Steve House wrote:
At least up here in the Northland, prizes, lottery and gambling winnings
aren't considered taxable income, yet. shhhhh Get your new plane in a
prize drawing and the tax man doesn't cometh.
Hope you guys can keep it that way. Here, I would owe 33% of the value to
the IRS, 6% of the value to the New Jersey income tax people, and another
6% of the value for the State usage tax. If I won the AOPA Waco ($250,000
value) and couldn't sell it within 6 weeks, I'd have to declare bankruptcy.
George Patterson
They say that nothing's certain except death and taxes. The thing is,
death doesn't get worse every time Congress goes into session.
Will Rogers
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