Q: Would I have to pay taxes on a prize I won from a non-profit fundraising drive?
A local hospital foundation is giving away a prize valued at $3,000 to one person. Donors and fundraisers are both eligible to win. If I win it, would it count as income and be taxed?
A:
Generally, prizes are taxable, and I am not aware of an exception if the prize was given by a non-profit organization. Of course, your paid lawyer may research the law and find an exception for you. Zaher Fallahi, Esq, CPA (CA &D.C.).
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