Tax-free winnings

Reply #6

golotto — Mon, 05 Apr 2004 22:39:57 GMT

all

Reply #5

keystonechas — Mon, 05 Apr 2004 22:13:15 GMT

Quote: Originally posted by Millionaire2004 on April 05, 2004We don't pay any taxes on lottery winnings in Canada.Why do you guys pay taxes? Lottery winnings should be tax-free.American politicians have a insatiable lust to spend money.Besides the Feds cut, some U.S. states tax lottery winnings.Chas

Reply #4

Jake649 — Mon, 05 Apr 2004 21:37:33 GMT

From my reading of the US tax laws, you are required to pay taxes on all winnings, including those below $600. You are required to report on all winning. For most people this probably does not matter and the IRS will not go after people with small winnings because they are sure you have lost more than you have won.Good luck,Jake

Reply #3

Millionaire2004 — Mon, 05 Apr 2004 21:12:23 GMT

oooo... my mistake.... I misread your post, you said 600, not 600,000.

Reply #2

Millionaire2004 — Mon, 05 Apr 2004 21:11:07 GMT

Ok. Does that mean that you don't have to pay 45% in taxes on lottery winnings bellow $600,000

Reply #1

Jani Norman — Mon, 05 Apr 2004 21:06:57 GMT

We wish that was possible they start taxing at $600.00 and over..

Tax-free winnings

Millionaire2004 — Mon, 05 Apr 2004 21:02:06 GMT

We don't pay any taxes on lottery winnings in Canada.Why do you guys pay taxes? Lottery winnings should be tax-free.