Lasser's 1001 Deductions and Tax Breaks 2018: Your Complete

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Tax Tip: Before you receive one dollar, the IRS automatically takes 24% of your winnings as tax money You're expected to pay the rest of your tax bill on that

You cannot deduct gambling losses that are more than your winnings The Maine State Lottery does not collect non-winning tickets and does not send you a tax Tax Tip: Before you receive one dollar, the IRS automatically takes 24% of your winnings as tax money You're expected to pay the rest of your tax bill on that

biggest slot win ever You get a tax form with an inflated approximate retail value on the item You are required to pay taxes on the fair market value of the prize The organization You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize