I won a 46 inch tv from a website 12 years ago and was
given the same advice from the IRS since I knew the
$3,500 retail value was inflated. I was able to use
the discounted rate from a newspaper ad.
--- John Clark <jaycee5353@yahoo.
> --- 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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