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Are sweepstakes taxable? Yes, winnings from sweepstakes are considered taxable income by the IRS. This means that if you win a cash prize or valuable items, you must report the value on your tax return. Are sweepstakes taxable also depends on the amount won; larger prizes may require the payer to withhold taxes before you receive your winnings. It's essential to keep accurate records of your winnings and consult a tax professional to ensure compliance with tax regulations.
Terms & Conditions Megabonaza: Not available in AL, GA, ID, KY, MT, NV, LA, MI, WA, DE, NJ, CT, OH, PA. Void where prohibited by law. Must be 18 or older. Additional terms and conditions apply.