I just got an email saying I was a potential winner in the "Modelo Summer 2022 instant win Game-Sweepstakes". The prize is a pair of custom shoes from The Shoe Surgeon with an estimated value of $6,750. This makes it my largest win to date.
How do you figure the taxes?A pair of shoes for over $6,000? Did I read that correctly? I'd take the cash because I'd be unwilling to pay $2,000 (the taxes due) for a pair of shoes.
I was thinking the same thing!! Even at 20% the tax would be $1, 350!!!! YIKES!!!!!!!!!!!!!A pair of shoes for over $6,000? Did I read that correctly? I'd take the cash because I'd be unwilling to pay $2,000 (the taxes due) for a pair of shoes.
I just figure that 1/3 of the value goes to taxes, my rule of thumb.How do you figure the taxes?