2007-12-17 12:40:47 · 3 answers · asked by Cruise Guy 1 in Business & Finance ➔ Taxes ➔ United States
sorry u got a tax bill this yr. not over next 3yrs.
suggest u ask ur self would u buy this car?
No? sell it pay ur taxes , buy a cash car and bank the rest.
visit daveramsey.com to see 'drive free, get rich' understand car debt is a wealth stealer.
2007-12-17 12:46:16 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Nope! Sorry! The whole wad is taxable in the year that you accept the prize. If you're like most folks with a "windfall" like that, you'll probably have to sell it to pay the taxes.
Congrats, anyway, as you'll still have SOMETHING left once you're done with it.
2007-12-17 12:47:14 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
No, you received the vehicle this year so it has to be included in this year's income.
2007-12-17 12:47:06 · answer #3 · answered by Anonymous · 2⤊ 0⤋