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taxes on a major prize giveaway

Sent to Tax Experts October 18 2006 at 9:57 AM
   

We recently gave away a Harley Davidson motorcycle valued at $10,000. We agreed to pay only purchase price and $500 toward delivery. What taxes will the winner be responsible for and how will that work? The winner is from Philadelphia, PA and the motorcycle will be purchased in Carroll, IA and shipped to him. HELP!

Customer (name blocked for privacy)
Status:  Closed   Value: $9
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October 18 2006 at 11:43 AM (1 hour and 45 minutes and 18 seconds later)
         
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