I am not an accountant, but my understanding is that “gifts” are not considered taxable income, but “prizes” are.
I would have included another option in the poll: “No, because I’d probably forget that I won it by the time I file my taxes.”
I am not an accountant, but my understanding is that “gifts” are not considered taxable income, but “prizes” are.
I would have included another option in the poll: “No, because I’d probably forget that I won it by the time I file my taxes.”