Tag Archives: Lottery

Won Lottery

Today TaxMama hears from Mike from Chicago, Il who is excited. “I won the lottery and paid taxes on the winnings. I want to give my mother $1 million out of my after tax winnings. Will she have to pay taxes on the $1 million again? Or just on any interest it accumulates?”

Lottery Win

Today TaxMama hears from Brain, in the Tax Parlor, who tells us. “Recently I won $4,000 in a state lottery. I spent about $500 for the purchase of a batch of lottery tickets all at once. I was wondering if I could subtract the cost from the proceeds I won?” Dear Brain, I’ll bet that’s […]