Winning 40k prize in a giveaway whats the catch?
Jun 2nd, 2009 | By admin | Category: Free Giveaways
berryb asked:
When you win a car in a giveaway your stuck with the big bill of the vehicles taxes…what about when you win Money or a vacation trip do they tax on that too.
I entered a give away at a mall and they send me mailing saying that i would have to attend a tour and then I would receive a scratch of card where I would win either a car a trip or money…whats the catch?
I know nothings free
The catch is that you have to attend a high pressure sales pitch – and odds are you’ll win money and it’ll be around $5, pretty low pay for your time.
And yes, if you win money or a trip, it’s taxable income.
Any winning is taxable. But trust me, that won’t be your problem, since you won’t win anything of value. I can guarantee every single person who entered that ‘draw’ got the same mailout you got. You will win money, a very small amount. The object of the game is to sell you something. Could be timeshares, could be financial services, could be just about anything, but they will be pushing you to buy something.
Run