Tax Question

[Scav]

"The fair market value of prizes and awards (other then scholarships) must be included in gross income, therefore, TV giveaway prizes, magazine publishers prizes, door prizes and awards from employers are fully taxable.

It can be excluded from gross income if the prize/award is recieved in recognition of religious/charitable/scientific/educational/artistic/literary, you transfer the prize to a government unit, the recipient was selected without any action on his or her part to enter the contest or proceeding, the recipient is not required to render substantial future services as a condition for recieving the prize or award"

If it is considered a prize, you might be able to argue the bold.

It obviously isn't considered gambling winning, thus they are right about the losses. I just read that ALL those requirements have to met to be considered so the bold is garbage. I'll look into it more