Tax Tips for Lottery Winners

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What you need to know is that there is no lottery exception to the imposition of gift or estate taxes A lottery winner's estate will include

Contest prizes and winnings from lotteries or gambling are not taxable in Canada, so this type of income does not have to be reported on your The prize is subject to 37% federal income taxes as well as state and local levies depending on where the winner lives California is one of

new jersey lottery cash for life Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax The prize is subject to 37% federal income taxes as well as state and local levies depending on where the winner lives California is one of