Quote:
Originally Posted by retiredguy123
A lottery winner is taxed as income on the entire amount by the IRS. The receiver of gifted money is never taxed, regardless of the amount. A gift is not taxable income. There are estate taxes after death, but there are ways to avoid them by planned gifting while you are alive.
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yes, just cause the take 1/3 or more of winning don’t mean that will cover the taxes at end of year. That’s problem with lottery the federal government like to steal all of it thinking they won lottery and not individuals cause average Joe don’t know how to hide it. And of course any financial advisor not responsible if the make calculations error. First thing I would do start foundation (one of many tax breaks for rich to get out of paying taxes) and hire all my relatives paying them Hugh amount so I can deduct it claim lost so I can keep some.