Continued...
So how many folks wanted to win a cruise anyway? I didn't have any desire to
go cruising...saddled with a 1099.
Question: What happens if you don't do the cruise? Do you still get to
declare it as income?<BR><BR><BR>**************************************<BR> See what's free at
http://www.aol.com.</HTML>
[Non-text portions of this message have been removed]
--- In vpFREE@yahoogroups.com, GRAYTLEEGRAY@... asks two questions:
So how many folks wanted to win a cruise anyway? >
Question: What happens if you don't do the cruise? Do you still get
to declare it as income
A - I love cruising and may use 500,000 RC points for the cruise
offered for them, but the cruise in the contest was not appealing
ans "not upgradeable" ..
B - yes, you pay on the 1099 whether you use it or not ..
We didn't want to win the cruises, we wanted to win
the cash! I won a 4 night cruise with air for two in
the earlier in May Laughlin Sunday night drawings. No
mention of a 1099. Would they have declared that a
1099 will be issued? or should I call my host and ask?
REB
Continued...
So how many folks wanted to win a cruise anyway? I
didn't have any desire to
go cruising...saddled with a 1099.Question: What happens if you don't do the cruise?
Do you still get to
declare it as
income?<BR><BR><BR>**************************************<BR>
--- GRAYTLEEGRAY@aol.com wrote:
See what's free at
http://www.aol.com.</HTML>[Non-text portions of this message have been
removed]
I won a cruise a couple of years ago (See's Candies sweepstakes). I mailed
in ONE entry form and ended up getting the second place prize: a Caribbean
cruise for two including airfare to Ft. Lauderdale. I had never had any
desire to set sail on a cruise, but I went anyway.
It was such a fabulous vacation, I am planning on taking many more cruises
in the future! So...even if someone didn't want to win a cruise, it may
turn out to be a great thing! It did for me.
BTW, I found that the cost of the prize (airfare, transportation, cruise,
etc.) was greatly overstated on the 1099 that I recieved from See's. I
printed documentation of the lower rates (available on the Internet at the
time) for my files and entered an 'adjusted' figure on my tax return for
that year. You do not have to pay taxes on the full amount of the 1099, if
you can validate the actual (real) value of the prize.
On 6/15/07, GRAYTLEEGRAY@aol.com <GRAYTLEEGRAY@aol.com> wrote:
Continued...
So how many folks wanted to win a cruise anyway? I didn't have any desire
to
go cruising...saddled with a 1099.Question: What happens if you don't do the cruise? Do you still get to
declare it as income?
[Non-text portions of this message have been removed]
<<yes, you pay on the 1099 whether you use it or
not >>
About cruises you win. You CAN turn them down and NOT get a 1099. However, you need to double-check with the casino (or whoever) is giving the cruise to be sure they don't automatically issue a 1099 (sometimes they already have the forms made out in advance). You need to catch this BEFORE they send a copy to the IRS - or you'll have a difficult time taking care of this with the IRS, convincing them that you refused the prize.
<<I found that the cost of the prize (airfare, transportation, cruise,
etc.) was greatly overstated on the 1099 that I recieved from See's. I
printed documentation of the lower rates (available on the Internet at the
time) for my files and entered an 'adjusted' figure on my tax return for
that year. You do not have to pay taxes on the full amount of the 1099, if
you can validate the actual (real) value of the prize.>>
This is exactly what you can do. Good information.
________________________________________
Jean $�ott
The new " FRUGAL VIDEO POKER
SCOUTING GUIDE" and other frugal
products are available at my Web site,
http://queenofcomps.com/.