Tax on Winning Game Shows & Lotteries

When you win a trip, you are taxed on its fair market value Depending on the sort of holidays you take, the taxes might be as much as you'd normally spend on

So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize RELATED: How one lottery-winning

how to play in casino slot machine State lottery winnings are reportable to the IRS where the State agency conducting the lottery requires a winner to complete federal Form W-2G, Certain Gambling

how to cheat in poker That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash