<<Just thought I would jump in and add my two cents- for what it's worth- you only have to pay the fair market street value on the car, on your taxes, and not the sticker value, if you keep/kept the car. So, in other words, if the declared value is $40k, and you keep it, and you can show with current newspaper ads, in your market area, that the current value is only $34k then you only have to pay taxes on the $34k. Good luck. (and keep that documentation!!!)>>
That is good advice for anything of value you win from a casino, i.e., cruises, when you get a 1099 with an inflated price.
When we won a car at the Stardust many many years ago we sold it back to the dealer for a higher price than what the casino was giving us as a cash option. We did not haggle because they gave us a good price right at first.
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Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
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