Income taxes

[bkeck]

I was wondering if anyone can answer this question.
I won a laptop and in the form I need to fill out it says that the IRS 1099 form will
reflect the approximate retail value of my prize.
Is this the total I will have to claim as income, I know the approximate value
and the street price are not the same??
And if I sell it wouldn't that be the total value I would claim?
Just wondering if anyone knows the answer.
Thanks :cheers:

 

[ll1]

it would be the fair market value that you can buy that same laptop for. So if you can find a price listed from a company that sells that same computer for a lower value, you should get a copy or better yet a quote from that company showing that they sell that computer for that price. And use the lower price that you can get paper work on for the IRS.

 

[miki]

it would be the fair market value that you can buy that same laptop for. So if you can find a price listed from a company that sells that same computer for a lower value, you should get a copy or better yet a quote from that company showing that they sell that computer for that price. And use the lower price that you can get paper work on for the IRS.

What he said. Congratulations on the win.

When I won a big ticket item, I did a lot of research and printed out papers for fair market value on the item. IRS never asked for the papers but, don't lose them just in case you are audited.