though!! Can I take your cousin with me to Las Vegas? Maybe some of her luck will rub off!

Holy cow is right, that is a heck of a lot of money......

I don't know, I've never won that much! But with that amount, they have you sign the IRS forms right there in the casino. Congratulations to your cousin!

*He*

And He is the luckiest person I have ever met, he's always winning on slots, just never so much.
He's never hurt for money, he's a material kind of guy, a biker, yet into designer labels.
I guess if you don't need it, it's easier to get :shrug:

He has a very savvy accountant and they are guesstimating (Gods I hate that word) that he'll clear 700k after taxes.

Zoinks!! That is great!!!! I'm also gonna guess that taxes will be about 1/2. Still more money than I'll ever see at one time!!

Originally Posted by Arlyn

*He*

And He is the luckiest person I have ever met, he's always winning on slots, just never so much.
He's never hurt for money, he's a material kind of guy, a biker, yet into designer labels.
I guess if you don't need it, it's easier to get :shrug:

He has a very savvy accountant and they are guesstimating (Gods I hate that word) that he'll clear 700k after taxes.

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Oops, my bad. Sorry. But, can I still take him to LasVegas??? (DH will have to come along to supervise now..LOL!).

Most progressive machines pay out like a lottery, over 20 years. I was in Sierra Sid's in Sparks, NV, when a trucker won on a progressive quarter machine for $635,000. He walked out with a check for $32,000, which was the first of 20 installments.

As I mentioned to my dispatcher at the time, that's not enough to quit working, just enough to make you a bad employee.

But the good news is that paid out like that, the tax bite may be much smaller.

Funny thing, this was in Sparks.

To heck with Reno, Vegas, Tahoe or Laughlin, time to hit the machines in Sparks

OMG I love casinos, I want to go now but DH keeps me away

We are related, riiiiight?

Hehe.

He is one luck man, that is for sure!!!

I love casinos too. Well done! I've been to one and going to another in Feb. It's illegal in my own country for someone under 21 to go.

It's illegal here in the states too, Sam

Where I live though, it's a 20 minute drive to a ton of casinos (and cheap buffet dinners).

Originally Posted by Arlyn

It's illegal here in the states too, Sam

Where I live though, it's a 20 minute drive to a ton of casinos (and cheap buffet dinners).

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Yum Buffet dinners. It's lucky for me I cannot go until I'm 21 and there are none in my city anyway. The silly thing is that it's legal in NZ to play the slot machines, bet on the horses, drink, buy booze etc but not go to casinos!