Old  January 18th, 2009, 1:01am     #1
margarita_mama is offline
margarita_mama
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Joined: Oct 2004
Posts: 18,960
Location: still lookin' for that lost shaker of salt
sweep wins and income taxes...reference
So many questions come up this time of year, I thought we could list helpful links to answer some questions that invariably come up.
DO NOT rely on OLS members' advice when it comes to you and your income taxes.
Everyone's financial situation is different, and no one here can possibly know or consider anyone else's personal situation. Consultation with a professional, (or at least someone who you trust and would be willing to represent you in the event of an IRS audit), is advised.
However, we can educate ourselves with some basic knowledge about this hobby (or maybe even business?) of ours.
Feel free to add more reputable reference links.
I have requested that this thread be "stickied", so that we can refer people to it (or refer to it ourselves) as needed.

main link for the Internal Revenue Service...there is a "search" box that may be helpful for navigating the website
http://www.irs.gov/

reporting of sweepstake prizes:
http://www.irs.gov/publications/p525...blink100098473 (scroll down to "Prizes and Awards)

reporting "misc. income" (sweepstakes wins and gambling wins are two seperate subjects and are handled differently):
http://www.irs.gov/newsroom/article/...175963,00.html

Fair Market Value (according to the IRS...lots of "gray(grey) areas with this...seek advice from a pro)):
http://www.irs.gov/publications/p561/ar02.html#d0e121

and

http://www.irs.gov/publications/p561/ar02.html#d0e139

deducting sweep "expenses"( sorry, too many different factors to consider (is sweeping a hobby or a business?), so not listing any particular link):
http://search.irs.gov/web/query.html...=18&search.y=9

No 1099? Read the IRS guidelines on what to do about missing 1099s:
http://www.irs.gov/newsroom/article/...106530,00.html

Last edited by margarita_mama; March 20th, 2009 at 2:23pm.


My Motherload of Wins
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  Old  January 18th, 2009, 1:12am     #2
LuckyPenny is offline
LuckyPenny
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Joined: Jul 2004
Posts: 5,968
Location: Texas
Thanks so much for the info, I have been wondering.


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  Old  January 18th, 2009, 1:31am     #3
lalise is offline
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Joined: Feb 2006
Posts: 1,383
Location: Pacific Northwest
Thank you, this is a keeper.

If you don't want anyone to get your goat, don't tell where it is tied up.
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  Old  February 15th, 2009, 1:41pm     #4
LucyCat829 is offline
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Joined: Feb 2009
Posts: 320
Location: Arvada, Colorado
Smile New and learning...tis will be helpfull. thanks!
Quote:
Originally Posted by margarita_mama View Post
So many questions come up this time of year, I thought we could list helpful links to answer some questions that invariably come up.
DO NOT rely on OLS members' advice when it comes to you and your income taxes.
Everyone's financial situation is different, and no one here can possibly know or consider anyone else's personal situation. Consultation with a professional, (or at least someone who you trust and would be willing to represent you in the event of an IRS audit), is advised.
However, we can educate ourselves with some basic knowledge about this hobby (or maybe even business?) of ours.
Feel free to add more reputable reference links.
I have requested that this thread be "stickied", so that we can refer people to it (or refer to it ourselves) as needed.

main link for the Internal Revenue Service...there is a "search" box that may be helpful for navigating the website
http://irs.gov/

reporting of sweepstake prizes:
http://www.irs.gov/publications/p525...blink100098473 (scroll down to "Prizes and Awards)

reporting "misc. income" (sweepstakes wins and gambling wins are two seperate subjects and are handled differently):
http://www.irs.gov/newsroom/article/...175963,00.html

Fair Market Value (according to the IRS...lots of "gray(grey) areas with this...seek advice from a pro)):
http://www.irs.gov/publications/p561/ar02.html#d0e121

and

http://www.irs.gov/publications/p561/ar02.html#d0e139

deducting sweep "expenses"( sorry, too many different factors to consider (is sweeping a hobby or a business?), so not listing any particular link):
http://search.irs.gov/web/query.html...=18&search.y=9

No 1099? Read the IRS guidelines on what to do about missing 1099s:
http://www.irs.gov/newsroom/article/...106530,00.html
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