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*Harriett*
January 2nd, 2007, 9:58am
Which prizes will you claim on your taxes? I know that technically you are suppose to claim all prizes. But which ones are you claiming?

Diggn4Gold
January 2nd, 2007, 10:01am
Nothing to claim this year.... :frown3:

Wait!! There is the ringtone I won from Jimmy Dean but never rec'd...LOL!

Susan
January 2nd, 2007, 10:13am
Harriett, my dear, it's awfully early in the morning to be opening this can of worms, isn't it?! :laugh:

*Harriett*
January 2nd, 2007, 10:41am
Harriett, my dear, it's awfully early in the morning to be opening this can of worms, isn't it?! :laugh:

Of course not. The early bird always gets the worms! So if i want the worms i guess i have to open the can before anyone else does. Note to everyone else: stay away from my worms!

briandnewman
January 2nd, 2007, 11:23am
how bout what ever I get a 1099 for.

Babygirl2
January 2nd, 2007, 11:32am
how bout what ever I get a 1099 for.

That is my plans as well.

lassie
January 2nd, 2007, 11:40am
I wasn't aware that you had to claim every prize, I thought it was just the big prizes! :frown3:

Vicky
January 2nd, 2007, 11:41am
I won a prize and this is the first time I had to file taxes. My ex did it for me twice before. My prize is well over $600. I'm on disability though. I sent off for the tax form. But they will dock it from my benefits and essentially I will be paying for the prize and the taxes. :( But it is something I wanted. Do you have to pay the taxes all at once?

Babygirl2
January 2nd, 2007, 11:45am
I owe some taxes to the IRS from a few years back. I set up a monthly payment with them. I will be 40 by the time it's paid off. lol

I know they also have some kind of hardship plan where the money owed does not acrue interest charges and such. A friend of mine set hers up like that when she lost her business b/c of an illness. She paid like $25 a month and they took any money owed to her each year.

dovie
January 2nd, 2007, 11:48am
While I didn't vote for the .99 ringtones as I don't use a cell phone I do claim wins on taxes as dh keeps track of everything and has done taxes for a living in the past and we have a guy now who does all the work. ;) My ex lets us claim the girls and since we don't count them against dh's income and we own property and have very large medical bills we get a huge return. I know this isn't the most popular answer but the wins I recieve in hand do go down as additional income (I think that's where they said they go anyways.) I know too many people who got bit in the butt bigtime trying to outsmart the IRS and I don't want to join that club. I don't think things like candy bars, etc... would be counted against you though and it is a personal decision, like if you found $$$ would you turn it in. Here's wishing you all many wins to claim in 2007. :fairy4: :gvibes: :fairy2: :magic: :fairy3:

junebugged
January 2nd, 2007, 11:49am
I dunno 'bout everyone else but If I win $499.50 on a scratch off STATE lottery ticket I get to just go to the store and get my CASH no questions asked.

Anything over $500 I would have to give my info...so anything $600 and over I will claim below that...what prizes? :cool2:

Canuckgirl
January 2nd, 2007, 11:50am
None!!! But of course, I am Canadian and that is the one area we Canucks have an advantage over Americans who have a vast amount more contests they can enter, but then have to pay tax on it.

carscheles
January 2nd, 2007, 11:52am
I'm sure everyone here is paying taxes on all of their wins.

But hypothetically (sp) if they weren't, would they want to go on record saying that they're not paying taxes on everything?

Nuff said. :)

*Harriett*
January 2nd, 2007, 11:55am
I'm sure everyone here is paying taxes on all of their wins.

But hypothetically (sp) if they weren't, would they want to go on record saying that they're not paying taxes on everything?

Nuff said. :)

That is what the poll is for. I don't expect everyone too put out all of their business. The poll in anonymous. I aminly wanted hear what others thought.

carscheles
January 2nd, 2007, 12:02pm
That is what the poll is for. I don't expect everyone too put out all of their business. The poll in anonymous. I aminly wanted hear what others thought.
I'm not knocking your poll. It's a very good question. I'm just reminding people that the note section is not so private - if you get my drift.

OKgirl
January 2nd, 2007, 3:40pm
how bout what ever I get a 1099 for.

Same here.

melanie188
January 2nd, 2007, 3:47pm
how bout what ever I get a 1099 for.

My plan, too.

epiphany327
January 2nd, 2007, 3:59pm
I guess I could claim the Crunch Bar :frown3:

tofu
January 2nd, 2007, 5:02pm
I guess I could claim the Crunch Bar :frown3:

Every time I go to use a free crunch bar coupon, the darned things are on sale for a quarter...doesn't really "ding" my taxes much at that price! :laugh:

susan1215
January 2nd, 2007, 8:40pm
Whatever I received a 1099 form. That's what the IRS will see, I don't need send then a list of all of my prizes to pay taxes on those. I pay enough taxes as it is.

bigskwinner
January 2nd, 2007, 8:50pm
luckily , in canada, we dont have to do that, or i'd not be in this 'hobby'

susan1215
January 2nd, 2007, 9:06pm
luckily , in canada, we dont have to do that, or i'd not be in this 'hobby'

I live in the United States and I'm in the hobby but because we need to pay taxes on items over $600 I do look at the value of prizes before I enter a sweep knowing if I win I will be paying taxes on it. It's a matter of being selective. I'm paying taxes on 3 prizes this year that are worth over $600 but they are prizes I wanted and I could not have afforded to buy if I hadn't had won them so it works out in the end.

brushes
January 2nd, 2007, 9:32pm
Well now let's see.
2 crunch bars
1/2 gallon of juice
1 99 cent ringtone I never used
4 downloads for music
1 watch valued at $139 but really worth $10.00
Wow add it all up and I probably owe abot 2 bucks. I wouldn't want the goverment to collapse over my $2.00. :)

inspiringmind
January 2nd, 2007, 9:45pm
Whatever I received a 1099 form. That's what the IRS will see, I don't need send then a list of all of my prizes to pay taxes on those. I pay enough taxes as it is.


Same thing for me....1099 only. Hey, when do we get our 1099's.....the next few weeks? I mean, if I don't get any then great.

Then I started thinking. If sweeps are considered income then couldn't I then get the child tax back? Cause I would have income then? If so, I need to get my wins together cause I sure as heck fire would be filing!!

Miki
January 3rd, 2007, 2:46am
I will be claiming my trip win, well the cash option anyways which was $1,000.

wackydackydoo
January 3rd, 2007, 12:01pm
I won a prize and this is the first time I had to file taxes. My ex did it for me twice before. My prize is well over $600. I'm on disability though. I sent off for the tax form. But they will dock it from my benefits and essentially I will be paying for the prize and the taxes. :( But it is something I wanted. Do you have to pay the taxes all at once?

I'm on disability also. Unless your benefits added on to your prizes add up to $25,000+, you don't file a tax return. We're not required to file an tax return unless we have $25,000+ of income.