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I was curious on whether people who win prices on game shows like the Price is Right must pay any kind of taxes on them? Oh yeah. In addition, if they're not California residents and win over $1,000 they also pay California tax in addition to Federal and home-state tax.Phil
P.S. The taxable income is the fair market value of the prize.Phil
Just because they won a prize does not mean that they have to accept the prize. Many non-cash prizes are not claimed because the taxes would be higher than the value the receipt placed on the item. Debra
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