Taxes on Lottery Winnings Explained

do you pay tax on a lottery win
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If you sell or otherwise dispose of an asset that was a prize from a lottery, you must declare any capital gains you make in your tax return You must declare

Not only do you have to pay taxes to the federal government on your lottery winnings, you may also need to pay state income taxes as well

do you get all the money when you win the lottery in south africa Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk

does cumberland farms sell lottery tickets If you win more than $5,000, you will also be taxed federally When winnings include items that are non-cash prizes , the items will be