How can someone avoid paying taxes on lottery winnings?

[kayode10]

Just of recent the state government passed into law that the lottery winner should always pay about 30% of their winnings as a tax. this seems to be a lot of money as they don't provide relief for those who are losing money when they are playing lottery and they do not win

The question I want to ask you guys is that how can i avoid paying taxes on lottery winnings? I'll be glad if you can put me through on the step by step process thanks.

 

[Hardexy1]

There's no how you can avoid paying taxes on lottery winning especially if you are staying in the United States of America, that's a fixed money that they do collect regularly from anyone that's win the lottery ticket and there is nothing anyone can do to restrict them

 

[kayode10]

I am asking about the question because I heard that some people and sending money to the tax haven to avoid paying tax on the money. some people also donate the money to their own charity just to avoid tax.

 

[SlotsMaster]

I don't think that there is a way you can evade taxes if the government of your country receive taxes on winnings but the only way that will make you evade taxes is ff the government of the countries are not receiving taxes on winnings.

 

[Btaliat]

The only way to do that if if you reside in a country that has no database of their citizens. With that, government doesn't even bother about the tax. But for someone that lives in an advanced country, tax is inevitable.

 

[Angryseth]

I first of all believe that it is absolutely ridiculous for anybody to pay 30% of their own winnings especially when that is not what is obtainable in other areas of business. I will advise that you should start using betting companies that are not registered within the location.

 

[kayode10]

One of the ways is to receive the money and donate everything to a charitable cause. Some people are doing this by establishing a pseudo charity organisation and they are going to transfer the money which comes with less tax.

 

[Julio88]

Just of recent the state government passed into law that the lottery winner should always pay about 30% of their winnings as a tax. this seems to be a lot of money as they don't provide relief for those who are losing money when they are playing lottery and they do not win

The question I want to ask you guys is that how can i avoid paying taxes on lottery winnings? I'll be glad if you can put me through on the step by step process thanks.

Naturally, taxes should be directly slashed from winnings with the gambler obtaining the net proceeds. However, in my part of the world, the governments are not up and doing when it comes to revenue collection.

 

[James108]

One option is to set up a trust to receive the winnings, which can help to reduce or eliminate taxes. Another strategy is to take advantage of tax deductions or credits available to lottery winners.

 

[Qwert135]

Most of the times such options are pretty much not in favor of the players and even though you try hard you will definitely have to pay some amount of winning income as taxes it is quite inevitable indeed.

 

[swift]

Naturally, taxes should be directly slashed from winnings with the gambler obtaining the net proceeds. However, in my part of the world, the governments are not up and doing when it comes to revenue collection.

I think governments have a responsibility to effectively collect taxes from all sources of income, including gambling winnings. Adequate tax collection helps governments pay for vital public services and infrastructure

 

[Qwert135]

Definitely taxes can be used to launch various good options and initiatives that can help develop the society and this bring changes and much need development for the community .