tax advice for a truck I won |
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bigb3434
New Poster
Cash: $ 0.50
Posts: 2
Joined: 25 Aug 2014
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tax advice for a truck I won |
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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?
Thank you!
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Mon Aug 25, 2014 1:02 pm |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona |
Congratulations!
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.
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Mon Aug 25, 2014 1:15 pm |
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