What to Do If You Win the Lottery

What to Do If You Win the Lottery if i win the lottery can i give money to my family The short answer is no Lottery winnings are not regarded as taxable income But there are indirect ways where your winnings could be taxed if you win 10 million in a lottery how much is taxed Money given by prize winners to anyone, whether spouse, loved ones or anyone else, is not taxable Individuals who receive such gifts do not have to declare

if you win 10 million in a lottery how much is taxed And the tax amount should be deducted while giving the cash portion of the prize to the winner But if the cash prize is not sufficient to cover

if i won the lottery what should i do Additionally, if you are sharing your good fortune with family and friends, you'll want to avoid paying a gift tax You can gift up to $18,000 If you want to share your winnings with your loved ones, Wrigley advises against just handing over the cash as a gift Instead, he said, put it