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If I win a raffle prize worth $800, do I have to pay taxes on it?
What is the lowest $ value of raffle prize I can win without having to pay taxes on it?
3 Answers
- low_on_ramLv 61 decade agoFavorite Answer
$0
The IRS want's their share. The folks doing the raffle, most likely will give you a 1099 form that they also send to the IRS to make sure they are legal.
Sorry, wish I had a better answer. Though, any win is better than no win.
- Anonymous4 years ago
I dang specific would not report it! something over a a million,000 ought to be stated with the aid of the awarding enterprise, do what you experience is robust; yet i could stuff all 8 of those Ben Franklin's into my wallet!
- Bostonian In MOLv 71 decade ago
If it's your ONLY income for the year and you're not a dependent child, $8,750 if you're Single. If you're a dependent child, $850. If you already enough income to be required to file a tax return, $0.
