what amount is taxed on lottery winnings?

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what amount is taxed on lottery winnings?

2007-05-07 14:42:54 · 3 answers · asked by pnvnv7 1 in Games & Recreation ➔ Gambling

3 answers

The total is taxed as regular income. If you win a major prize, the IRS with withold the taxes before you get the check. One deduction is you can deduct gambling losses from your winnings if you have receits.

2007-05-07 16:52:16 · answer #1 · answered by squeezie_1999 7 · 0⤊ 0⤋

When i hit a scratch off ticket a couple of years ago in Florida for $10,000. I had to pay $2500.in taxes(which they took out right at the Lottery office). I was told anything under $5000. was 15%, and over $5000. was 25%. I guess once you hit $100,000. they take out more than that.

2007-05-11 13:56:46 · answer #2 · answered by paul s 4 · 0⤊ 0⤋

In Canada, nothing. Zip. Nada. Zero. We get to keep it all.

2007-05-07 21:51:11 · answer #3 · answered by TitoBob 7 · 0⤊ 0⤋