If I won a prize worth $800 in a raffle, would I have to pay taxes on it? I live in CA.?

What is the lowest value of a prize I can win without having to pay taxes on it?

Judy2008-04-03T16:30:00Z

Favorite Answer

Technically you are required to report any prize, but if you won $2 on a lottery ticket I wouldn't worry about it. But for $800, yes, you need to rerport it.

20

Anonymous2008-04-03T16:32:17Z

I dang sure wouldn't report it! Anything over a 1,000 has to be reported by the awarding agency, do what you feel is right; but I would stuff all eight of those Ben Franklin's into my wallet!

02

roc.boy0072008-04-03T16:34:11Z

You shouldnt have to if it was cash. If it was check, you still shouldnt have to pay taxes on it. But I dont no what the laws r in ca. but that is my opinion. Hope it helps...

03

Shelly2008-04-03T16:28:30Z

Personally, I would not report a penny of it. If you choose to report it, that is up to you.

02

Related Questions

If I win a raffle prize worth $800, do I have to pay taxes on it?survey; have you ever won a raffle prize?If I won a truck in a raffle do I have to pay taxes on it?survey; have you ever won a raffle prize?, ?i live in ny i won a cash prize and i need to pay the taxes on it where can i do that?

Trending Questions

are you entitled to the full amount of the standard deduction or is it based on how much taxes you paid?10 answersWhat did you use your IRS Stimulus check on?7 answersShould the income tax be like the sales tax the more you buy the more you pay and do away deductions?6 answersWashed my paycheck?10 answersIs this an overpayment by chance?5 answers