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Another layer of taxation arises when winners determine to share their winnings with household or associates. The IRS imposes gift taxes on these transfers if the amount exceeds the annual exclusion limit, which was $15,000 for 2021 and $16,000 for 2022. If you give somebody greater than this exclusion amount, you're required to file a gift tax return, and the surplus may count towards your lifetime gift tax exemption. Therefore, winners must be strategic about how they share their newfound wealth to avoid unintended tax consequences. Additionally, if the winnings considerably influence an property's whole value, property taxes may become a consideration when the winner passes away, which could have an effect on heirs if not planned appropriately.
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