I won a luxury vehicle from my employer. It was a sales contest that ended in a random drawing. Are there any taxes owed by me or my employer?

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I won a luxury vehicle from my employer. It was a sales contest that ended in a random drawing. Are there any taxes owed by me or my employer?

Congratulations! But yes, you are subject to tax. The value of the car is treated as compensation and is reportable. Free Tax Debt Analysis!
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