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eyzofblu63
February 5th, 2008, 3:47pm
Sorry if this has been covered somewhere, I looked up 1099 and none of what comes up helps me.

I won a GP last year of a custom made dress supposedly worth $2000, (which I don't see at all,having received the dress) a purse which lists on the designers site as $980 although he changed the straps to chain, so I am figuring $1500 for that ( even though I doubt the ARV went up that much for straps) and I just received an email that the ring is on it's way, should be here Thursday (the carats are 2.57 instead of 2.0 like it was suppose to be :cheer:) and she says the ARV for that is $7000. So the ARV for all of it I put at 10,500- maybe 11,000, but the 1099 they sent me is for $14,000. I will have proof af the ring, she is sending me the appraisal, but I have no proof of the purse or dress, so how do I ( or can I, I guess is the better question) get this adjusted so I am not paying on more than the prize is worth?

sascha_b
February 5th, 2008, 4:32pm
Appraisals are many times higher than FMV especially if for insurance purposes. As for the jewelry and the purse it sound like you might find some resources for more appropriate FMV to hand to your accountant.

As for the "custom dress"...that'll be the toughy because you may have no comparison for fair market value. Which is why I'm leary of "one-of-kinds", "custom" or celebrity meets...can't really prove a fair market value...I want the taxes to be worth my while as far as the win, and those things are too high ARV to make it work for me...

I wish you luck in lowering your burden...:fairy4:

eyzofblu63
February 5th, 2008, 4:37pm
This is what I was afraid of, because the prize listed all three as "custom made" I am thinking that I am going to have to pay on the whole ARV rather than the actual value even though there is no way it comes to $14000. Oh well, I think I will stay away from "custom made" anything in the future when entering. Lesson learned. :laugh:

sascha_b
February 5th, 2008, 4:48pm
They must have an idea for the ARV of the custom dress 'cuz they know the ARV of the bag and jewelry. Why not politely ask them....then wonder out loud to them if it's higher than the original ARV stated in the sweep (not sure if it was....just a thought...)...starts a conversation and who knows where it will go. Maybe they'll do nothing, but no harm in nicely "workin" it....:thumbs:

eyzofblu63
February 5th, 2008, 5:03pm
That's just it, she told me the dress is valued at $2000, the ring at $7000, and the purse designer's own site says the purse goes for $980, I actually upped that to $1500 because he changed the straps from leather to chain ( which is probably figuring high, I doubt it was almost $500 more for chain) So that comes to 10,500- 11,000 if I figure $2000 for the bag. But other than printing out the page with the purse and the appraisal for the ring which alone would bring the ARV down, I have no way to prove the dress, other than that she told me on the phone that it is valued at $2000. I think I may call and ask if she can have a new 1099 sent with the adjusted price or ask her for some written proof of what everything is worth.

Ashton7
February 5th, 2008, 5:30pm
That's just it, she told me the dress is valued at $2000, the ring at $7000, and the purse designer's own site says the purse goes for $980, I actually upped that to $1500 because he changed the straps from leather to chain ( which is probably figuring high, I doubt it was almost $500 more for chain) So that comes to 10,500- 11,000 if I figure $2000 for the bag. But other than printing out the page with the purse and the appraisal for the ring which alone would bring the ARV down, I have no way to prove the dress, other than that she told me on the phone that it is valued at $2000. I think I may call and ask if she can have a new 1099 sent with the adjusted price or ask her for some written proof of what everything is worth.

That's basically what I did with my Land O Lakes win. The ARV was $3300.00 but what they sent me -- I looked up the prices on the items and they came to much less. So I asked them what they had paid for them (politely) and also told them I would like some proof of purchase for warranty reasons. They gave me the actual invoices, showing me exactly what they had paid (which came to about half the stated ARV). And when I continued to question them about what they were going to put on my 1099, they told me they would put the actual value they had paid. And when the 1099 showed up this week, that is exactly what they had done.