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.

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