On Mon, 2007-01-29 at 15:46 +0200, Dumitru Stama wrote:
> http://www.cnn.com/2007/TECH/space/01/28/free.ride.ap/index.html
> Is this really possible ? In USA if you win a contest and you get
> something else than money as a prize you have to pay taxes ?

Yup. Every time I watched an American game show and saw someone win a
car, the first thing I thought was "I hope they realize they'll have to
pay taxes".

> That's crazy...

Yup, but so much of tax law can be considered crazy.

I do wonder though, do other countries tax "prizes" like this? I know in
Canada if you win the lottery you pay no taxes on it. You only pay taxes
on what you make with that money (i.e. the interest you make on your
winnings is treated as income).

TTYL

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