I am not in the position of being a Lottery winner but I have a query about it.
I understand that the Lottery winnings are tax free to the winner or winners.
However I often hear winners being interviewed and they say. "Oh I have a lot of family and I will look after them"
Surely there are gift tax implications here and any recipient will be liable once they received funds above the thresholds.
Any thought?
I understand that the Lottery winnings are tax free to the winner or winners.
However I often hear winners being interviewed and they say. "Oh I have a lot of family and I will look after them"
Surely there are gift tax implications here and any recipient will be liable once they received funds above the thresholds.
Any thought?