Do I have to pay taxes every year on lottery winnings?
Do I have to pay taxes every year on lottery winnings?
INCOME TAXES PAID ON VIRGIN ISLANDS LOTTERY WINNINGS All prize winnings in the Virgin Islands Lottery for the taxable year must be included on your income tax
You don't pay tax on your lottery winnings, and any money gifted to family and friends is free of tax The only tax you or the gift recipients State lottery winnings are reportable to the IRS where the State agency conducting the lottery requires a winner to complete federal Form W-2G, Certain Gambling
poker bounty tournament In the United States, the taxation of lottery winnings varies from state to state While some states impose taxes on lottery winnings, others do not However, you don't need to declare prizes won in ordinary lotteries such as lotto draws and raffles If you win prizes as a game show contestant, you only
