Hello everyone,
I’ve just won $150,000 on a slot machine in Vegas, and I’m trying to figure out the best way to handle taxes on this windfall. I know that filing with a Win/Loss statement is the first step, but I’m wondering if there are additional actions I should take to manage my tax liability.
Here are a few specific questions I have:
- Donations: Can I donate some of the winnings to use as a tax write-off? If so, are there specific guidelines or limits I should be aware of?
- Tax Portion: Should I set aside the estimated tax portion of the winnings and invest it in something safe, like Treasury Bills, until taxes are due?
- Other Considerations: Is there anything else I should be doing to ensure I’m handling this correctly from a tax perspective?
Any advice or recommendations from those who have been through this would be greatly appreciated. Thanks