1099-Misc - Gift

[weblover78]

Hi,
I won an award / gift in a competition. It is a car and the company organizing has sent me 1099 Misc putting about 20000 as cost of car in Box 3 of 1099-Misc.
My question is - what is my liability from tax point of view. Will that be considered as my regular income when I file my taxes.

Thanks,

[Simplyme]

irs.gov says the following about gift taxes under the who is responsible for paying taxes on the gift..

Who pays the gift tax?
The donor is generally responsible for paying the gift tax. Under special arrangements the done may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.