Won a lottery or prize money in India? Here's what you need to know

lottery income
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income tax treatment of lottery prizes This guidance applies specifically The lottery prize payment is gambling winnings taxed as ordinary income

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

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lottery new york winner Winnings from lotteries or crossword puzzles are subject to Tax Deduction at Source under sections 194B and 194G of the Income Tax Act