Oh boy, now I'll have to go thru everything I won in 07 (what a pain!!). I was already dreading getting my stuff together for taxes. I do have a guy who does our taxes (thank goodness). I wouldn't even attempt to do them on my own - with my mad math skills (NOT!!).
This is correct, and I have affirmed the same with my tax gal."I got this information directly from the IRS. Per the IRS, you go by the date you receive the prize not when you win the prize.
When is 1099 and cost basis information mailed out?
1099's are mailed yearly by January 31st. Cost basis statements are usually mailed by the last week in February.
Im waiting on 2 also. I hope they get here soon.
:crazytongue: WOWW SA team AWESOME questons!!! Thanks Ms ANNIKA for starting this BALL off. Alot of info I thought I knew I had WRONG. Im def chatting up my H & R block mate. She told me prizes over 1.000. If its $600.00 SHE gets to redo my TAXES for the last 6 years. lol and I also am going to be very careful now like above which I enter. Ive got a LIST going no BRIDAL... No over 600.00 unless I really want it... :laughing:
I would never use H&R Block to do our taxes. You wouldn't believe how many H&R Block tax returns have to be redone by certified CPA's/accounts to correct all the errors they make. I know some people who have had H&R Block horror stories.
:scratch:I wonder if the TAX value veries from STATE to STATE. I do live in three differant STATES. My homebase, My vacation home then another where we often do law enforcement training a few times a year . :scratch:
what is a cost basis statement?
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