<<ANY ADVICE FROM OUR TAX EXPERTS/FREQUENT WINNERS ON THE SAFEST STEPS TO TAKE
WHEN CLAIMING A VALUE LESS THAN THE 1099?>>
I think Miss Craps covered it well. Print out Internet prices, newspaper ads, etc. for the same cruise to save for verification in case of an audit. When I won a car, I sold it back to the dealer for less than the 1099, and I saved that paperwork. I wasn't audited, however. I have done it also for a cruise, but again I wasn't audited. I'm not sure that listing something like this makes you more liable for a audit - although I think gambling figures in general might do that.
I don't believe this is a gray area - the IRS materials mention fair market value for many things, including non-gambling items - i.e., regular drawings, TV prizes, etc.
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Jean $¢ott - Go to http://www.FrugalGambler.biz
for VP software and strategy cards and for the
Frugal series of books.
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