Gambling and Lottery Winnings
Similar arrangements, some set up before a lottery win and some after, are commonly made to share lottery winnings while trying to avoid gift taxes However,
Gift Tax Relief Legislation: Joint Hearing Before the Subcommittee lottery gift tax
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However, you should be aware that a federal 40% gift tax applies to some types of gifts you make while you're alive You, the giver, must pay
lottery result 7 The tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000 An example of the calculation used to determine whether a