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Gaming Winnings (Tax Law)

Tue, 08 Apr 2008 20:21:00 GMT

What is the name of your state? Illinois
If I win $1 Million in the lottery can I give this money to my spouse as a gift and not pay taxes on the winnings?

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  • Tue, 08 Apr 2008 20:54:00 GMT(1)
  • Quote:

    Originally Posted by bigsike6

    What is the name of your state? Illinois
    If I win $1 Million in the lottery can I give this money to my spouse as a gift and not pay taxes on the winnings?

    If you win a large lottery winning you need to consult a lawyer and an accountant with experience in lottery payouts BEFORE your go public with your win or make ANY claim to the prize.
    This, realistically speaking, is the only way to maximize tax any advantage, minimize scrutiny, and protect privacy.
  • Wed, 09 Apr 2008 15:46:00 GMT(2)
  • And to answer your original question, no.
  • Thu, 10 Apr 2008 10:12:00 GMT(3)
  • Yep, if you watched the Shawshank Redemption, that part was nonsense.
  • Leave a Comment Now.

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