▲ 97 r/tax
Won a car a raffle, how much would I be taxed?
If I won a 2026 F250 King Ranch, worth approx. $100,000 how much would they hit me for?
I live at home with my parents, on pace to make $65,000 this year. The truck is in Connecticut, I live in Indiana. Household Income is around $500,000 a year if that's relevant. They'll give a check worth $40,000 as well to cover taxes, but I want to know if that 40 would cover it or if I'd need to pay more out of pocket for it.
It's a beautiful truck too, so I more than likely wouldn't sell it as its only got 100 miles on it
EDIT. I believe my dad still claims as a child dependent (19 Y.O), he made $200,000 or so last year. I am single, no marriage or nothing like that. I have no kids either
u/Amazing_Thanks507 — 4 days ago