Quote:
Originally Posted by Dadhawk
That is my understanding, pretty much true for any type of sweepstakes or other contest. If the single value is over $600 then you should get a 1099 and the IRS then definitely will be looking for it. Can't see how this wouldn't be over that amount. Regardless, even if its under that amount, you are supposed to report it.
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It will be, I think. The Miami trip was worth about $1200. I'm assuming this trip will be around $2k.
Well, if I will owe the govt $500, I'm probably out. I can't imagine my wife would be happy with me paying $500 to go on a trip without her during her spring break.