Discussions

I'm just curious as I may be going down to vegas in the next few months. I know the casinos withhold 30% of your cash winnings, but what about if you win non-monetary prizes? Bally's has a Price is Right game, just like the game show, where you can win cars, trips, and other prizes. If you were to win $10,000 worth of prizes, are you to pay the tax on it on the spot, or do you just claim it on your income tax later? Most people I imagine wouldn't have the money to pay the taxes right away (may even have to sell the prize to pay it!).