Gambling Winnings & Losses
Is The T.V. I Won In A Little League Raffle Taxable?
Yes. Raffle, lottery and sweepstakes winnings are taxable as any other income on your tax return. Generally the amount reported will represent the prize's fair market value. The costs of the raffle, lottery or sweepstake tickets (to the extent of the winnings)are deductible as a Miscellaneous itemized deduction not subject to the 2 % limitation.
Note If you need professional help with "Gambling Winnings & Losses" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.