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If I won something in a draw, then sell it, do I have to pay taxes on it?
I entered a draw and won. I have no use for the product but my boss does. He offered to buy it from me. Will that amount be taxed as income?
October 30, 2019
6:30 AM
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Have you already taken possesion of the product? May I ask, what was the product?
October 30, 2019
6:30 AM
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If the prize won has increased in value from the day you won it til when you sold it, you should declare the increase in value as a capital gain. ie if you win a $20,000 car and sell it for $20,000 theres no tax owed. If you win a $1000 piano and sell it in a year for $1500, there would be a $500 taxable gain.
October 30, 2019
6:30 AM