Please respond only if you really know the answer.Thank you.
I recently won a trip for myself, 12 students and another adult chaperone. The value of the trip is $24,000 total. It is broken down as each student is allowed to go on a tour worth $2,000 each (12 x 2000 = 24000). The chaperone and myself travel for free with these 12 students.
My questions are:
1) Am I responsible for the taxes on the total value of the trip since I was the one who's name was picked in the drawing?
2) Is the other chaperone responsible for any taxes since their trip is free?
3) Would each student be responsible for claiming their portion of the tour - $2000 each?
I live and pay taxes in the United States only.
Thanks for any help you can give.
2006-10-01
15:44:49
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6 answers
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asked by
jenny s
2