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by snowflake1556 on March 20th, 2006

snowflake1556

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When a person wins money, how is that money taxed?

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  • by SarahK on February 16th, 2008

    SarahK

    I'm assuming you're in the United States...

    If you win the lottery, you are subject to the tax rules where you live, and taxes where the lottery was held. If getting a lump sum (non-annuity payment), that is taxed as personal income.

    Gambling winnings are taxed as income. There's a spot for gambling winnings/losses on the 1040.

    http://www.irs.gov/taxtopics/tc419.html

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