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honestken
January 31st, 2006, 6:47pm
I won a vacation prize and the value issued on the 1099 was for $10,000.00. I can prove that this is an inflated amount. Does anyone know the procedure about contesting this amount. Or does anyone know where I can obtain information. This could be a problem for a lot of us.

Honestken

Firehawk915
January 31st, 2006, 6:56pm
I won a vacation prize and the value issued on the 1099 was for $10,000.00. I can prove that this is an inflated amount. Does anyone know the procedure about contesting this amount. Or does anyone know where I can obtain information. This could be a problem for a lot of us.

Honestken
I feel that the easiest thing to do is to contact the sponser and let them know that you feel that it is over valued. 90% of the time they will agree and they will send and ammended 1099 to you and the irs and you are good to go. If they won't ammend the ammount no big deal there must be hundreds of posts on this you just need to be able to prove that the value is overstated such as a print ad from a travel agent for a trip. You could probably even go to a travel agency and be slightly dishonest plan the exact same trip on paper and ask for it in writting. Just tell them you are planning your tax return now and your kind of not lying.

wackydackydoo
January 31st, 2006, 7:29pm
Read through this thread. I did a lot of research on this even on the IRS' own website. However, make sure you have an accountant do your tax return to verify and guarantee it.

http://www.online-sweepstakes.com/forums/showthread.php?t=326442&highlight=arv%27s

dawnem
January 31st, 2006, 7:39pm
We printed out the costs for the trip from online sources, ie airline sites, travel sites, making sure that it was for the same days, hotels, etc and included that with our tax forms. My DH talked to someone at the IRS helpline and was told to do it that way. The trip costs that we came up with were almost half of what the trip sponsor valued the trip at. :drip:

RN2327
January 31st, 2006, 7:54pm
great subject, i just received one that is definately over, I live in NJ and it's a trip to Florida valued at 10K, I know the spa is expensive but not that expensive, thanks for the heads up and for starting this thread.

trishden
January 31st, 2006, 8:01pm
Two years ago I won a Toshiba Pocket PC that had an arv. of $699.00. When I got the 1099, I also found 3 different web sites that sold the very same Item in the $300.00 range. My cpa just included the sheet with the lowest price in our tax return with the 1099 and figured the tax using that figure. I never heard anything from the IRS, so I assume it was ok. There may have been a check box indicating that it was amended on the return, that I'm not sure of. Last year I won a trip and it was fairly easy to keep track of the expenses because the plane tickets and hotels had the price already printed on all reciepts that they gave me and the universal vip experience I could get the price off the internet. The only price I wasn't sure of was the limo to and from hotel, airport, but it really didn't matter because they valued it for less then what I calculated. Good Luck, $10,000 is pretty heafty, it must of been a heck of a trip.

grandmap
January 31st, 2006, 8:12pm
I submitted a revised trip expense on last years tax statement. The IRS accepted my adjusted dollar amount. Went online and printed out a copy of all ammenities included with the trip. They are always overpriced. Hope it works for you. I won a trip (the Kraft South Beach) and the 1099 will come the end of the year and go on next years taxes. I plan to submit an adjusted amount again. Good luck.

wackydackydoo
January 31st, 2006, 8:42pm
I won the South Beach one too. Our trip cost $1,600 and change, not the $3,000 ARV.

suelee000
January 31st, 2006, 8:42pm
TurboTax has you put in the 1099, but later it asks if you want to adjust them to the "Fair Market Value".

RainGypsy
February 1st, 2006, 9:47am
Last year I received an inflated 1099 for a trip win. I called the sponsor and they sent me a modified one for a lesser amount.

Good luck!

germanyj
February 1st, 2006, 2:44pm
I've never had any problem with the IRS when it comes to disputing prize values. I've been doing it for 5 years now and all have been accepted. I just do as stated above, print airline costs for the same day I flew, hotel receipts, everything I can get my hands on. I've always given it to my accountant and he just puts in our adjusted value and attaches documentation. Last year I used Turbo Tax and as stated above, there is a place on there that asks if you would like to adjust to fair market value.