The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>Other Taxes

I live in California. What are my tax liabilities on a used car that I won as a prize in another state?

Car is registered in that other state. No taxes paid in the other state on items won as prizes in contests.

Federal and CA State income taxes on the declared value of the car, plus CA use taxes and fees when you register it.

If the state where you won it levies an income tax you'll probably owe income tax there as well. In that case you'll take a credit on your CA tax return for the income tax paid to the other state.

At a minimum, you'll owe federal income tax on the value of the car.

Tags
　　Boston 　　Austin 　　Atlanta 　　Other - Business & Finance 　　Other Taxes 　　United States Taxes 　　United Kingdom Taxes 　　Spain Taxes 　　Singapore Taxes 　　Mexico Taxes 　　Ireland Taxes
Related information
  • 30% tax Netherlands example?

    Hm, don't understand your question either. I can say that if you earn 55000 EUR a year, 52% will go to the IRS (if your income is between 31.122 and 53.064 it will be 42%). This is the case w...

  • If you have your taxes done by H and R Block who is responsible if they make a mistake?

    To add to the previous answers if you bought the "Peace of Mind" coverage that was offered when you did your taxes then the insurance will pay up to $5000 of additional tax. H & R Blo...

  • What is the difference between Fiscal Deficit and Revenue Deficit with regard to budgetting?

    Time-line

    ...
  • How do you feel about the taxes that are being added?

    No matter what he does, he can't win.

    ...
  • What to do if my accountant has gone missing ?

    I can't tell if this is a USA question and will presume it is. What kind of accountant? CPA--required to be registered with the state. Enrolled Agent--licensed by Treasury Dept, often a m...

  • How do indians file their taxes? Do they use Software or Accountant?

    hanji, indians just pay what is due yarr. they dont mess with fancy computers.

    ...
  • What is a bonus?

    With some companies, when you get hired, your total pay is a salary plus a bonus. A bonus is money you "earn" but is not guaranteed to you. The amount of the bonus is determined by how...

  • Are bank fees tax deductible? WHat about overdraft fees?

    No they are not. They are personal expenses and not deductible.

    ...
    • 　

    Commerce Categories--Copyright/IP Policy--Contact Webmaster