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4 Responses to “Winning A Car In A Raffle Do I Have To Pay Taxes On It?”

1. berryb Says:
   December 4th, 2009 at 2:36 pm

   This is one of the biggest hits people take, especially on game shows, because they hit the winner up for the taxes due. Yes, you will owe taxes, most likely, depending on where you live. Still, it’ll be MUCH cheaper than buying a new car. You may only owe about $1,000 or less in taxes. Since the car will be fully owned by YOU, and not the bank, you are not required to have full coverage. That’s up to you. Only if you are carrying a loan on it will you be required to have full coverage to insure the Bank’s interesting in carrying the loan.
   - The Gremlin Guy -

2. gremling Says:
   December 4th, 2009 at 2:38 pm

   It is considered taxable income, but depending on your marginal tax rate you may not have to pay taxes on the entire retail amount. If you have deductions to offset it then there would be no income tax due. I would advise any winner to check with a CPA/tax expert to see how to deal with it on their income tax report.

3. Robert Says:
   December 4th, 2009 at 3:29 pm

   Yes, you will have to pay taxes based on the retail price of the vehicle and no, you dont have to have full coverage since you wont owe a bank money for it, but I recommend you get full coverage becasue if you crash and it is your fault, you loose a new car.

4. Eddy Says:
   December 4th, 2009 at 4:25 pm

   Get to know some basical knowledge of your confused field before taking any suggestion is a great idea.Here http://www.CarInsuranceFree.info/free-car-insurance.htm is great place to start off.

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