View Full Version : 1099 Help

February 6th, 2008, 10:40am
Ok if you win a prize and you get a 1099 but you feel that the prize is worth way less then the ARV, cant you research how much the prize was really worth and claim that on your taxes?

Thanks for your help


February 6th, 2008, 10:50am
Yes, Just follow the directions from the IRS and claim the FMV for the prize.

February 6th, 2008, 10:53am
Yes but I think you have to do it at the time you receive the prize. When our tv was delivered, that same day I printed out the page that had the price on it. I don't think you can get a prize in January but wait until November to get the proof of cost. Same with a trip. I think you have to check the cost of a trip and print it out for the exact same time you travel on the win.

February 6th, 2008, 10:56am
I did last year. Won a trip to NYC, ARV was $3,500 and that was what the 1099 said. Now, I live in NJ so there was no airfare. I called the limo company, they faxed me that actual invoice. I had the receipt from the hotel and the the $500 check receipt. The total was way under $3,500, and that's what I put on my income tax form.

February 6th, 2008, 11:07am
Thanks Guys!!!! :bouquet:

February 6th, 2008, 7:41pm
Yeah, I've used turbo tax for years and years and every year (except this one), they tell you to enter the amount from the prize co. Then, they tell you to enter the ACTUAL amount. I did my taxes last night and it seems this year that turbo tax just wants me to edit the amount of the 1099 I got. I'm a little nervous.