It is advisable to follow a few precautions while going for the purchase of a lottery. These precautions are of paramount importance especially while claiming the lottery prize. Many winners have failed to claim the prize money because they had not observed these simple precautions and were unable to prove their identity. The golden ruleAlways mark your lottery as soon as you purchase them.

name at the back of the lottery. Fill in the relevant information’s given at the back of the lottery. Always keep a Xerox of your lottery. This will help you prove that you are the owner of the lottery especially when you go to claim the prize money. Keeping a Xerox will also help you in claiming the prize in the unlikely event of you losing the lottery. Don’t forget to sign your lottery.  When you win Always compare the winning lottery number on the Net .All lottery companies have their web sites. You can also check the number in the winning printout which is available at the lottery terminal. Many lottery retailers have large display screens which show the winning numbers and the amount of the prize money.

retailer to claim your prizes ensure that the retailer gives you the validation token.Prizes up to $500 are paid instantly by the retailer whereas for amounts greater than $500 you have to fill certain documents notably the “Standard Claim Form” Still larger prizes have to be claimed from the lottery headquarters. The claims of the larger prizes take at least 3 to 6 weeks to be processed. Lottery prizes can be claimed within 1 year of their issue. Lottery frauds If you get a message or an e-mail asking you to pay taxes for a lottery prize you have not won you have become an unwilling victim of a lottery fraud. The following are some of the signs which indicate that you have become a victim of a lottery fraud.1. If you have not brought a ticket and you are told that you have to pay taxes before you are released the prize money.2. You are being asked to furnish your personal details like name, address, e-mail, and credit card before you are allowed to register on an online lottery.3. You are asked to buy a lottery from a company who is little known. Taxes Lottery prizes are taxable. They are considered a part of your income. The winner is required to declare his income from the prize money .In case of larger prizes the tax is deducted at the source. Lottery companies do not provide any sort of advice regarding taxes or to be more precise how to save your taxes.