May 28th, at 6: Oct 10, Threads: I don't really care. Feb 18, Threads: Feb 11, Threads: Include the fair market value FMV of merchandise won on game shows.
1099 Misc for Gambling
You may sign another form stating who you are with, DOB, SS , etc and acknowledging the win, but your not actually signing a or W2.
Either way any institution from which you earn income. If you get a copy in the mail, then you know they reported your income. If you didn't get a copy, then they didn't report to the IRS. At least in theory. I'm sure countless mistakes happen. If for example you moved during the year and an old employer doesn't have your correct address, you're going to be missing a W-2, or It's still up to you to report your income accurately. Yes, this sucks, but it's how our system works.
Jan 12, Threads: May 28th, at 7: Jul 6, Threads: Oct 10, Threads: May 28th, at 8: Feb 18, Threads: May 28th, at I found this article about how you can go about lowering the Fair Market Value of your prize. It seems like a lot of work and risk of audit, and I am not sure how it would work with free play. Is free play, cash or a product? OK, we know that winning things can be fun. He recommends that you find data on the real selling price of your prize.
With the magic of the Internet, you can find all kinds of sites where trips, cars, and other high-ticket items are sold. Print out the page that has a product similar to yours and a price that an objective buyer would be willing to pay to an unrelated seller. Use that as the amount on which to pay the taxes. Rosica suggests that you contact the issuer of the MISC to get a corrected issued.
After all, they want to write off the higher amount. So, what are you to do? Friedland refers us to page 32 of Publication However, that will only have you paying too much tax. With your tax return, include a worksheet with a detailed note and a copy of your proof of the actual cost for the item.
File your tax return on paper and include the attachments. So use that information to replace the printout from the Internet. This may sound like overkill, but it will prevent your return from being audited. Sep 20, Threads: May 28th, at 2: A on free play is total bs. So say I win free play on Jan 1. Right after that I quit gambling for the year. Since you have to use the free play there, you should only be taxed after you are done using it.
I would have no problem at all if they gave you a tax form after you finished using the free play. Someone mentioned paying taxes on game shows or winning a year supply of food. The difference in those are you won't pay taxes again after you get your free food or get your game show prize delivered. Expect the worst and you will never be disappointed.
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