2007-04-12 17:38:10 · 7 answers · asked by Nick Y 2 in Business & Finance ➔ Taxes ➔ United States
I dont think the irs is worried about $2.00
2007-04-12 17:46:39 · answer #1 · answered by skcs11 7 · 0⤊ 0⤋
If you win money on a game show, you have to report the winnings as income. This even includes non-cash gifts like cars. Richard Hatch, the winner of the first season of Survivor, did not report his $1 million winning, and is now in jail somewhere.
2007-04-13 00:43:23 · answer #2 · answered by regnery 2 · 0⤊ 0⤋
Sure you did.
Winnings would be taxable, and would be reported as taxable income. But the current taxes being filed are for 2006 - prizes won in 2007 would be included on the return filed in early 2008 (for 2007)
2007-04-13 11:03:32 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Absolutely, or else you will end up in prison like Richard Hatch did on Survivor. I believe he is doing 54 months in the Federal Pen.
2007-04-13 01:48:32 · answer #4 · answered by Deana 4 · 0⤊ 0⤋
what did you win on American Idol?
2007-04-13 00:43:12 · answer #5 · answered by rebelady28379 7 · 1⤊ 0⤋
I think you'd better. I'm sorry, when did you win?
2007-04-13 01:06:48 · answer #6 · answered by msshaden 2 · 0⤊ 0⤋
Yes, you bet.
2007-04-13 00:41:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋