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What would the Federal Taxes be on a $ 200,000 home, won with a $ 10.00 raffle ticket, if all the material and labor on the house was contributed freely, at no cost ???
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No. of Recommendations: 1
What would the Federal Taxes be on a $ 200,000 home, won with a $ 10.00 raffle ticket, if all the material and labor on the house was contributed freely, at no cost ???

Your income would be $199,990. How much tax this ended up costing you would depend on what else is on your return. It will be less than $199,990, so you'll be ahead. If this isn't a hypothetical question, congratulations.

Phil Marti
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