The receipt of prizes and awards is generally taxable.

Name: The receipt of prizes and awards is generally taxable.
Brand: Quizplus
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Quizplus · Accepted Answer

The receipt of prizes and awards are generally considered taxable income by the IRS. There are some exceptions such as certain scholarships and awards given for scientific, literary, or charitable achievements. However, most prizes and awards need to be reported on your tax return as income.

The Receipt of Prizes and Awards Is Generally Taxable