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What do you mean by "How do I claim the taxes"? You'll have to pay taxes, not claim them for the value of the car that you won.

2007-09-26 02:59:35 · answer #1 · answered by Anonymous · 0 0

The value of the car (less the cost of the ticket) goes on line 21, Other Income, of your Form 1040 tax return. It's taxed as ordinary income. If the value is significant you may wish to make an estimated payment of about 20% of the car's value using Form 1040-ES to avoid the chance of any penalty when you file your return next spring. Ditto for your State if your State has an income tax though 5% would be closer to what you'd need to pay in for the State.

2007-09-25 22:06:17 · answer #2 · answered by Bostonian In MO 7 · 0 0

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