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I want to give someone the winner of a contest a monetary award on my website.Would they or I have to pay tax? |
I want to give someone the winner of a contest a monetary award on my website. Would they or I have to pay taxes? they have to pay the tax. it's counted as income YES. They would have to pay tax on the money they won - and you would have to supply the requisite tax forms to them (earnings statement, etc). ALSO, you would have to pay taxes on any money you earned, such as the sale of lottery tickets. They would have to pay Tax as they get the money. |
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