Okay so I heard from somewhere a while ago that If you won the lottery or inherited a large sum of money and if you gave it to your spouse as a gift, then the money cannot be taxed. Is this true? (the gift is a one time only gift.) Or do they just tax the person that you gave it to? Also what if you won the lottery in another state, would this still apply?
any feedback welcome!
2007-12-07 04:22:59 · 3 answers · asked by brownfriend19 2 in Games & Recreation ➔ Gambling
The lottery will deduct the taxes before you get the check. Then if you give it to another they will have to pay gift taxes, if the amount is over 10K, ( that figure may not be correct, but it is somewhere in the neighborhood. )
If you should win the lottery, then you can hire accountants to figure it all out.
good luck
2007-12-07 05:04:48 · answer #1 · answered by Fordman 7 · 0⤊ 0⤋
Each lottery is governed by the Government regulations. All tyhe Governments weant a part of it for the welfare of the state they represent. because the money is not earned but won... Dont worry if you have to part with a small percentage of it. Good luck.
2007-12-07 12:38:17 · answer #2 · answered by pai 5 · 0⤊ 0⤋
Uncle Sam is going to get his part before you ever see a nickle of it.
2007-12-07 12:28:21 · answer #3 · answered by Big Daddy 4 · 0⤊ 0⤋