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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?
4 Answers
- JudyLv 71 decade agoFavorite 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.
- Anonymous1 decade ago
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!
- 1 decade ago
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...
- 1 decade ago
Personally, I would not report a penny of it. If you choose to report it, that is up to you.
