The US and Canada are slightly different.įor example, prizes valued at $600 or more are subject to federal taxes in the United States. The answer depends on the vehicle’s value and your country. You may be surprised at the bill you’re about to receive.
Before driving off the lot, take a look at the fine print. If you’re fortunate enough to win a car, you may wonder if you’ll have to pay taxes on your prize. What are the taxes on gambling winnings?.What are the taxes on lottery winnings?.What happens when you win a car in a game show?.How much money do you have to win for it to be taxed?.Winning a Car in a Different State than Your Residence.
