Reply With QuoteI got an old 76 Caddy that would go nicely on that show..
RD
yes the new products are much better, but I miss the laquer buzz.....and shiat
Buzzzzzzzzzzzz
I got an old 76 Caddy that would go nicely on that show..
RD
Cole, what is your best estimate on what the gift tax would run on a build like this? 6, 8 10 thousand maybe???
Amounts received as prizes and awards are generally included in the winner's gross income. A prize or award made in goods or services rather than money is included in income at its fair market value
There are two limited exceptions to this general rule. Prizes and awards may be excluded from gross income only if they: (1) are received for some achievement and are donated by the recipient to charity or (2) qualify as employee achievement awards.
Still a good deal, but not a freebie.
I don't think they are prize winners, one of my friend wifes looked into it and the info she got says your paying for the restore of the car.
if you have to fill out a raffle ticket or in any way apply to be chosen, it is a contest.
Certain recognition awards are excluded from income. An award must meet four conditions to be a nontaxable recognition award:
(1) The award must be made primarily in recognition of religious, charitable, scientific, educational, artistic, literary or civic achievement.
(2) The recipient must have been selected without taking any action to enter the contest or proceeding.
(3) The recipient must not be required to render substantial future services as a condition to receiving the award.
(4) The grantor of the award must transfer the award to a government body or charitable organization under the award winner's designation.13
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