TAX INFO from trip
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Joined: Dec 2003
Posts: 2,202
From: Motel 6
Originally Posted by Toyota_Kitten
Originally Posted by shorberg
i think you are probably still responsible for the taxes on the gift
if you are invited its considered a gift right? this is where i am confused.
i agree with brandy - we need an accountant. b/c i need to figure this out - we all do.
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Joined: Jan 2005
Posts: 14,570
From: University Place, WA
"Grandma" doesn't report her gift to the IRS, nor give you a 1099... :D
http://www.wwwebtax.com/income/prizes_and_awards.htm
Tom
Do I have to pay tax on a prize or award?
If you win a prize or award in a lucky number drawing, television or radio quiz program, beauty contest, or other event, you must include its fair market value in your taxable income and report it on your tax return. For example, if you win a $50 prize or award in a photography contest, you must report this taxable income on Line 21 of Form 1040.
However, if your award or prize meets all of the following four tests it is not taxable on your tax return:
* it is in recognition of religious, charitable, scientific, educational, artistic, literary, or civic achievement;
* you do not have to perform services;
* you were selected without any action on your part;
*you assign the prize or award to a government unit or tax exempt charitable organization prior to your use of, or receipt of benefits from, the award. You can't claim a charitable tax deduction for the assignment on your tax return.
If you receive merchandise for a prize or award, you must report the fair market value of the prize or award as taxable income on your tax return.
If you refuse to accept a prize or award, do not include it in taxable income on your tax return.
If you win a prize or award in a lucky number drawing, television or radio quiz program, beauty contest, or other event, you must include its fair market value in your taxable income and report it on your tax return. For example, if you win a $50 prize or award in a photography contest, you must report this taxable income on Line 21 of Form 1040.
However, if your award or prize meets all of the following four tests it is not taxable on your tax return:
* it is in recognition of religious, charitable, scientific, educational, artistic, literary, or civic achievement;
* you do not have to perform services;
* you were selected without any action on your part;
*you assign the prize or award to a government unit or tax exempt charitable organization prior to your use of, or receipt of benefits from, the award. You can't claim a charitable tax deduction for the assignment on your tax return.
If you receive merchandise for a prize or award, you must report the fair market value of the prize or award as taxable income on your tax return.
If you refuse to accept a prize or award, do not include it in taxable income on your tax return.
Tom
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Joined: Aug 2005
Posts: 1,840
From: O-town, FL
Even though I don't think my prize is worth $1020 since I drove instead of flew, I'm putting it as "other income" and it only hurt for less then $100.
I'd rather be more safe then sorry when it comes to Uncle Sam.
I'd rather be more safe then sorry when it comes to Uncle Sam.
Member
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Joined: Sep 2005
Posts: 74
From: Snohomish, WA
Originally Posted by 06B0X
Even though I don't think my prize is worth $1020 since I drove instead of flew, I'm putting it as "other income" and it only hurt for less then $100.
I'd rather be more safe then sorry when it comes to Uncle Sam.
I'd rather be more safe then sorry when it comes to Uncle Sam.
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Scinergy
Joined: Feb 2004
Posts: 3,701
From: Springfield, MO
EDIT: Tomas corrected me.
I thought you would pay taxes on gifts, like if grandma gave you $5,000. What about if someone gives you a car, you have to pay taxes on it . . . so property but not cash?
I thought you would pay taxes on gifts, like if grandma gave you $5,000. What about if someone gives you a car, you have to pay taxes on it . . . so property but not cash?
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Joined: Jun 2005
Posts: 2,838
From: City of Champs, MA
Im also putting the $1020 on my taxes for the Miami trip. But after what Tomas posted, Im not putting my trip to Vegas/SEMA because, as the req's state, I did nothing to win that trip. They contacted me out of the blue and told me about Vegas. Sucks though, that it takes over $150 out of the tax return...
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Joined: Jan 2005
Posts: 14,570
From: University Place, WA
My first response is back already!
They will be putting out 1099s, and when they get more info from the accountants (expected dates, etc.) they will pass it on to me - they are working on it now.
Tom
They will be putting out 1099s, and when they get more info from the accountants (expected dates, etc.) they will pass it on to me - they are working on it now.
Tom
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Joined: Sep 2005
Posts: 74
From: Snohomish, WA
Originally Posted by Tomas
My first response is back already!
They will be putting out 1099s, and when they get more info from the accountants (expected dates, etc.) they will pass it on to me - they are working on it now.
Tom
They will be putting out 1099s, and when they get more info from the accountants (expected dates, etc.) they will pass it on to me - they are working on it now.
Tom
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KAD
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Joined: Sep 2005
Posts: 1,027
From: Tampa, FL
1.* it is in recognition of religious, charitable, scientific, educational, artistic, literary, or civic achievement;
2.* you do not have to perform services;
3.* you were selected without any action on your part;
4.* you assign the prize or award to a government unit or tax exempt charitable organization prior to your use of, or receipt of benefits from, the award. You can't claim a charitable tax deduction for the assignment on your tax return.
2.* you do not have to perform services;
3.* you were selected without any action on your part;
4.* you assign the prize or award to a government unit or tax exempt charitable organization prior to your use of, or receipt of benefits from, the award. You can't claim a charitable tax deduction for the assignment on your tax return.
1. I think I would consider it to be a religious, scientific, educational, artisic achievement..
2. I know I didn't perform any services
3. No Comment
4. I think that we could be considered a charitable orginization. Scion Owners in need of a good time.
But we all know whats right and whats wrong, some will just play the tax game!
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Joined: Aug 2005
Posts: 1,840
From: O-town, FL
Originally Posted by Tomas
My first response is back already!
They will be putting out 1099s, and when they get more info from the accountants (expected dates, etc.) they will pass it on to me - they are working on it now.
Tom
They will be putting out 1099s, and when they get more info from the accountants (expected dates, etc.) they will pass it on to me - they are working on it now.
Tom
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Originally Posted by Tomas
My first response is back already!
They will be putting out 1099s, and when they get more info from the accountants (expected dates, etc.) they will pass it on to me - they are working on it now.
Tom
They will be putting out 1099s, and when they get more info from the accountants (expected dates, etc.) they will pass it on to me - they are working on it now.
Tom
Or would it be best to wait for the 1099s?
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Joined: Aug 2005
Posts: 309
From: Louisville, KY
I am wondering this also I have an appointment to get my taxes done tomorrow morning and i wonder if i should cancel it or just do everything but that and drop off the form to her when i get it.
