Generally yes. Prizes or awards are taxable and you would be taxed at the fair market value of the leather coat that you won.
Interested in more Gambling Winnings & Losses Questions?
- Will my Gambling winnings of $700 be reported to the IRS ?
- Will the $1,000 I won at Keno be reported to the IRS ?
- Is the $1,000 I won on the slot machines in Las Vegas reportable to the IRS ?
- Is the $1,000 I won at Bingo reportable to the IRS ?
- Are my gambling winnings from the lottery subject to backup withholding ?