USA Taxes on winning a prize


Joined
Mar 21, 2016
Messages
1
Reaction score
0
Country
United States
I'm thinking of entering a contest whose prize is a piece of equipment worth $70K. I don't really want this piece of equipment, but I'd like a similar piece that costs around $25K. If I win and sell the $70K piece for, say, $50K, and then buy the $25K piece, what are the tax implications? I assume my marginal tax rate plays a role, and I'm not sure what that will be this year, so a generic answer ("assuming your tax rate is x") is fine. Thanks for your help!
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top