Comments on: Are Prizes and Awards Taxable? http://www.internetbiztaxtips.com/2009/01/how-are-prizes-awards-taxed/?utm_source=rss&utm_medium=rss&utm_campaign=how-are-prizes-awards-taxed Tax Tips for eBay sellers and other online business owners Mon, 05 Dec 2011 17:32:12 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Gregory Johnson http://www.internetbiztaxtips.com/2009/01/how-are-prizes-awards-taxed/#comment-13615 Gregory Johnson Wed, 28 Apr 2010 20:27:32 +0000 http://internetbiztaxtips.com/?p=330#comment-13615 If you win a car or a home or something like that of value. You can always sell this to someone else, pay the taxes and keep the rest. I would definitely do this. You can also file an extension to pay those taxes if the item does not sell before the tax deadline. I am sure if you explained the situation to the IRS they would work with you. If it is a trip or something that you could not sell, then I would consider turning it down. Gregory johnson If you win a car or a home or something like that of value. You can always sell this to someone else, pay the taxes and keep the rest. I would definitely do this. You can also file an extension to pay those taxes if the item does not sell before the tax deadline. I am sure if you explained the situation to the IRS they would work with you.

If it is a trip or something that you could not sell, then I would consider turning it down.

Gregory johnson

]]> By: Gambling Winnings and Losses | Best Tax Tips http://www.internetbiztaxtips.com/2009/01/how-are-prizes-awards-taxed/#comment-1532 Gambling Winnings and Losses | Best Tax Tips Sat, 28 Mar 2009 15:16:51 +0000 http://internetbiztaxtips.com/?p=330#comment-1532 [...] Are Prizes and Awards Taxable? (internetbiztaxtips.com) [...] [...] Are Prizes and Awards Taxable? (internetbiztaxtips.com) [...]

]]> By: Don't Mess With Taxes http://www.internetbiztaxtips.com/2009/01/how-are-prizes-awards-taxed/#comment-839 Don't Mess With Taxes Mon, 19 Jan 2009 21:43:37 +0000 http://internetbiztaxtips.com/?p=330#comment-839 <strong>Tax Carnival #46: Inauguration Day...</strong> Hail to the Tax Code! A little much? OK, Hail to the peaceful transition of power we'll witness tomorrow with the inauguration of Barack Obama as our 44th president. Taxes play a major role in every presidential (and other) election. And once the Nove... Tax Carnival #46: Inauguration Day…

Hail to the Tax Code! A little much? OK, Hail to the peaceful transition of power we’ll witness tomorrow with the inauguration of Barack Obama as our 44th president. Taxes play a major role in every presidential (and other) election. And once the Nove…

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