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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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I WON A 17K MOTORCYCLE IN LOUISIANA.I KNOW I WILL HAVE TO PAY

Resolved Question:

I WON A 17K MOTORCYCLE IN LOUISIANA.I KNOW I WILL HAVE TO PAY [email protected] BUT DO I HAVE TO PAY A GIFT TAX
Submitted: 6 years ago.
Category: Tax
Expert:  Marvin,EA replied 6 years ago.
Hello and thanks you for using Just Answer. You will not have to pay a gift tax but you must report on your Federal income tax return the fair market value of the motorcycle you won.
Marvin,EA and other Tax Specialists are ready to help you