just won a truck!Do i have to claim it to the IRS?

[blackdragon69]

I just won a '04 ford f-150 in a raffle a local highschool was having.I paid the tax,title and licence fees to the auto dealer.A friend told me I have to claim it on my IRS tax form,another friend said I dont have to since I won it from a public school and they are tax exemp.Any CPA's out there know anything about this?

[Stifler]

Maybe a CPA from the US could help you out here, I don't want to say the wrong thing here.

[HIJACKER]

Yes, you have to claim it. Any type of revenue or winnings your receive from anywhere you have to claim.

If the Red Cross gave your family $5,000 to help towards whatever, you would have to claim that on your taxes even though they are a tax deductable organization. THe only thing you DON'T claim are insurance reimbursements for any losses.

You will have to pay state tax on that truck, tags, and title fees, along with whatever other taxes are associated with that truck. Don't complain about it.. I'd be happy with paying $3,000 in taxes and fees and everything else to get a $30,000 truck.

[Gansey]

Yes you have to claim it

[mustangwally]

congrats!

[inimyaudi]

you definitely have to declare the truck's value, and i'm surprised the charity that awarded it to you didn't give you some sort of IRS document. someone else is writing off the value of the truck they donated...that said, you can probably get away with not claiming the truck. don't forget to write off the purchase of the raffle tickets though!

disclaimer- while a financial professional, i am not a CPA or tax attorney and my advice should be taken soleley for informational purposes.