Tallying Up the Taxes on Lottery Winnings - TurboTax

how to share lottery winnings with family without paying taxes
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The unidentified man — who bought the winning ticket in Lebanon, Maine, on Jan 13 last year before striking it rich with the $ billion Mega

For federal purposes, report your total winnings on your Form 1040 Schedule 1 and report all your losses (cost of buying all your tickets for the taxable The initial lotto winnings won't be taxable The property will still be liable

slot fruit party However, the IRS will scrutinize shared lottery arrangements and assert gift taxes when such arrangements do not pass muster Tonda Lynn and her relatives found 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