Taxes on Lottery Winnings for US Expats & Nonresident Aliens

Amounts won from a game show or lottery are taxable under Section 56 of the Income Tax Act, 1961 According to Section 194B winnings from lotteries,

winnings If you sell or otherwise dispose of an asset that was a prize from a lottery, you must declare any capital gains you make in your tax return You

taxes on $5 The payer will deduct 24% from your winnings on the spot if you win above a certain amount · You'll report your winnings and your tax payments when you file

taxes on 1 million lottery Thanks to inflation, 30 years from now, the $ million will only feel like $8 million in today's dollars lottery winnings, that will be a $28 million