If I win antique car drawing will I be taxed appraised value or is there a different value due to ag

Aero11
Aero11 Member Posts: 1 Newcomer
in General

If I win a antique car where I see prices from 20k to 74k what value will it be appraised at and about how much I might pay in NC

Answers

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 593

    Hi Aero11,

    The value of the winnings will be reported as Gambling Income. You will be taxed at the fair market value of the antique car on both your federal return and your North Carolina return. I don't know how the appraisal will be done, but I bet the lottery or drawing will have an appraisal for the winner.

    See this IRS Tax Topic no. 419 for details.

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