Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com - View Single Post - I won a Bumblebee Camaro from GM sweepstake!

avol2 · 05-10-2009, 10:40 AM

WOW.... selling it on EBAY? yipes.... that's a shame...

have to include that 40k on your income taxes to as winnings... yipes...

from the IRS
"Prizes and awards Subject to certain exceptions, the cash value of prizes or awards won in a drawing, quiz show program, beauty contest, or other event, must be included on the tax return as taxable income.
Taxpayers must also report the fair market value of merchandise or products won as a prize or award, as taxable income.For example, both a $500 cash prize and the fair market value of a new range won in a baking contest must be reported as other income on Form 1040, Line 21."

05-10-2009, 10:40 AM	#329
avol2 2G1FT1EWXA9104709 Drives: 2010 Camaro 2SS/RS SIM Join Date: Oct 2008 Location: Steilacoom, WA Posts: 604 View My Garage	WOW.... selling it on EBAY? yipes.... that's a shame... have to include that 40k on your income taxes to as winnings... yipes... from the IRS "Prizes and awards Subject to certain exceptions, the cash value of prizes or awards won in a drawing, quiz show program, beauty contest, or other event, must be included on the tax return as taxable income. Taxpayers must also report the fair market value of merchandise or products won as a prize or award, as taxable income.For example, both a $500 cash prize and the fair market value of a new range won in a baking contest must be reported as other income on Form 1040, Line 21." Last edited by avol2; 05-10-2009 at 10:58 AM.