I recently won a truck at a raffle in Maryland state. However, they are offering me a cash option of 17,500 or the truck which is worth 23,500. Does anybody know the taxes that I would be facing with either the cash option or the truck?
Mon Aug 25, 2014 1:02 pm
oldguy Senior Member
Cash: $ 715.40
Joined: 21 May 2006
The tax depends on your bracket - eg, if your Fed bracket is 25% and your Maryland bracket is 5%, the tax would be 30%. So, roughly $5000.