How Much Tax Do I Pay If I Win Gifts From Sweepstakes?
If the gift you win from the sweepstakes is over the exemption amount specified in the laws, you will pay tax. The exception limit is 5,760 TL for 2019. If the market value of the gift you have won is above this amount, you will pay tax at the rate of %20. This rate is fixed. The tax calculation is calculated by subtracting the exception limit amount from the invoice value of the gift you have won.
How Much Tax Will I Pay If The Car Is Released?
In the event that a car comes out of the lottery, in order to be able to drive or sell the vehicle, you must acquire the license, pay the motor vehicle tax and have traffic insurance. VAT and SCT in all gifts given by companies are covered by the company. Let's say you have a car worth 150 thousand liras. This value is above the exemption limit and creates a tax liability. If 5.760 TL, which is the exemption amount for 2019, is subtracted from the value of the vehicle, 144 thousand 240 TL remains. 28 thousand 848 liras, which is %20 of this, is the inheritance and gift tax that you have to pay. Apart from this, all fees such as the license process of the car, motor vehicle tax, insurance, license plate fee belong to you.
How Much Tax Do I Pay If I Win a House?
If you win a house, the calculation is still the same. But besides the inheritance tax, you also pay property tax. Firms inform in advance the market values of the gifts they will give in the lottery.
How Much Tax Do I Pay If I Win a Mobile Phone?
If the value of the phone you won exceeds 5 thousand 760 liras, which is the 2019 exemption limit, a tax liability occurs. For example, if you win a mobile phone with a bill of 10,000 TL from a lottery, you subtract 5,760 TL from the value of the device and pay 20 percent of the remaining amount as tax.
Defined in Law No. 5602 While the tax rate is applied as % 10 in the games of chance and in the contests and sweepstakes organized by real or legal persons, it is applied as %20 as of 1.1.2018 with the regulation made in Article 16 of the Inheritance Tax Law. If the bonus is given in kind, the invoice amount is taken as the basis.