Whether you win vacation prizes, cash, or any other type of sweepstakes prize, US residents are responsible for declaring your prizes on your taxes as miscellaneous income.
You'll be taxed on the value of your sweepstakes prize as if you had earned it by working. Therefore, it's important to be sure that you're stating the correct fair market value on your taxes.
In addition, when you win a vacation prize, you may be responsible for other taxes as well. Some sweepstakes don't cover the taxes on the individual portions of your prize. These additional vacation sweepstakes taxes may include: 
•Port taxes on cruises. 
•Room taxes for hotel stays. 
•Airport taxes, like the 9/11 security tax, fuel taxes, etc. for flights.