Subaru powered Toyota FT-86 Concept

Isamu · 01-17-2012, 05:43 PM

Quote:

Originally Posted by Rooster89

Winnings tax bro. like 42% or something of the msrp.

edit: you do have to pay tax on fair market value.. but I haven't found any info on cars and stuff being charged 42%+ taxes..
25% is the highest I have found, which is still alot.. but.. still

Quote:

Prize winnings are included in the long list of "other" income that the tax law says is taxable. And it's not just limited to cash awards. You've got to pay taxes on the fair market value of any property you win. So get ready to come up with some cash for Uncle Sam to cover that new Corvette the local Chevrolet dealership presented to you as part of its latest promotional contest.

Quote:

Depending on your other income and the amount of your winnings, your federal tax bracket can go as high as 39.6%. Your lottery winnings might also be subject to state income tax. So depending on where you live, your total tax bill could exceed 50%. You don't get any capital gains rate break for lottery winnings, nor is there any income averaging to help lower your tax bill.

If you win more than $5,000 in the lottery, 28% must be withheld from your winnings for federal income tax purposes. You can do a google search 'taxes on lottery' to get more info specific to your situation.

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