txes on prize received

[misti911]

I won a laptop from Walmart for a ARV of $698. I filled out the tax forms in order to receive it. I received it yesterday and checked the Walmart site and now it sells for $499.00
I really don't want to claim it on my taxes if it's only worth that much when I received it. Is there anything I can do to have them adjust the form for the IRS?
Thanks for any info!!

 

[arrtup3]

I think you may find the answer to your question by following the link in this post (thanks lidarksde and Amy):

Information courtesy of this link ~ http://contests.about.com/od/taxesfinances/ht/FMVvsARV.htm

When you win a sweepstakes prize, you are only required by the IRS to report the fair market value (FMV), not the sponsor's approximate retail value (ARV); but how do you go about finding out what the FMV is and how do you handle the difference on your taxes? Find out here.

http://contests.about.com/od/taxesfinances/ht/FMVvsARV.htm