spydah
Familiar Member
Let's get lost tonight
Joined: Dec 22, 2010 21:28:14 GMT -5
Posts: 894
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Post by spydah on Feb 26, 2011 14:37:54 GMT -5
I won a vacation last summer and it was worth about $2200. If I'm not mistaken, I'm suppose to claim it as income and I will be taxed for it.
I assume I was suppose to receive a 1099 for it. Is that correct? I contacted the vacation report but I got their voice mail a few days ago. I will follow up next week since I never received anything from them.
How would a $2200 vacation that I won be reported on my 2010 taxes? Please advise.
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Post by activeonlooker on Feb 26, 2011 15:27:46 GMT -5
Yes, you should receive a 1099. You would report the amount on line 21 - other income.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Feb 26, 2011 17:14:23 GMT -5
I concur with active... it's a "prize" and is required to be reported... line 21 is the logical spot...
quick thought, when you same won... was it from gambling? if so, be sure to note it as gambling and do not forget the possible deduction of gambling losses on schedule A....
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spydah
Familiar Member
Let's get lost tonight
Joined: Dec 22, 2010 21:28:14 GMT -5
Posts: 894
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Post by spydah on Feb 28, 2011 8:30:34 GMT -5
Thank you active and mwcpa. That is what I figured, that I should have received a 1099. I will contact the resort this week.
No, this was not a vacation won via gambling.
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spydah
Familiar Member
Let's get lost tonight
Joined: Dec 22, 2010 21:28:14 GMT -5
Posts: 894
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Post by spydah on Mar 2, 2011 9:49:59 GMT -5
I called the resort and they said they do not send out tax forms because the vacation had no value and I did not pay taxes. They only offered to send me a copy of the invoice, which I already have. When I won the vacation it was advertised as $2280 value.  Total: 0.00 Taxes: 0.00 Should I just take their word and not claim anything for this vacation? For some reason this doesn't sound right. |
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Post by commentator on Mar 2, 2011 12:14:48 GMT -5
If the "free" vacation was effectively a discounted price on a larger package, then what you "won" was a price discount, not a prize.
When you were on this vacation, did the resort try to sell you something and was listening to the sales pitch a condition of "winning" the vacation?
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Mar 3, 2011 6:36:17 GMT -5
A discount that one advertises as a "prize" is not income...
my wife buys a groupon coupon for $5.00, I take it to a local restaurant and get $10.00 worth of food... I feel like I hit the lottery as lunch in NYC is expensive. So what is a "prize" to me is not really a prize, it's a discount....
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