Solved: Lottery winnings exempted from federal income tax, Accounting Basics

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Lottery winnings exempted from federal income tax

Question: A client advises you that her aunt gave her twenty lottery tickets as a holiday gift. One of the lottery tickets was a winner in the $50,000 game. Your client wants to know if the lottery winnings are exempted from federal income tax as the lottery ticket was given as a gift. What is the response to the client?

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Accounting Basics: Lottery winnings exempted from federal income tax

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Accounting Basics: Lottery winnings exempted from federal income tax

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