don't listen to any of the village idiots on here when they tell you to report all winnings, my boys be acting like vault dwellers lol. for this one its obviously gonna be reported winnings , but any of them small prizes...if you get nothing from the company or no details or paperwork, just the prize....well you know what they say...if a tree falls in the woods and no one hears it, does it make any sound? no my boys it does not. Posted by: icantwinitall on May 1, 2024 |
Mail In Entry Posted by: sutler7 on May 1, 2024 |
@icantwinatall I won a $700 Moped from Mikes Hard Lemonade several years ago, by the time tax time came, we never reported it as we had never gotten a 1099... 2 months after filing, we get a letter from the IRS saying we owed like $169 for unreported income for a $700 scooter. We amended our return and sent the check Posted by: crandreww on May 1, 2024 |
If the company fails to send the 1099 then it's the chance worth taking from experiences I am aware of. The scooter company failed to mail it or you threw that mail out. Either way it's an easy fix and easy to get out of...an honest mistake anyone can make. The IRS realizes 1099s don't always make it to the recipient. So there's nothing wrong with back tracking what you filed if they come asking for more post filing. Thats worth it in my opinion. Wait for the IRS to follow up, if they don't then all is good. Does this mean you report snack wins, trinket wins, duffle bag wins, moving up to a 700 dollar scooter...or even more. You roll the dice but it's a good to wait and see, and if nothing i'd say file nothing lol. Works for people I personally know Posted by: icantwinitall on May 1, 2024 |
Anytime you have to give your Social Security number means more than likely it will be reported whether you get a 1099 or not Posted by: BourbonDon on May 2, 2024 |
It's not worth it in my opinion. There is a big penalty involved if they catch you. I recommend reporting anything over $600 with or without the 1099. I won a RV for my mom & she didn't report it on her taxes. She had never won anything before & the genius at Camping World told her she wouldn't have to pay anymore taxes other than the $2,500 she paid when picking it up. 1 year later she got a letter from the IRS with an underpayment penalty with interest that equalled out to a $2,700 penalty. That's on top of the $8,800 she would've had to pay if she turned it in. She now has to pay $11,500 all at once or make payments and pay 8% interest on it every 3 months. Posted by: asdf on May 8, 2024 |
What's the mailing address, please. I can't find the Rule section. Thank you!!! Posted by: Babette on May 10, 2024 |