I won a trip from a large company. It's total value was about $5,000. I have not gotten any kind of W2G. I'm just wondering if this counts as income. I'm afraid I already know this answer...
2007-01-23 11:08:27 · 3 answers · asked by Jeff 2 in Business & Finance ➔ Taxes ➔ United States
You might just not have gotten the paperwork yet - there's another week before it has to be in the mail. And yes, the trip is taxable income.
2007-01-23 15:00:38 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
well in the fine print for ur trip should be a numeric value say 400$
ur trip issuer will report this as an income for you to the IRS
and they maybe will send u a W9 form to fillur SNN or tax id and they send u back a 1099 form for the income of 400
but if in the fine print it didnt say that u responsible for taxes so u good.
hope that helps
2007-01-23 20:11:11 · answer #2 · answered by bondo2 1 · 0⤊ 0⤋
if you used the trip and it was a paid for trip by others, then you owe a tax on the benefit. consult a tax attorney for details.
2007-01-23 11:16:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋