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Hello, thanks for your response.
If I declare myself as a partner on the ticket, I live in NYC she lives in PA,
Pa has no lottery tax, NYC has a large lottery tax, how would that work? under what state would we pay? two different IRS payments?
Would I be able to pay less letting her pay PA tax as the sole winner and then have her gift it to me? What would she be taxed for the remaining 3ml not exempt from gift tax?
this seems confusing :(
11 months ago on Gift Tax: Do I have to pay gift tax when someone gives me money?
If my sister wins the lottery takes lump sum payout and pays millions in lottery taxes and then gives me a gift of $8,000,000, she has all ready paid taxes to the Gov on the money when she received it.
Does she pay taxes again on this money to give it to me? and would I have to pay taxes receiving the money?
The taxes have been paid, how many times can the Gov tax the same money?