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View Full Version : $60,000 1099 Miscellaneous - Advice needed!


sarahbethe
January 31st, 2008, 8:21pm
Hi everyone,
I posted last October how I had won a boat worth over $60k in a sweepstakes. Well, I still haven't received the boat...so imagine my surprise today when I got my 1099 miscellaneous for a prize I haven't yet received.

For those very familiar with the tax laws, wouldn't I be obligated to pay the taxes in the year in which the prize is actually received? Why would I owe taxes for something that I never got?

I'm a bit perturbed... Called the sponsor - haven't gotten a response yet...:frown4:

Full Monte Carlo
January 31st, 2008, 8:28pm
How come you haven't recieved it yet?

baroness-1
January 31st, 2008, 8:29pm
I also received a 1099 for a trip win which I haven't taken yet.

vtvixen469
January 31st, 2008, 8:32pm
The only person who can best answer your question is a tax attorney in your state. My personal thought is you only pay the tax in the year you have recieved the item, but I am NOT a professional, and I only play one in the bedroom. :smile9:

chrismyk
January 31st, 2008, 8:33pm
I won a car that I didn't receive until January 3rd but the check to the car dealership that actually gave me the car was dated in 2007, so I have to claim it on 2007.

sarahbethe
January 31st, 2008, 8:33pm
I'm not sure why it's taken this long. I actually just got contacted by a dealer last week. And now the boat is on order and should be here by May.

Kohinoor
January 31st, 2008, 8:34pm
WOW I wish I had this problem! Congrats on an outstanding win!

How long ago did you win the boat and what agency is taking care of the paper work?

aaskur999
January 31st, 2008, 8:36pm
with a car or boat where there is a title involved I am sure you can dipute that. I personnally wouldnt claim it yet. I think there is a 800# or link on irs.gov site for this type of thing..... If you havent signed for the title thats your proof to the IRS and showing when you became owner of the prize.

As for the trip win that would be tougher but I still wouldnt claim it. I would request from the sponsor a corrected 1099 since you have not actual "received" your prize yet.

yadgirl
January 31st, 2008, 8:44pm
You need to contact the sponsor or judging agency and tell them to send the 1099 after you have received your prize. You're not responsible for taxes on something you don't yet own or for any trip you haven't taken, but it's best to let the sponsor know they've made that mistake.