Gambling and Lottery Winnings

website llc or trust for lottery winnings Contact a CPA It would help if you had an attorney draw up a legal document or a trust to accept the lottery winnings We're looking for llc for lottery winnings It's not uncommon for winners to claim their prizes through an LLC or a trust This year alone, two other Mega Millions jackpots were claimed by

llc or trust for lottery winnings The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes  Those in favor of identifying winners argue that it helps maintain transparency and public trust in the games When the winner of last  To protect your family's interests, consider setting up a living trust and specify that all lottery installments be trust accounting income

Share

Share

Link

Turn off sharing Copy link

See all details