Ways to reduce tax due on lottery & other gambling winnings

how to avoid tax on lottery win
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Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%

Which means 50% of that increase in value would go into your income to be taxed There is however a way to avoid the tax through the principle residence These 8 states don't tax lottery winnings · Wyoming · Washington · Texas · Tennessee · South Dakota · New Hampshire · Florida

new jersey lottery winning numbers However, many people avoid owing taxes by filing a Form 709 and subtracting any amount exceeding $17,000 from their lifetime exemption amount ($ 2 Charitable donations Donating some of the lottery money to charity will reduce your tax bill when you're a big winner That's because you can usually deduct