In Reply to: He must be mistaken, Jack; I can't imagine anyone accepting a prize with that kind of tax attached. (nt) posted by Audiophilander on January 16, 2008 at 10:21:01:
At the very least, you might have to report it as income...
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Follow Ups
- Actually, I have no idea,,, but I thought there was a stiff tax if you win anything. - oscar 13:09:35 01/16/08 (4)
- There is an exemption for gifts valued less than $12,000 (nt) - racerguy 14:27:59 01/16/08 (0)
- RE: Actually, I have no idea,,, but I thought there was a stiff tax if you win anything. - Jack G 13:42:03 01/16/08 (2)
- Maybe it's the multimillion dollar lotteries which puts you in the 50% tax bracket. - oscar 14:05:00 01/16/08 (1)
- Yep, that's the ticket (pun intended)! ;0) - Audiophilander 11:08:39 01/17/08 (0)