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 Replies: 13 / Views: 4,211 |
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Pillar of the Community
United States
1068 Posts |
I thought this was the best place to put this topic... The Hoosier Lottery has a new scratch off game with your choice of either $124,000 in cash (minus taxes) or $124,000 in gold (minus taxes, fees, and insurance) as the top prize... If you won... What would you choose and why? I think I would have to take the cash... Less hassle, and I would imagine if that you took the gold and sold it then you would have to capital gains taxes on anything over the amount you received and you might be holding that gold for a long while waiting to make a profit from it... https://www.hoosierlottery.com/game...h-2015-02-01Edited by Bryan78
02/03/2015 7:36 pm
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Pillar of the Community
United States
3486 Posts |
I would take the cash.
Less hassle as you say. If I wanted gold I would use SOME of the cash to purchase it.
And then only coins dated prior to 1933.
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New Member
United States
45 Posts |
this is probably a dumb question but..... why do people always say they only want pre 1933 gold coins?  and I would take cash and then pick out my own gold coins. Edited by enhanced proof
02/03/2015 8:18 pm
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Pillar of the Community
United States
3486 Posts |
Pre-1933 coins circumvent the bullion aspect. Great grand-dad kept this and passed it down.
Gold coins in the bullion age have a trail that 'real' coins do not.
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New Member
United States
45 Posts |
so kinda like the guys who like 90% vs ASE kinda? thanks for the reply. |
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Pillar of the Community
 Canada
5394 Posts |
I wouldn't play a lottery, where the winnings are taxable. You win a million here in Canada......... no tax.
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Pillar of the Community
United States
4409 Posts |
I'd take the gold, then trade it for older gold coins I really wanted
-MV
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Pillar of the Community
Canada
3692 Posts |
What's with the insurance fee? Taxes on gold? Take the cash and then buy whatever quantity of gold you feel comfortable keeping. Depends on the person and their lifestyle. $124K is a lot of gold's worth for the average person.
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Pillar of the Community
United States
589 Posts |
Cash all the way. 124K would buy a nice chunk of land and build at least half of a decent sized house.
After all, while gold is nice, having a proper place to live is nicer.
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Pillar of the Community
United States
3843 Posts |
Quote:
Cash all the way. 124K would buy a nice chunk of land and build at least half of a decent sized house.
After all, while gold is nice, having a proper place to live is nicer. While I agree you have to factor in that land is the most easily taxable asset class and is often illiquid without selling at a sizable discount. In my area we have a stadium tax, a cultural attractions tax, etc. tacked on to our property taxes. It seems that the populace in my area is unable to say no at the ballot box. The government can't tack on taxes quite as easily on already acquired cash & gold. Back to the opening poster's topic ...... I'd want to know how much exactly the fees and insurance are. On their PDF its says that; Quote:
Fees may include brokerage, shipping, storage and insurance. That sounds like some substantial fees although we would have to also consider at what premium they we able to purchase the gold at since it could be at a rate more favorable then available to us average citizens. |
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Bedrock of the Community
Australia
21786 Posts |
If I had the choice, I would take the cash, and contribute it to the outright purchase of some real estate, through my self managed superannuation fund. No capital gains tax or land tax to be paid. The tax requirement is that I can't live in it, so it has to be rented. That contributes to my income, with which I can buy a few coins.
Currently, it is the only investment that seems to be doing consistently better than shares or to the various types of cash related investments. That is the case, in Australia at least.
The cash rate of the Reserve Bank of Australia has just dropped to 2 1/4%. That is ugly poor. Real estate capital gain is doing 5 to 10 times better than that.
I would use a small part as pocket money, to buy a few interesting coins.
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Pillar of the Community
United States
5823 Posts |
$124K ? That's an odd prize.
But I'm like other prefer cash over gold in this case.
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Pillar of the Community
United States
8137 Posts |
I would prefer cash. It's much more liquid than gold and I could always buy gold with it if I wanted to.
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Pillar of the Community
 United States
1068 Posts |
Quote:
$124K ? That's an odd prize.
But I'm like other prefer cash over gold in this case. It is not the first time I think that they had this prize amount... But it is the first time they offered gold as a prize though... |
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Replies: 13 / Views: 4,211 |
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Posted 02/03/2015 7:35 pm
