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Old 11-14-2007, 11:47 AM
Michael P. Wole Michael P. Wole is offline
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Join Date: Oct 2006
Location: McLeansboro, Il
Cobra Make, Engine: LA Exotic
Posts: 235
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tax's who pays tax's?
I do know if you win it you owe income tax on it...what ever value is put on it is questionable..but you will owe ordinary income tax..depends on your tax rate how much you owe...nothing is free! I think you can deduct the price of the raffle ticket from the value of the vehicle if that helps you.
A friend of mines wife won a car on a game show....had to sell the car to pay the income tax on it(long time ago and they were a young married couple with a couple of kids). Boy do I remember those days.
You guys just go ahead buy you tickets and let me win it cause I can pay the taxes now. I know it is a dark and lonley job but someone has to do it, mite as well be me.
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