<prompt> Human: Hi PF,Long time reader, you guys have helped me and my wife immensely in planning and saving. Yesterday, we were on Lets Make a Deal clip here: and we won a new car! oops, spoiler alertWe dont really need a new car and are contemplating selling it to put money towards a home down payment. From what I can tell of my cursory research, I will be hit with a prize tax as well as including the value as taxable income. Will this be done when I submit my 2016 tax return? What can I do to appease the IRS without getting completely hammered by Uncle Sam? Just a couple of notes: The prize fulfillment dept has 90 days to arrange delivery of the car. The car may not be exchanged for cash value, however, I may try to negotiate with the dealership on this. It was a surreal and fun experience, Ill never complain about paying taxes on the win. Wayne Brady smells like vanilla and leatherThanks to anyone with advice on how to best proceed!Assistant: You should meet with a CPA to assess your specific tax circumstance.Non professional opinion: it sounds like you wont owe tax until you take physical delivery of the vehicle. So if that doesnt happen until 2017 then you dont have to pay the tax until whenever you file your tax return for 2017. In that case you have a long time to pay the tax. You could sell it to a dealership when you get it maybe pre plan and have it delivered there so they know its in pristine condition. Get a good price for it. Start putting money aside monthly to pay taxes by April 15, 2018.Human: I think youre right. Sales tax will be paid in order to take delivery, then well use the 10-99 to pay the rest. Ive got the now to pay all of the taxes and fees and Id prefer to do it upfront instead of delaying the bill. Regardless, a CPA consultation might be the best plan.  <response>: Im no expert - But you could put the tax money into a CD the yields are pretty low, like 1.25 and then just pay your tax bill normally in 2018. Maybe not worth the headache for 30... 