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Reply to "Taxes on due on contest winnings"
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[quote=Anonymous]Totally random, but I was contacted today because I won the grand prize for a local drawing. The prize is valued at $20k. I live in Montgomery County MD, but the prize will be issued in Virginia. Roughly what percentage will be due for taxes? If we decide to donate the prize to a local charity what are my tax implications/liabilities? TIA!![/quote]
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