Thread: Boxster Raffle
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Old 12-08-2005, 09:47 AM   #6
Brucelee
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Normally when you win a raffle, you have to pay federal and state income taxes on the fair market value of the car. You may have to pay sales tax and DMV fees also depending on the state.

If you itemize your deductions, you can "offset" your gambling losses against the gain but that is peanuts for most folks.
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