There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.
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Your Weekly Read
Don’t roll the dice with taxes on your gambling winnings
For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other gambling activities, it’s important to be familiar with the applicable tax rules for gambling winnings and losses. Otherwise, you could be putting yourself at risk for interest or...
Lottery Winnings… Fun and Games and Taxes
As 2016 began, people were lining up to buy tickets for the Powerball lottery, which eventually reached a total prize of $1.58 billion. Many states have lotteries, and countless participants win prizes, albeit usually much smaller than the Powerball jackpot. Are...
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