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Is the raffle prize considered income?

April 26, 2017income prize raffle

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Is the raffle prize considered income?

1 Answer

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Posted

Yes. The value of the vehicle is considered taxable income. Winner is responsible for any and all federal, state and local income or excise taxes, license, title and registration fees and like charges associated with the Grand Prize. Winner will be responsible for any or all delivery fees and/or for retrieval of the Grand Prize. In addition, the prizewinner will be required to submit IRS Forms W-2G and W-9 in order to be awarded the prize.