18 September 2010
You get a car! And you get a car! Remember when Oprah gave out cars like other people give out refrigerator magnets and foam cup holders? Audience members were thrilled with her generosity – until they realized that they had to pay income tax on their newfound luck. That’s because there’s literally no such thing [...]
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22 December 2008
Taxpayer asks: Hello taxgirl, I am helping a friend prepare a 2007 tax return. He received a 1099 with income in box 3 other income for a prize he won. Will he have to pay SE tax on this income? Thanks Taxgirl says: If the prize is unrelated to your friend’s employment or business and [...]
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