what is the gift tax on winning a new car? I have a chance to win a 2012 Kia Sportage or 15000.oo dollars, how much of a gift tax would I have to pay if I win the car?
Asked on 8/21/12, 4:08 pm
1 Answer from Attorneys
William Prugh
Retired from Polsinelli PC
Incomplete answer: this is not a gift so gift tax does not apply. It may be subject to income taxes (state and federal) on the value of the vehicle. The raffle materials may get into that in more detail.
Answered on 8/22/12, 7:24 am
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