Are the cash, trips, etc. that Oprah gives out on her Wildest Dreams segment taxable income or a gift?

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Are the cash, trips, etc. that Oprah gives out on her Wildest Dreams segment taxable income or a gift?

2006-07-19 10:33:31 · 3 answers · asked by jaba_74114 2 in Business & Finance ➔ Taxes ➔ United States

3 answers

Noncharitable "gifts" are taxable as income. A charitable gift is one that is given among family members or between friends, etc. A noncharitable gift is in the nature of a prize or award, such as a talk show giveaway.

2006-07-19 14:13:19 · answer #1 · answered by taxmannyc 3 · 0⤊ 0⤋

large gifts are taxable. I heard a story about a family would had a house built on one of those shows but then had to sell the house because they couldn't pay the taxes on it.

2006-07-19 10:37:09 · answer #2 · answered by Lord_of_Armenia 4 · 0⤊ 0⤋

taxable.

everything in the US is taxable.

thank your government.

2006-07-19 10:35:48 · answer #3 · answered by kalsmom 5 · 0⤊ 0⤋