Tax Advice for New Lottery Home Winners

if you win lottery do you pay tax
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Prizes that are given in a competition or contest are not taxable gambling or lottery winnings if no advantage or inequality in amount or value is offered or

Not only do you have to pay taxes to the federal government on your lottery winnings, you may also need to pay state income taxes as well Not

if i the lottery If so, you must include its fair market value when figuring your income Reporting gambling profits and loss on your taxes Gambling losses can be

if i buy 100 lottery tickets what are my odds Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan