Gifting lottery winnings to family : rUKPersonalFinance

lottery gift tax
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Some states have income tax and will tax a portion of your winnings Others don't have a general income tax, but you'll still owe federal taxes A few states

This is legal only up to the annual exclusion limit, or else it will need gift tax liability Making yearly gifts in this fashion is a good

lottery draw online The Tax Cuts and Jobs Act raises the lifetime gift and estate tax exclusion in 2024 to $ million for single filers Any gifts over $17,000

lottery sambad 9 6 2024 Lottery winnings aren't income tax-free The IRS and some states will take a share of your windfall, but some states don't tax lottery