What Taxes Are Due on Gambling Winnings?

what is the taxes on lottery winnings
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The top tax bracket for the highest earners in this country — which is where winning the lottery would bump the winner — has a 37 percent tax

You'll pay roughly 40 percent in gift taxes Give three heirs $100,000,000 each, for example, and you'll pay $40 million in gift taxes, roughly,

what to do if you win the lottery jackpot For residents and resident aliens, percent in federal and state withholding taxes is deducted for every Lottery prize over $5,000 Current federal tax law

what was the largest sum ever won on a las vegas slot machine_ lottery winnings * Letter Ruling 9616004 Estate of Paul C Gribauskas, 342 F 3d 85 Estate of Gladys J Cook, 2003-2 USTC ¶60,471 (5th Cir