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mplink
Jun 25, 2008, 05:07 PM
how does it work when you win cars money ect. on game shows
Fr_Chuck
Jun 25, 2008, 05:15 PM
you have all the federal and state taxes that are due on them, their value is shown as a 1099 income. Won a computer some years back, that free computer cost me alot in the long run.
mplink
Jun 25, 2008, 06:01 PM
you have all the federal and state taxes that are due on them, their value is shown as a 1099 income. Won a computer some years back, that free computer cost me alot in the long run.
thanks chuck
MukatA
Jun 25, 2008, 11:17 PM
Income from winnings is taxable. Besides, you will also be paying other taxes (includes sales tax) and shipping charges.
So if you don't really need the item, you don't want to get the junk at a discounted rate.