SC pick-4 tax question

Reply #2

kaspersky — Wed, 29 Dec 2004 05:55:08 GMT

Dear straightchaser,Thanks for your reply, It sound much better than what I imagined about this tax law .I still not winning anything from pick-4 yet as to this date, but the reason whyI am concerned is because I was thinking of winning 5,000(very hard) and then haveto pay taxes on both states which I probably ended up with about 2,500 .Then it'snot worth anything to kept chasing the winning. Gosh I dont against taxes, but noton lottery taxes like this. The poor will get poorer....Thanks againBe... [ More ]

Reply #1

straightchaser — Tue, 28 Dec 2004 23:25:57 GMT

Kapersky,I would guess that this would be the same as working in a state in which you do not reside and having to pay taxes in both states. Well, this is how I think this would work in your case, although you should confer with a CPA or a certified tax preparer. Let's say you won 5K in SC, you would get a 1099 from SC indicating your winnings. You would file your NC taxes, with a SC tax form in which you would indicate your miscellaneous income as lottery winnings, pay your taxes on it, and l... [ More ]

SC pick-4 tax question

kaspersky — Tue, 28 Dec 2004 02:02:58 GMT

Dear members,Please help me with this myth regarding South Carolina Pick-4 tax :1.If I win a $1 straight bet equal to the amount of $5,000 dollars, do I have to pay tax on this winning? And if yes then does any one know the percent they will take out from it ?2.I live in the state of North Carolina, and is that mean I have to pay tax on Both states SC and NC?I had search all over the google and SC official FAQ, but there is no where seem to tell about this.Thank You so much for any helps,Regards... [ More ]