Smart tax strategies for lottery winners - Tax Insider
Smart tax strategies for lottery winners - Tax Insider
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Similar arrangements, some set up before a lottery win and some after, are commonly made to share lottery winnings while trying to avoid gift taxes However,
In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government The amount you need to pay on gift tax is dependent on the value of the gift itself, but you can probably expect to pay anywhere from 20% to 40% of the value of
kanchenjunga lottery fax Lottery winnings are taxed for the year in which they are collected, allowing winners who choose annuities to spread out the tax bill If you win a house, boat, In conclusion, it is important to remember that the majority of sizable prize money and gifts are subject to taxation under the Income Tax Act,