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How To Pay The Taxes On A Car You Won
Winning a car from a contest can be the ultimate achievement. But sadly, such a large and expensive prize does not come completely free. As you settle in behind the wheel of your new car, take a moment to figure out how you are going to pay the taxes on your four-wheeled prize.
“In the United States, winners are required to pay taxes on sweepstakes prizes, which are treated as income for tax purposes. That means you’ll be required to add the fair market value of your prize to your earnings from jobs and other sources when you report your income to the IRS,” reports The Balance writer Sandra Grauschopf.