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tax advice for a truck I won

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Money Talk > Taxes

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bigb3434
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tax advice for a truck I won  Reply with quote  

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!
Post Mon Aug 25, 2014 1:02 pm
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oldguy
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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.
Post Mon Aug 25, 2014 1:15 pm
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