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    mplink's Avatar
    mplink Posts: 11, Reputation: 1
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    #1

    Jun 25, 2008, 05:07 PM
    Taxes on game show earnings
    How does it work when you win cars money etc. on game shows
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jun 25, 2008, 05:15 PM
    you have all the federal and state taxes that are due on them, their value is shown as a 1099 income. Won a computer some years back, that free computer cost me a lot in the long run.
    mplink's Avatar
    mplink Posts: 11, Reputation: 1
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    #3

    Jun 25, 2008, 06:01 PM
    Quote Originally Posted by Fr_Chuck
    you have all the federal and state taxes that are due on them, their value is shown as a 1099 income. Won a computer some years back, that free computer cost me alot in the long run.
    Thanks chuck
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #4

    Jun 25, 2008, 11:17 PM
    Income from winnings is taxable. Besides, you will also be paying other taxes (includes sales tax) and shipping charges.
    So if you don't really need the item, you don't want to get the junk at a discounted rate.
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