My income for the last few years is $12,382.80 I have file taxs in years 'm 84 years old , I won a car last year do I need to pay the tax on that as income ,

deneka2382 · ‎June 4, 2019

can I spread the tax over a period of years .

PaulaM · ‎June 4, 2019

Unfortunately, the income is reportable in year that won the car. You should have received a 1099-MISC reporting the car's FMV in box 3.

Note: Make certain that the FMV is recorded in Box 3 and not the sticker price of the car. You only want to pay taxes on the FMV of the car.

To enter in your return:

In your open return, select My Account
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Topic Search
Type 'prizes' in the box, then select GO

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View solution in original post

PaulaM · ‎June 4, 2019

Unfortunately, the income is reportable in year that won the car. You should have received a 1099-MISC reporting the car's FMV in box 3.

Note: Make certain that the FMV is recorded in Box 3 and not the sticker price of the car. You only want to pay taxes on the FMV of the car.

To enter in your return:

In your open return, select My Account
Tools
Topic Search
Type 'prizes' in the box, then select GO

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

trendawillcuttbriska · ‎June 21, 2021

I HAVE NEVER WON A CAR IN ANY YEAR

xmasbaby0 · ‎June 21, 2021

@trendawillcuttbriska Do you have a tax question? Why are you posting to say that you have never won a car?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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My income for the last few years is $12,382.80 I have file taxs in years 'm 84 years old , I won a car last year do I need to pay the tax on that as income ,