Re:Why nobody ever wins the car at the mall (2018)
by nulbyte on Sunday July 03, 2022 @09:44PM
(#31972655)
> I don't think it's a gift tax, but ordinary income tax.
Correct. Prize winnings are taxed at your ordinary income tax rate. The gift tax applies to gifts, not prize winnings, and even then, the giver pays it, if applicable.
Correct. Prize winnings are taxed at your ordinary income tax rate. The gift tax applies to gifts, not prize winnings, and even then, the giver pays it, if applicable.