Tax Question On TV Won?

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I won a tv last year and it's valued at $1499. It turns out this is my only income for last year. How much would I owe in taxes?

2007-04-05 11:24:32 · 2 answers · asked by Jonny459 1 in Business & Finance ➔ Taxes ➔ United States

Nothing if this is your only source of income. The standard deduction is $5150 for a single individual, way above what you made.

2007-04-05 12:43:39 · answer #1 · answered by Amy F 3 · 2⤊ 0⤋

Amy is correct. If you didn't have any other income, you're well below the limit where you'd owe taxes.

2007-04-05 22:20:32 · answer #2 · answered by Judy 7 · 0⤊ 0⤋