Tax Question

SniperSB23 · #1 02-13-2008, 03:26 PM

Quote:

Originally Posted by Scav

You had to meet ALL those requirements, which is impossible, so you along with Port, are SOL.

Yeah, I just read it on another webpage that you have to meet all of them. I figured it sounded too good to be true.

Port Conway Lane · #2 02-13-2008, 03:44 PM

Thank you both for the help. I called the irs after I posted and indeed it is considered a prize. Now that the irs has my phone # on caller id I think I'll report the winnings.

Holland Hacker · #3 02-13-2008, 05:46 PM

Since you received a 1099 the IRS already has record of you receiving the $, as they also got a copy (or shortly will) get a copy of the 1099. If the money is not reported as income on your return you will be getting a friendly reminder letter from the IRS that you left it off of your return.

Based on the fact that you say that you can not itemize, I think as everyone else has already said you are SOL.