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What is the tax on a house I won?

August 22, 2011

From:  Twyla
Date:  20 Jun 2007

If you win a house and your income is $50,000 per year with no bills and the standard deduction, what would the tax be?

Answer

Date:  2 Jul 2007

Hello Twyla,

You haven't given me enough information to answer your question. The fair market value of the house is taxable as ordinary income. You should ask whoever is awarding you that house what the taxable amount is. You could have a big tax bill.

Good luck!

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