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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: 7 years ago.
Category: Tax
Expert:  Marvin,EA replied 7 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 2 other Tax Specialists are ready to help you