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If you win the the lottery but owe property taxes not due until 2010 will they take it out of your winnings?
Wiki User
∙ 14y ago
If it isn't due yet, no
Wiki User
∙ 14y ago
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Tax percentage on Il lottery winnings?
Illinois withholds 3% of the winnings but you will not the total amount of taxes that you will owe until your income tax return is completed correctly. The federal amount can be any where from 28% up to 30% for the federal withholding amount depending on certain situations.
Is a remainder man of an estate required to pay property taxes for the property?
Once they have inherited the property, yes. Until then the estate is responsible.
What happens when an inmates is supposed to pay child support?
Child support obligations continue even if one is in jail, until/unless there's a court order to the contrary. The State can collect this debt in various ways, including garnishing tax refunds, lottery winnings and such, and placing liens on personal and real property.
Can you claim megamillion lottery as a trust in Illinois?
Most of them form a limited partnership not a trust. Its called an LLC. If you win, do not tell anyone, sign the lottery ticket, go to the bank and put it in a save deposit box and then find an attorney who is experienced in lottery winnings which you can find through doing research on the internet. Do not tell anyone until you consult with a lawyer.
You sold a property on land contract payee is in default and willing to transfer back to you with a quitclaim deed will his delinquent taxes be your respsonsibility thanks?
Yes. Property taxes remain on the land until they are paid.
Is there a statute of limitation for phila to collect delinq prop tax?
Real Estate taxes remain on the property until they are paid or until the City perfects its lien and takes the property.
Do you still owe real estate taxes after foreclosure?
The property taxes are owed by the owner. When the property is sold at auction the debt stays with the property. If the winning bidder is the lender then the lender ends up with the obligation. Until the tax is paid a lien will remain on the property's title.
If property is being sold for back taxes in a couple days and someone else finds out goes to courthouse pays all the back taxes due on the property because owners did not want the property. who owns?
Typically, if the back taxes are paid by anyone before the tax sale, ownership of the property does not change. If there was a written agreement between the owners and the person who paid the taxes that stated that the owners agreed to deed the property to the tax-payer after the tax-payer paid the taxes, then the agreement could be enforced as a legally binding contract and the owners could be forced to deed the property to the tax-payer. However, the owners remain the owners until they deed the property to someone else or until the property is sold at a tax sale or other type of foreclosure.
Does a deceased owner of property in argyle ny have to pay school tax until property is sold?
The estate of the deceased is required to pay any and all taxes on property held by the estate.
How much federal and state taxes are on 1 million in lottery winnings?
Taxed both Federally and State at your ordinary income rate, it's just like any other income, whatever that rate for you would be - (depends on many factors, dedcutions, other income, other expenses, businesses, etc). The State and Fed will withhold an amount of the payout as an estimated tax (like payroll withholding), until the actual tax for that person, that year is determined.
Can they charge interest on your property taxes while in Chapter 13 or do they have to wait until it has been discharged?
Property taxes in bankruptcy are usually usually governed by the laws of the state of residency. You can call the state revenue office, ask for the property tax division. They should be able to supply you with the needed information.
How can lottery winnings be split with your adult children without paying gift tax?
If you have already claimed the winnings, there is nothing you can do with that thought to reduce taxes. If not, you can form a partnership or other entity to claim the winnings. I recommend you consult with a CPA before you claim the winnings.
