![]() Of course, tax laws are subject to change, so it’s always a good idea to consult with a tax professional before claiming your prize. Similarly, prizes worth more than $500 are taxable income in Canada. If you live in a state that imposes income taxes, you may also be required to pay state taxes on your winnings. The US and Canada are slightly different.įor example, prizes valued at $600 or more are subject to federal taxes in the United States. ![]() ![]() The answer depends on the vehicle’s value and your country. You may be surprised at the bill you’re about to receive. Before driving off the lot, take a look at the fine print. If you’re fortunate enough to win a car, you may wonder if you’ll have to pay taxes on your prize. What are the taxes on gambling winnings?.What are the taxes on lottery winnings?.What happens when you win a car in a game show?.How much money do you have to win for it to be taxed?.Winning a Car in a Different State than Your Residence.
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