Search SweepstakesQ/A ArchivesMarch 2007
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taxes on trips won Hi Bruce, I am just curious about something. If you win an all expense paid trip that is is worth $154,000, do you have to pay taxes on that even if you don’t receive the money? If so, do you know how much tax you would have to pay on such a sum or at least a range. Thanks for you help. We actually get asked this question quite often The answer is that thewinner would have to pay tax on the entire amount. The amount of tax would depend on the winner's tax bracket but as a rule of thumb, state and federal income tax comes to about 30%. |
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