Why are trips and prizes won on game show taxed even though they are said to be “free”? 1.77K viewsJanuary 3, 2024 Question90.62K June 4, 2019 0 Comments Why are trips and prizes won on game show taxed even though they are said to be “free”? In: Other 7 Answers ActiveNewestOldest Anonymous Posted June 4, 2019 0 Comments In the US, the fair market value of large acquisitions are considered income. If you win a $100,000 car in a game show, the IRS considers that equivalent to being handed $100,000 in dollars for income tax purposes. You are viewing 1 out of 7 answers, click here to view all answers. Register or Login
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