Can a Business Win the Lottery?

can an llc claim lottery winnings in california
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Each state sets different laws for claiming a lottery prize California lottery winners will have different timelines than lucky scratchers in

Can an LLC claim lottery winnings in California? If you win the California lottery, you will need to claim your winnings as an individual Your name Be lottery ticket in Florida, New York will still collect tax on your winnings

ct lottery official website The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes From a legal standpoint there should not be an issue as to what entity or individual receives the payment There may be tax reporting