How do game show winners get paid?And,do their winnings get taxed?Are they like lottery ticket winnings?

Question

If possible,I'd like to get some answers from anyone who's been a game show contestant or winner,or a lottery ticket winner,and maybe any experienced accountants.

Game show hosts NEVER mention how or when winners get paid!

Answer 1

they on get 60%

say f you win 10000 you get 6000 or somewhere around that...

Answer 2

Yes, you do get taxed for the items you win on game shows. That's why many people end up selling them or giving them away.

Answer 3

They normally get paid in a lump sum shortly after the show airs.  The winnings are taxed.

Answer 4

this is a good question i would like to know this one too.

Answer 5

Monetary Prizes and Awards are taxable income to the recipient. Winnings from television or radio shows, door prizes, lotterries and other contest winnings are income to taxpayers, even in casino. An exeption to this is in the form of tangible personal property, such as gold watch, entertainment system, appliances, and more.

Would you believe?...

Television's "Survivor" winner Richard Hatch was sentenced to prison for failing to report $1.4 million dollars of income from "Survivor" and other endorsements.