When buying a lottery ticket, is it the same as paying taxes?

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Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another

You must report and pay income tax on all prizes and winnings, even if you did not receive a federal Form W-2G field_block:node:page In the US, lottery winnings are considered taxable income, so winners a subjected to an up-front federal tax on their winnings And, depending

17 10 23 lottery sambad Absolutely Lottery winners can employ various tax planning strategies to mitigate their tax liability and make the most of their windfall a) The website advises