May 11, 2013
Powerball lands in California, so what happens if you win?
Curiously, California doesn't tax winners of its own state lotteries, though federal tax certainly applies. However, it does tax anyone in California who wins the lottery from any other state.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Believe, and believe big. That's right, California added Powerball to its repertoire of lottery offerings in April. Might you win big? Maybe. After all, Californians won a whopping $2.56 billion in lottery money last year. What's more, after a unanimous decision of the California Lottery Commission, we now have Powerball, too.
Powerball boasts six out of 10 of the biggest lottery jackpots in the country. In a way, Powerball su...
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