That can't be right - can it? Win 17K, get 1099'ed for 21K?
- Brian in MI
In a message dated 9/14/2006 7:14:26 PM Eastern Standard Time,
tomskilv@yahoo.com writes:
The casino says they will give me $17,000 cash or the
car. The car cost the casino $21,583. So if I take the car, I will get
a 1099 misc for $21583.
[Non-text portions of this message have been removed]
If I take the car, I get a 1099 for 21,583, if I take the cash, I
get one for 17,000.
Thanks for all the replies. I will post more in a few days. TomSki
That can't be right - can it? Win 17K, get 1099'ed for 21K?
- Brian in MI
In a message dated 9/14/2006 7:14:26 PM Eastern Standard Time,
tomskilv@... writes:> The casino says they will give me $17,000 cash or the
> car. The car cost the casino $21,583. So if I take the car, I
will get
--- In vpFREE@yahoogroups.com, Marksalot300@... wrote:
> a 1099 misc for $21583.
[Non-text portions of this message have been removed]
Getting a 1099 for $21,583 doesn't mean you have to accept that
amount as the amount of the prize on your tax return. Game shows
regularly inflate the value of their prizes. A winner is only
obligated to report the fair market value, as I understand it.
From the other info in your original post, it sounds like $21K may
not be inflated. However, I would think if you accept the car and
make a good faith effort to sell the car immediately for the highest
price you could get, then that price would be the relevant amount tax-
wise.
Congrats on the win!
--Dunbar (not a CPA!)
--- In vpFREE@yahoogroups.com, "TomSkiLV" <tomskilv@...> wrote:
If I take the car, I get a 1099 for 21,583, if I take the cash, I
get one for 17,000.
Thanks for all the replies. I will post more in a few days. TomSki--- In vpFREE@yahoogroups.com, Marksalot300@ wrote:
>
> That can't be right - can it? Win 17K, get 1099'ed for 21K?
>
> - Brian in MI
>
>
> In a message dated 9/14/2006 7:14:26 PM Eastern Standard Time,
> tomskilv@ writes:
>
> > The casino says they will give me $17,000 cash or the
> > car. The car cost the casino $21,583. So if I take the car, I
will get
> > a 1099 misc for $21583.
>
>
>
> [Non-text portions of this message have been removed]
>