--- Original Message ----
From: Jean Scott queenofcomps@
Also, if you win a drawing or win a prize, you do not have to use the
paperwork amount as income as that is usually a much-inflated amount. For
all such "prizes" - gambling or not - the IRS allows the "fair market
value." I discuss that at length in the book since I have had personal
experience winning a car with a sticker price on the 1099 but I sold it back
to the dealer for a lesser amount, which I used for my tax return. You must
add a note of explanation, however.
This is correct. I won an Alaska Cruise and used the newspaper advertised price on my tax return rather than the 1099 inflated amount. That was the good advise I got from Marrisa.
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