Did you know you have to pay taxes on all winnings?!

Did you know you have to pay taxes on all winnings?!

It’s true…

Winnings are considered “income” and you can get in some serious doo-doo if you try to hide it. Though reputable places will at least remind you of it when they send you a nice tax doc at the end of the year informing you they’re reporting it to the IRS 🙂

And it’s not only applicable to things like winning the lottery or hitting it big on slots either. Free *stuff* and giveaways also count! And can put a damper on your party like my boy Joshua is now finding out:

Hey Jay!

My wife recently had the incredible opportunity to go on a [POPULAR GAME SHOW] and she ended up winning a ton of gifts and a killer trip! We feel sooooo lucky, but…. Of course we found a way to stress about it.

The “fair market value” of what she won is ~$1,500, so we’re going to have to foot a $700 tax bill now.

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