If you take $17,000 cash, you should get a 1099 for $17,000. That's the way
it worked when I won a car in a drawing, and took 80% of the car's "value" in
cash. I got a 1099 for the amount of cash I received, which seems logical.
Oh yeah, attaboy!
Brian
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In a message dated 9/14/2006 4:13:39 PM Pacific Standard Time,
tomskilv@yahoo.com writes:
I won a car this week in a casino drawing. It is the base model
Chrylser 300. 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.
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