Do you have to pay taxes on game show winnings?

Answer by  DiegosMom (66)

Any winnings are considered income and are required by law to be reported on your income tax and therefore subject to tax. Even if you win items on this game show you are required to pay taxes on these items. Be prepared to pay taxes based on the market rate.

Answer by  turkishtowel (455)

Yes, you will have to pay taxes on game show winnings. This is considered income. If you win merchandise, you will owe income taxes on the retail price of any goods. This could require you to sell some of the merchandise you win in order to be able to pay your taxes.

Answer by  DVST8 (22)

There is no way to avoid paying taxes on game show winnings. It will more then likely be taxed as a regular income but just filled out on a different form. You will still come out ahead by winning just keep in mind that you will be paying more taxes.

Answer by  tamarawilhite (17883)

Yes. If you win a prize, you will at least owe federal income tax on it. You may also owe state income tax on it. You will also owe FICA and Social Security for those winnings.

Answer by  xstart (174)

Yes. Since you are receiving money it is considered income and this particular form of income is considered taxable earnings by the IRS.