Just got the news that my affy checked out and that I would be getting a letter this week with info on a trip I won. ( don't want to say where yet till it's in the bag,so to speak. ) Anyway, when do you pay the taxes on it? When you get the letter on it or when you take the trip itself? ( I have twelve months to take it.) Was thinking of Feb or March 2008. Thanks for the help!!
When do you pay the tax on a trip win?
- Thread starter trix910
- Start date
ll1
New member
I believe it is when you receive the benefit of the win, I myself do not enter many trip sweeps and others that have will probably add more info. congrats :cheers:
sweepyhead
Member
The judging agency is supposed to send you a 1099 at the beginning of the new year (tax time), stating the value of the trip. This is considered income by the IRS. One person I know of took a big trip, never got a 1099, didn't report it and the IRS never came a-calling.
Not that I'm endorsing this. Just saying.
Not that I'm endorsing this. Just saying.