3 ms·
is this generally not understood? For example, if you go on price is right, and you win a nice trip to tahiti, you still have to pay tax on it.
by dnautics 5y ago
is this generally not understood? For example, if you go on price is right, and you win a nice trip to tahiti, you still have to pay tax on it.
- NovemberWhiskey 5y agoIf it's generally understood, then it's wrongly understood: https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes https://www.irs.gov/businesses/small-businesses-self-employe... "Who pays the gift tax? The donor is generally responsible for paying the gift tax." >For example, if you go on price is right, and you win a nice trip to tahiti Those are prizes or winnings, not gifts. Totally different tax treatment.
- stonemetal12 5y agoGameshow winnings are not a gift. I think it is considered gambling and taxed accordingly.
- kbenson 5y agoWell, most people might think any sort of Crypto is gambling too...