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I would like to know the value of a euro and the tax rate on

Customer Question
lottery winnings. JA: The Accountant will...
I would like to know the value of a euro and the tax rate on lottery winnings.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I received a letter from Spain that says I've won 5 million euros,
JA: Is there anything else the Accountant should be aware of?
Customer: I don't think so.
Submitted: 11 months ago.Category: Tax
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Answered in 1 minute by:
11/28/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago

1 EUR =1.05914USD

I need to caution you though, unless you entered a contest or lottery in Spain, this letter is most likely a SCAM.

Numerous email and postal scams are circulating the world, referring to lotteries in Spain and claiming that the recipient of the letter has won a large sum of money. Then they ask the person to pay the tax.

That is not how it would work. The true lottery in Spain is not taxable.

http://www.idealspain.com/Pages/Information/lotterySCAMS.htm

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