Where would you move

[huntindude]

My retirement dream is basically to have 2 cabins, one here in Texas on my own piece of hunting property where I would live October-May. Another cabin in Alaska where I would live and fish all summer


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[COPPERHEAD]

Thats a tough one

[BigOh!]

The Keys..

[bulltx50]

panhandle, palo duro canyon area.

[3DW5]

Driggs Idaho, awesome little town across the pass from Jackson Hole with great fly fishing and skiing.

[Burntorange Bowhunter]

slow down hoss, you do have to pay taxes on the $80K since it is income

Incorrect. He just said say you had 1-2 million. If you won it you'd have to pay taxes on the total sum one time. Perhaps I won 2.75 million and walked with 2.

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[Goldeneagle]

A shack on Isla Roatan would be nice.

[jshouse]

tag

[nbrantr]

Incorrect. He just said say you had 1-2 million. If you won it you'd have to pay taxes on the total sum one time. Perhaps I won 2.75 million and walked with 2.

haha, okay I was just going by your original post:

I'd pay off our place north of Wimberley. Put 1.6 million in an interst bearing account. Retire at 53. We'd have 80,000 a year for 20 years. No mortgage payment.

in this scenario you'd pay tax on 80K per year regardless of the source of the money originally invested (lotto, savings, etc.).

[Burntorange Bowhunter]

haha, okay I was just going by your original post:









in this scenario you'd pay tax on 80K per year regardless of the source of the money originally invested (lotto, savings, etc.).

Negative.

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[nbrantr]

Positive. it's income man, you've got to pay income taxes! Well I guess could go to jail but they'd get you one way or another!

[175gr7.62]

Can’t believe nobody has mentioned splitting the $2m with the wife, cutting her loose, and moving to Thailand.


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[Mike D]

slow down hoss, you do have to pay taxes on the $80K since it is income

That depends on how he got the $80k per year.


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[curtintex]

Positive. it's income man, you've got to pay income taxes! Well I guess could go to jail but they'd get you one way or another!

What don't you understand about the fact that he's just pulling $80k per year out of his savings to live on. That money would have already had taxes paid on it when it was earned. He can pull $80k out for 25 years before he eats up the $2MM. He's right. He would not have to pay taxes on that money again.

[billfromtx]

Nice house on the lake in the hill country.