Monday, July 18, 2011

If I win a sweepstakes trip that is valued at $3,000 will I be taxed on it?

I'm 18 years old so I am a legal adult. I just entered a contest to win a trip to nashville and the rules said that the prize is valued at $3,000. Will I get taxed on that and end up owing $600 (20% income tax) on it??

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