Smart tax strategies for lottery winners - Tax Insider

how to share lottery winnings with family without paying taxes
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The initial lotto winnings won't be taxable The property will still be liable

So by claiming the lottery winnings as a family partnership, a winner can claim that they are not making a taxable gift, because it was a family The state where you live and the place where you bought the winning ticket can greatly impact what you pay in taxes tax lottery winnings,

solar queen megaways slot If a person's gift exceeds the annual exclusion limit, they must file Form 709 with the IRS But that doesn't mean they'll have to pay taxes “It doesn't At a glance: Lottery winnings are considered taxable income for both federal and state taxes Federal tax rates vary based on your tax bracket, with rates up to