Paying taxes on a win

[Lynx1424]

Do the places where you win a prize send you tax forms? Does anybody have any experience with this?
L

[realaud]

I believe that if you win a prize with a value over $600 you have to pay taxes on it. The company should send you a 1099 form. However, if you did not have to list your SS # on your prize affidavit, or did not have to fill out an affidavit, they cannot send you a 1099, so chances are the prize is not taxable. If you don't get a 1099, you don't have to report your win.

[AndersonGal]

You are suppose to claim ALL prizes.
No matter the value.
They may or may not send you any tax forms.
It is up to you to pay taxes on it.
If it is a small win I doubt IRS will hunt you down though.

Sorry guys/gals. That $600 rule is an urban legend.

[cujo0123]

What they don't know won't hurt them!!

If you think about it even if you don't tell them, they double (or more) tax you on so many things that it will more than make up for it.

Grrrrr taxes.