Does the IRS tax merchandise prize winnings as if it is cash

• June 19th, 2019
• David Greene
• Comments Off on Does the IRS tax merchandise prize winnings as if it is cash

Pursuant to the tax laws, prizes that you win are considered income, whether cash, merchandise or services (e.g. travel) and are taxable as such.  Any income from any source is taxable and the tax laws give “income” a very broad…