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If I won the lottery and wanted to share the wealth with children siblings parents and in laws who pays the taxes and how much?
Wiki User
∙ 11y ago
I believe you answered your own question with the "...I won the lottery...".
That clearly says it's your winnings. Your just giving some of it to others.
The winnings are taxed as ordinary income...the amount or rate depends on your own personal status and factors (like other income, deductions, exemptions, etc) ...and location (State taxes).
The others of course won't be subject to income tax on the gift, however, you may have gift tax consequences (which in most family situations are easily avoided).
Wiki User
∙ 11y ago
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