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WebDec 14, 2024 · This is charged at the rate of 1% of the market value of the property up to €1 million and 2% on any balance over €1 million. So, a €350,000 “prize” will result in a tax bill of €3,500. There will also be conveyancing costs, typically of between €1,000 and €2,000. Some people raffling properties may offer to cover such costs but ... WebOct 13, 2024 · Some states, such as New York City, will tax your prize at a higher rate than others. In some states, you can elect to receive an annual payment of tax-free money for as long as 30 years, but others may tax you on the entire amount. One of the first tax implications of winning the lottery is deciding how to spend the money. hyperworks organize the library is closed
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