5 Tips for Avoiding Taxes on Lottery Winnings

can you gift lottery winnings
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The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

New money = New problems There's no question that a windfall like winning the lottery would give you a chance to pay off debt with plenty to spare for a

can a corporation win the lottery Any lottery winnings that you gift to your family members will not be regarded as personal income and neither you nor them will need to pay any tax—unless

can you buy online lottery tickets First, you need to establish proof that it's your ticket, then hire a financial team to support you — including a financial advisor and planner, a lawyer for