Pay taxes on a winning that you Gift ?

chancee

chancee

New member
Pay taxes on a winning that you Gift ?

:scratch:
I was just wondering If I win a prize on a sweeptake and gift it to someone for xmas, do I still have to pay taxes on the prize ?
 
Re: Pay taxes on a winning that you Gift ?

Yes, if the prize is valued at over $600 then you are the one that pays the taxes on it.
 
Re: Pay taxes on a winning that you Gift ?

:sunny: Yes you do unless you are giving the prize to a tax-exempt charity. To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A. I love doing this on prizes that I have no use for.
 
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