If You Suddenly Became Rich (Winning The Lottery or Became Famous), Would You Move To New York or LA?

[ThrobbingHood]

Move to LA or NYC with millions?

 

[Address_Unknown]

Cali doesn't tax lottery winnings. NY Will.

States That Won’t Tax Your Powerball Winnings

Some states won’t take a tax bite out of your Powerball jackpot or Mega Millions payout.

www.kiplinger.com

So if you win 10 mill, you get the whole thing? Or are there still deductions of some sort?​

 

[IsThatBrothaMouzone?]

Neither but if I "had" to pick? NYC. Closer to Africa and Europe for traveling and better food, especially anything African or Caribbean.

But if we're talking $$$$$$$, we'd have multiple residences anyway. Hawaii, Dallas, something on the East Coast and then one of them Scottish castles to live in from November to March.

 

[IIVI]

I live in LA born and raised, but I'm moving to Oceania if I win the lottery.

Ever since all them childhood cartoons and shows, it just seems like where the vibe is at.

 

[Fani Willis fan]

Last 2 places id move.

 

[BushidoBrown]

I’d have a spot in another country


Being bicoastal would be ideal too if I was here in the states

This

 

[Powerline88]

NYC for sure. Way easier to blend in and be low key.

With so many Uber rich in NYC I honestly would love to just see what the culture is like.

Hate me all you want but I’m trying to see what them eye wide shut parties is like

 

[Armchair Militant]

New York. I’d probably go somewhere else during the winter though.

 

[WIA20XX]

So if you win 10 mill, you get the whole thing? Or are there still deductions of some sort?​

Good rule of thumb is to divide the advertised jackpot by 4 to see how much you'd get if you took the lump sum.

If you take the payments - it's 10M - fed tax and state tax
If you want the lump sum - it's 45% of the jackpot (10M) - fed tax - state tax

Most people take the lump sum

This calculator is accurate

Mega Millions Jackpot Tax Calculator

Estimate the taxes owed if you win the current Mega Millions jackpot on both the annuity and cash lump sum options.

www.lotteryusa.com

In NY
Payments - 25.5M
Lump sum - 11.4M

In Cali
Payments - 30.6M
Lump Sum - 13.8M

 

[null]

las americas gringos

 

[UpAndComing]

I'm from NYC

So I would just move to an expensive house in NYC Lol. Either near Northern Bronx, or outskirts Queens near Long Island

Easy choice

 

[UnQuantized]

Vancouver Islandor SwitzerlandWhen you are rich enough to choose, you can't help but look for a peace of mind

 

[Son Goku]

No… neither one of those places align with any of my interests.

 

[SadimirPutin]

People on here talking about cost of living.....oddly enough people with exorbitant wealth CHOOSE to live in those two locations overwhelmingly and there are compelling reasons why

Isnt the whole point of money to give you access to live where you want and have access to do things you like and enjoy.

You have 500 million dollars and choose to live in a boring ass state surrounded by religious nutjobs cause you dont want to pay taxes that any number of tax and estate lawyers can help you greatly reduce regardless of locale

 

[Piff Perkins]

I'd consider both depending on how much I got but if I had to choose one I'd go LA. Malibu.

Perfect weather, pool at the house, beach not far away, top tier restaurants everywhere, driving on the PCH with my girl...lets go.