Gift Tax On Lottery Winnings

You can choose to take your prize in one payout or in 30 annual installments, and each has its pros and cons Talk to your financial planner

Gift Tax On Lottery Winnings 2 As the winner, you'll be liable for taxes on the whole prize even if others come along (though you may be able to defray that cost by getting them to pitch in

You can choose to take your prize in one payout or in 30 annual installments, and each has its pros and cons Talk to your financial planner

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You can't gift money to others to try to avoid paying taxes on the winnings In fact, if you gift enough, there might be even more taxes to pay!

candy baby slot However, in most states only one person can be named as the payee on the lottery ticket This person should not claim the lottery winnings as an

KY Lottery set to break sales records Here's what to know about winning a Mega Millions jackpot, including claiming prizes, taxes,