Anyone ever sell something you won?

[gnorthern]

But if you give it away to a charity now it's a 100 percent write off.:roflblack:

I wouldn't do that just yet. I can't deduct charitable contributions anymore due to the increase in the standard deduction. You could get stuck with the tax bill but not have the trailer or the cash from selling it.

 

[gnorthern]

Whether you sell it or keep it, it's taxable income. You'll probably get a W-2G for it. See https://www.bnncpa.com/industries/tax_exempt_organizations/blog/raffles_by_tax_exempt_organizations
I mention this because the tax liability might be a few hundred dollars on a $3000 prize, and if you keep the trailer, you'll be forking out that money out of your own pocket. Of course, it's still a really nice prize and if you want the trailer, forking out a couple of hundred bucks to keep it wouldn't be too bad.

Sorry I missed this.

 

[trikermutha]

I see he has it posted for sale..Anyone looking for a trailer at a great price should jump on it..