[ad_1]
However, if you have gambling losses, you can count them against your windfall. You will also get deductions for all taxfilers, such as local and local taxes on income and interest paid, as well as interest paid on home loans up to $ 750,000.
You can also make a cash donation of up to 60% (up from 50% before 2018) of your adjusted gross income and defer any excess to a maximum of five years. Some lottery winners created their own charitable foundation and donated a portion of their profits.
"If you are inclined to charity, it's a great option," said Weston.
However, she said, do not get carried away by sharing your wealth without planning ahead.
More Personal Finance:
The 10 most expensive American tourist destinations
People in this state are most at risk for identity theft
The best time to book a vacation trip is right now
The IRS allows you to donate up to $ 15,000 to as many people as you want each year. These donations do not count as charitable donations or do not involve any tax benefit for the donor and do not generate tax for the recipient. So, if you really wanted to, you could give $ 15,000 to each of your friends and the IRS would not even need to hear about it.
However, amounts greater than this amount are included in the lifetime exclusion of your estate and gift tax, which amounts to $ 11.18 million per person (compared to $ 5.49 million). dollars before 2018 and expected to return after 2025).
This is the amount you can transfer to other people, either as a gift of your life, or as a bequest after your death, without the amount being subject to the federal estate tax of 40 %. In addition, some states have inheritance or gift taxes.
Given the complexity of the tax system, coupled with the huge amounts of current jackpots, it's best to use experienced professionals to determine your optimal tax strategies, Weston said.
"I can not stress enough the importance of meeting a tax advisor," said Weston.
Source link
