Learn about gambling and the lottery in Massachusetts -

are lottery winnings considered income
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Yes, both cash and non-cash winnings are taxable by the Internal Revenue Service According to H&R Block, cash winnings include: Lottery

Prizes that are given in a competition or contest are not taxable gambling or lottery winnings if no advantage or inequality in amount or value is offered or

are lottery winnings considered income income and gains for ten years So much for offshore tax havens Exclusions lottery winnings aren't considered gifts and are taxable EXAMPLE: The

are aces high or low in poker Computation of Taxable Income 74 §74Prizes and Awards §74General Rule §74 IRC § 61—Inclusion of state lottery and other gambling winnings in income