Do you have to pay taxes on sweepstakes winnings? Yes, you do need to report and pay taxes on any sweepstakes winnings you receive. The Internal Revenue Service considers these winnings as taxable income, just like any other form of gambling or lottery winnings. When you win a sweepstakes, the organization that runs it is required to issue a Form 1099 if your winnings exceed a certain amount. It is essential to keep records of your winnings and any related expenses, as this can help you accurately report your income and potentially reduce your tax liability when filing your tax return.
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