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brynnet
January 17th, 2008, 1:50am
OK, I've read posts about keeping receipts for tax time. I am going on a trip win at the end of the month. Part of the prize was 8 rounds of golf. Unfortunately our golfer friends have backed out on us. My contact has been very nice in letting me have some other things in place of the golf. I really don't think we will be able to "spend" all the extra.

Do I keep receipts for every meal?-the prize included all breakfasts, but now I can do lunches and dinners if I want.
They are putting us up in VIP lodging which may actually end up making the ARV more than listed. She upgraded me on the lodging from the beginning. I'm ok with this.

I guess my ? is-do I ask for receipts for EVERYTHING? Lodging, activites, spa, all meals? Or do they give them to you for example at each meal, when we get the bikes, go to the spa? :dontknow:

Now I'm all worried about screwing up our taxes.:sob:

Don't get me wrong, I am COUNTING down the days until we are there.

Any help is apprieciated...

gabyzee
January 17th, 2008, 7:50am
Chances are, if this is being billed to the sponsor, you won't be getting ANY receipts.

I assume all your extras/meals/etc. would be charged to your room. I would suggest that when you check in, explain the situation and ask that when you check out (even though you're not paying for it) if you could get a copy of the charges.

Have a great time!

brynnet
January 17th, 2008, 11:39am
Thanks!:smile8:

lakegirl25
January 17th, 2008, 11:58am
I am waiting to see what forms the sponsor submits for us, and then compare them to my totals. I think chances are, the sponsor will submit less than what I have records for. I think they are fair when they so this.

gabyzee
January 17th, 2008, 12:01pm
You might also want to do a little research BEFORE you go (just in case you are unable to get anything from the resort). For example, check what airfares would be on Expedia and print that out, go to the resort website and check room rates, download copies of their menus and activities charges, etc., etc. Just in case....

stan1162
January 17th, 2008, 12:45pm
Here is where you might have a problem.

In order not to be taxed on the rounds of golf, you would have to have the sponsor take them off the 1099. Are they going to do this?

For example, your trip's ARV is 4000. Broken down this way...

Airfare 1500
Hotel 1500
Golf 1000

In order to take FMV, you will have to print out FMV for Airfare, Hotel, but they WILL assume you did golf, cause if you did'nt, how can you prove a negative??? Unless they are vouchers, that are NOT given to you, and are removed fromt he ARV.

As an avid golfer, I enter trips WITH golf included, knowing I will pay taxes on the golf part.

Can you imagine winning a golf trip to Pebble Beach, with golf included at 475.00 PER ROUND per PERSON, and telling the IRS, yes you won the trip, but no you did not golf!! Sure, they are going to believe that. They need proof. The real only way of proof is an adjusted 1099 with the golf removed.

Just a heads up...

brynnet
January 17th, 2008, 4:32pm
Again, thanks for the info. I'll see how they do things and will ask for a copy of the bill IF they do one since we are making changes in the prize.