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To: justlurking
Income tax? I'm talking about that insane tax they put on things you've won. I think it's like over half.
33 posted on 07/05/2002 9:57:21 PM PDT by BlessingInDisguise
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To: BlessingInDisguise
Income tax? I'm talking about that insane tax they put on things you've won. I think it's like over half.

No, just income tax on winnings. For lottery winnings, you get a W-2G ("G" for gambling). There's no other federal tax, but maybe your state has some sort of "luxury" tax. Mine doesn't.

Are you thinking of the gift/estate tax? It's as high as 55% (for gifts and estates over $3 million). But, that doesn't apply to prizes.

45 posted on 07/06/2002 8:59:50 AM PDT by justlurking
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