PDA

View Full Version : ePrize and adjusted 1099


caseycupcake
February 2nd, 2008, 5:06pm
Anyone ever have any luck getting a 1099 adjusted from ePrize?

I just got my 1099 for the TV I won in the Gillette Armed to Charm sweepstakes. I never had a contact person's name. I know exactly how much the TV cost because they bought it through Amazon and I have the packing slip. When the TV arrived, I quickly researched the vendor and found out that ePrize got that TV for $1050 cheaper than the ARV! Nice to know they shop around for a bargain :laugh:

I sent ePrize a polite but concise email. Any chance of them correcting the 1099?

elainmir
February 2nd, 2008, 5:10pm
I'd claim the value they paid for it ..........include the packing slip as proof. or rather a copy of the packing slip.

Skipper
February 2nd, 2008, 5:10pm
Unlikely you'll get them to reissue the 1099, but you might make the adjustment on your tax return with an explanation added. Consult a tax guy and keep the evidence of the real value.

NetworkSweeper
February 2nd, 2008, 5:11pm
Anyone ever have any luck getting a 1099 adjusted from ePrize?

I just got my 1099 for the TV I won in the Gillette Armed to Charm sweepstakes. I never had a contact person's name. I know exactly how much the TV cost because they bought it through Amazon and I have the packing slip. When the TV arrived, I quickly researched the vendor and found out that ePrize got that TV for $1050 cheaper than the ARV! Nice to know they shop around for a bargain :laugh:

I sent ePrize a polite but concise email. Any chance of them correcting the 1099?

IMHO - There is no need, just follow the direction from the IRS and claim the FMV for the prize.

InkyPrincess
February 2nd, 2008, 5:13pm
This might help you. Posted it the other day...

http://forums.online-sweepstakes.com/showpost.php?p=7014259&postcount=9

jas11563
February 2nd, 2008, 5:41pm
The ARV on the 1099 is exactly that - the Average Retail Value.

If you want to take that as a set in stone figure, fine.
But if you can prove that you could have purchased that item cheaper
then that lower figure can be claimed on your taxes, it is the FMV - Fair Market Value.

You absolutely can prove that the TV was purchased for less, you have a receipt,
you might even be able to find that it was even cheaper at a store on sale near
the time the TV was delivered to you.
Print out the ad with the sale price, keep a flyer, have some physical proof that
the item could be purchased at the lower price and you have every right to use
that as your FMV. However you do not have the right to make up a ridiculously
low figure and use that when doing your taxes. It has to be a real and proveable
dollar figure for a FMV, not make-believe.

Congrats on your win.

tullfan
February 2nd, 2008, 6:11pm
This might help you. Posted it the other day...

http://forums.online-sweepstakes.com/showpost.php?p=7014259&postcount=9

Wish I knew this last year.

caseycupcake
February 3rd, 2008, 9:54am
I know I can adjust the amount myself. It's just easier if the 1099 was accurate to begin with.

pattywack
February 3rd, 2008, 10:02am
I just got a 1099 for a prize I won from them in 2006!

caseycupcake
February 3rd, 2008, 10:14am
I just got a 1099 for a prize I won from them in 2006!

Oh, isn't that reassuring? :laugh:

ePrize now has the automated email response. At least I know that my email reached them.

figgyfigg
February 3rd, 2008, 10:24am
I've never asked them to adjust a 1099, I've always just claimed the FMV.

abbygirl
February 3rd, 2008, 10:28am
We had a pleasnt surprise yesterday. Received 2 1099's for 2007 trip wins. One was VERY overinflated, so we plan to substantiate what the actual cost to us would have been had we booked it ourselves. We did that before and our accountant handled it with no problem. The other - a fantastic cruise win with extras - they gave us a 1099 with a VERY reasonable figure. I'd rather not name the company because they have another contest running right now, but from the very beginning, we found this company generous, wonderful to work with and now, EXTREMELY FAIR. Don't mind paying taxes on a fair value after a wonderful trip.

timinskas
February 3rd, 2008, 10:32am
I won a flat screen from a sweep and had to claim it on my 2006 taxes. The company sent me the 1099 but, of course, it was so inflated. But I had known in advance that these 1099's can be inflated, so the day I received delivery of the tv I went online and searched to see how much I could buy it for. I printed out a bunch of stores and circled the lowest price. You can make the adjustment when doing your taxes, you just need to attach your "proof" of fair market value, which is what you can actually buy that tv for thru a legit retailer. I stapled everything together and never had a problem. The IRS says that you can adjust for FMV so go ahead and do it. The worst that can happen is they contact you saying they do not agree with your adjustment and then you can take it form there. But to be honest, they have much more important things to do then to go back and forth with you over an adjusted ARV on a tv. Good luck.

johnpatrick
February 3rd, 2008, 10:44am
You can make the adjustment when doing your taxes, you just need to attach your "proof" of fair market value, which is what you can actually buy that tv for thru a legit retailer. I stapled everything together and never had a problem. The IRS says that you can adjust for FMV so go ahead and do it. T

No need to send in the documentation with your tax return. It won't be looked at. Just keep it with your tax papers just in case you are audited.

vegas74
February 4th, 2008, 2:38pm
We had a pleasnt surprise yesterday. Received 2 1099's for 2007 trip wins. One was VERY overinflated, so we plan to substantiate what the actual cost to us would have been had we booked it ourselves. We did that before and our accountant handled it with no problem. The other - a fantastic cruise win with extras - they gave us a 1099 with a VERY reasonable figure. I'd rather not name the company because they have another contest running right now, but from the very beginning, we found this company generous, wonderful to work with and now, EXTREMELY FAIR. Don't mind paying taxes on a fair value after a wonderful trip.



I won trip in Dec 2006, took the trip in nov 2007 and just received the 1099 this weekend. The value of the trip was supposed to be 6250.00 but in reality it was really close to 2200.00

I really dont want to pay taxes on an extra $4000 what happens if eprize wont adjust to 1099? could someone point me in the right direction please. Can I adjust this much on my taxes myself? or does eprize usually adjust things like this?

Thanks

taterbug
February 4th, 2008, 4:33pm
I just got a 1099 for a prize I won from them in 2006!

Same thing happened to me. I got the 1099 from the sponsor last year, claimed it on my 2006 return. Eprize sent me one today for the same prize. I sent them an email. I want it corrected, but if they don't do it, I can show IRS where it was claimed on my 2006 return.

flimsy
February 4th, 2008, 5:22pm
I think you'll have a better chance by adjusting your own 1099 value and keeping back up documentation in case of an audit. I believe the sponsor generally does not adjust the ARV because the sponsor is more or less writing off the original ARV amount at the end of year and doesn't want to make it smaller. My thoughts anyway...


:eyebrow::rolleyes2:rolleyes2

caseycupcake
February 4th, 2008, 5:35pm
Thank you for your inquiry regarding your 1099 issued as a result of
your prize award in the Gillette Armed to Charm promotion. The value of
the prize at the time of the offer in the promotion was $3,000. This is
the value of the prize as stated in the official rules and is the value
reflected in the 1099 issued to you. We acknowledge that retailers
make promotional offers from time to time that may result in price
fluctuations for certain items; however, these offers are not applicable
to the prize you received. If you have any questions about your tax
obligation, please consult your tax adviser.

Warm Regards,
ePrize Customer Service

OK. What do they mean by: We acknowledge that retailers
make promotional offers from time to time that may result in price
fluctuations for certain items

I know who they bought the TV from. Are they telling me that they paid full price ($3000) when I could buy it 2 days later from that same vendor for $1943?

NetworkSweeper
February 4th, 2008, 5:43pm
I won trip in Dec 2006, took the trip in nov 2007 and just received the 1099 this weekend. The value of the trip was supposed to be 6250.00 but in reality it was really close to 2200.00

I really dont want to pay taxes on an extra $4000 what happens if eprize wont adjust to 1099? could someone point me in the right direction please. Can I adjust this much on my taxes myself? or does eprize usually adjust things like this?

Thanks

Just follow the directions from the IRS and claim the FMV for the prize.

vegas74
February 4th, 2008, 6:41pm
Just follow the directions from the IRS and claim the FMV for the prize.

Thank you for answering :)