Giveaway Taxes QUESTIONS !

[dafuqawew]

hey sup guys ! im entering a giveaway its says"
"The winners are responsible for all taxes, import duty and fees associated with receipt or use of a prize".
so it means its not really that free and THIS IS MY QUESTION ! how much tax should i pay for
$4,700 worth of giveaway. please answer ! thanks

 

[Goodeggray]

If you live in the USA it depends on how high you income is without the value of the prizes. If the giver gives you a 1099 with the value of the prize that is usually becomes the taxable amount. If you get proof showing that you could have bought them for less then you can use that amount as the value. For most people 10 to 20% of the value of the prizes.

 

[dafuqawew]

If you live in the USA it depends on how high you income is without the value of the prizes. If the giver gives you a 1099 with the value of the prize that is usually becomes the taxable amount. If you get proof showing that you could have bought them for less then you can use that amount as the value. For most people 10 to 20% of the value of the prizes.

just tell me whats price amount for $4,700 , and i live outside US

 

[Goodeggray]

If you live outside the USA you would not have to pay taxes to the USA on the $4700. You may be sbject to taxes where you live.