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Old 04-12-2002, 01:52 PM
cls0513
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Taxes on Won Item

I have a friend who won a truck & camper last night valued at $40K - where does he go to find out how much taxes she'll have to pay on it. We are in TN.
Please email: cls0513@yahoo.com
Carrie
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Old 04-14-2002, 03:02 PM
loku
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The value of the prize is taxable income and is added to your friend's income on his/her 1002 income tax return.

Because the value is so large, you friend would be required to file an extimate of tax. To find out the details of this, see IRS Publication 17, Your Federal Income Tax, which you can download for free at the IRS site at: [url]http://www.irs.ustreas.gov/forms_pubs/index.html[/url]

The publication discusses the taxation of prizes and estimated tax.
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