Of course. All the prize money you see on Jeopardy, Wheel, Family Feud, etc. is all taxed.
If someone wins a car or vacation worth $20K, they will be expected to pay income tax on that value.
When Oprah gave away all those expensive cars years ago, she saddled many in that audience with a significant tax bill. A lot of them probably had to sell the car, just to pay the taxes, and then just have the remaining cash in hand after that.
The winnings are taxed?
Of course. All the prize money you see on Jeopardy, Wheel, Family Feud, etc. is all taxed.
If someone wins a car or vacation worth $20K, they will be expected to pay income tax on that value.
When Oprah gave away all those expensive cars years ago, she saddled many in that audience with a significant tax bill. A lot of them probably had to sell the car, just to pay the taxes, and then just have the remaining cash in hand after that.
It’s not really an “of course”
Some countries don’t tax lottery winnings, Canada for example. Though for Canada game shows are a bit more nebulous.
Don’t you know that the US is the standard by now?
Yeah, it’s income