How to reduce taxes on lottery winnings?

[kayode10]

Since it is obvious that the government will take a certain percentage of the winnings. People have been looking for different ways to reduce the tax pay on the winnings so as to enjoy the money to the fullest.

One of the question I want to ask you guys over here is that how to reduce taxes on lottery winnings? I'll be glad if anyone here can tell me way to go about it in the comment section thanks

 

[Btaliat]

You don't reduce tax. Tax is fixed. It doesn't have to be based on your volition but on what government has stated. But it is possible to be using retrogressive type of payment, where you pay tax base on how much you win.

 

[kayode10]

There are some people saying that you are going to engage in rollover in order to reduce the tax you are paying. another way is that you can also create a charity agency and you transfer all your winnings to this charity in order to evade tax.

 

[Angryseth]

There are some ways people use to avoid paying a lot of taxes by using only online casinos. You are also going to make sure that these online platforms are registered in offshore countries especially around the Caribbean.

 

[James108]

The first way is to consider taking the lump sum payment instead of the annuity option. With the lump sum, you'll pay taxes on the full amount up front, but you'll also receive the entire amount immediately. If you choose the annuity, you'll pay taxes on the winnings over time as you receive them.