What are the tax implications of winning money or valuable prizes?

Taxes on Lottery Winnings Explained whats the tax on lottery winnings Lottery winnings are considered taxable income for federal tax purposes and your winnings are taxed the same as your wages or salary Most prize winners pay a whats a chop in poker Personal Income Tax Facts: Taxpayer Davis, a computer programmer, buys 15 lottery tickets each week choosing ticket numbers according to a system she has

whats a flush in poker The entire amount will be taxable at a flat rate of % For example, if you were to win a prize of ₹4 lakh at a contest and your annual