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Question for an accountant (even though I am one)
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racheK
Hudson's Momma
Member since 10/10 2853 total posts
Name:
Rachel
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Question for an accountant (even though I am one)
I am an accountant but since I don't do taxes, I'm pretty rusty in this area.
DH and I taped a game show in October 2010 and won a trip "valued" at $4,000. We know the actual fair market value is closer to $1,500-$2,000.
1. Even though we taped in October 2010, we were told that we didn't "win" it until the actual air date which was in January 2011; therefore, I didn't expect to get a 1099 til next year. I got the 1099 today for 2010. Isn't that inproper matching?
2. As the FMV is much less than what they claim, is there anything we can do in regards to our taxes? Is there a way we can correct the form?
Thank you in advance for your help!
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Posted 2/5/11 5:33 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Question for an accountant (even though I am one)
how to dispute the FMV of a contest prize.
I am not an accountant.
Message edited 2/5/2011 5:38:49 PM.
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| Posted 2/5/11 5:38 PM |
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racheK
Hudson's Momma
Member since 10/10 2853 total posts
Name:
Rachel
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Re: Question for an accountant (even though I am one)
I appreciate this. We would have done the research sooner if we knew we were receiving a form 1099 this year, we don't even know when we are taking this trip!
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| Posted 2/5/11 5:51 PM |
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lbelle821
Arghhhhh
Member since 2/06 5285 total posts
Name:
Lisa
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Re: Question for an accountant (even though I am one)
Posted by racheK
Isn't that inproper matching?
As a fellow accountant I have to say that this line has me cracking up. Maybe only something an accountant could appreciate.
But seriously, and I don't specialize in tax either, so I have no idea what the answer is although I suppose it was earned in 2010 and that is why you're getting the 1099.
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| Posted 2/5/11 10:57 PM |
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