re: filing for IRS
2007-01-27 16:55:25 · 4 answers · asked by dayan 1 in Business & Finance ➔ Taxes ➔ United States
Yes. You should receive a form 1099-MISC or W-2G (proceeds from gaming) for miscellaneous income for the value of the truck you won. Anything worth $600 or more will get you a 1099.
This might help:
http://www.irs.gov/newsroom/article/0,,id=108277,00.html
2007-01-27 17:04:27 · answer #1 · answered by datette 3 · 0⤊ 0⤋
You pay tax on the prize when you got it. If you sold it for more than the 1099 for the win of the 4x4 showed, then yes, you'd pay tax on the additional that you got. But if you sold it for less than it was worth when you won it, then no, you don't do anything on your tax return for the money you got when you sold it.
2007-01-28 02:04:27 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
What do you think? The IRS always wants your money.
2007-01-28 01:01:37 · answer #3 · answered by zander1331 3 · 0⤊ 0⤋
YEP..............
2007-01-28 02:30:55 · answer #4 · answered by wampaskitty2001 3 · 0⤊ 1⤋