I was told that if I won money I would have to pay the state of Ma.money .I feel if I win money and I pay taxes on it,I should not have to pay more because I want to help family pay off their mortgages.
2006-08-30 14:06:17 · 5 answers · asked by princessno1 1 in Business & Finance ➔ Taxes ➔ United States
Winnings are also subject to federal income taxes. A gift made in 2006 in excess of $12,000 is subject to a gift tax (on the giver, not the recipient). Paying off someone's mortgage is NOT taxable income to them.
If your intent is that the winnings (e.g. a lottery ticket) are to be shared with your family, then your can gift a share of the ticket to your family members when you purchase it and they can report their share of the winnings, pay income tax on it, and you avoid making a gift of the winnings and paying the gift tax.
2006-08-30 18:40:50 · answer #1 · answered by TaxMan 3 · 0⤊ 0⤋
you can gift anyone up to $11,000.00 dollars without them incurring any taxes. However if you give more than that, then the person who's mortgage you paid off owes taxes on that money, the IRS considers it income. But you pay nothing.Talk to an attorney the first visit is usually free..good luck and congratulations.
2006-08-30 14:15:29 · answer #2 · answered by Mr.Morgan 4 · 0⤊ 0⤋
Two things in life are certain- Death and Taxes. Nobody likes either one!
If you won money, FED, State, Local, etc. will want a piece of the action. Get used to it. It takes the FEDs a few years to track you down if you cheat them, but then they make your life miserable.
If you won money, great! Even after taxes, it's better than nothing.
2006-08-30 14:12:37 · answer #3 · answered by n0witrytobeamused 6 · 1⤊ 0⤋
The money you'd be paying the state would BE the taxes. If you win money, there's always federal tax. Some states exempt their own lotteries from state taxes, but I don't think all of them do.
2006-08-30 14:10:42 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
you fairly do would desire to love youself in case you go with all and sundry else to..i think what your dealing with. you sense such as you misplaced your "exhilaration" someplace. If song is what supplies u peace than what are you waiting for? Pray and ask God for expertise,capability and enjoyment. additionally you may would desire to discover a grief counselor or help team, that should assist you recover from your loss.existence sucks and you at the instant are not the only individual who's experiencing those varieties of ideas or thoughts, so don't sense undesirable. dying is trouble-free in case you inquire from me..that is residing thats annoying, rather once you sense like your on my own. do no longer up and go away your existence in the back of, issues have a manner of following human beings.. Insted you gotta discover something you go with to do. %. up a pastime or a song class something that sparks your intrest!! This 2 shall bypass
2016-12-17 20:00:01 · answer #5 · answered by ? 4 · 0⤊ 0⤋