If you win a lottery in Europe ,do we have to claim that money to uncle Sam?

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If you win a lottery in Europe ,do we have to claim that money to uncle Sam?

2007-02-02 05:38:46 · 3 answers · asked by tchau 2 in Business & Finance ➔ Taxes ➔ United States

3 answers

If you are a US Person or US Citizen, YES. See Internal Revenue Code Section 61.

2007-02-02 05:41:50 · answer #1 · answered by smh60437 3 · 0⤊ 0⤋

Good to know that you won lottery..Yes, you need to report that money to IRS taxes in tax return as they tax your world wide income !!. Well still it is OK as you can keep 65-75% of money you got free, right ?

2007-02-02 13:47:34 · answer #2 · answered by onlinetaxsiteswatch 2 · 0⤊ 0⤋

Sure do! Uncle Sugar always gets his cut!

2007-02-02 13:41:46 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋