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Thread: ***ARV and your taxes*** {TY to LIDARKSIDE}

  1. #31
    Sweepstakes Plus Member amyshulk's Avatar

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    ARV and your taxes bump
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  2. #32
    Sweepstakes Plus Member amyshulk's Avatar

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    ARV and your taxes {TY to LIDARKSIDE}
    Sweepers by nature are *always* looking for a free lunch, but if you value your time over your $$$, then upgrading to PLUS at less than a dime a day gives you the best bang for your $$$!

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  3. #33
    Sweepstakes Plus Member amyshulk's Avatar

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    bumping - that time of year again!
    Sweepers by nature are *always* looking for a free lunch, but if you value your time over your $$$, then upgrading to PLUS at less than a dime a day gives you the best bang for your $$$!

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  4. #34
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    Question, I won some huge sweeps and never got a 1099 as of yet? it's the 8th and nothing? what do I do?

  5. #35
    Sweepstakes Plus Member amyshulk's Avatar

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    tynec2723 - contact the sponsor - if the sponsor did fulfillment - if not, then contact the JA that did fulfillment for your 1099's


    Used 1099 deadline 2017 as search term ;

    Forbes Welcome

    Most Forms 1099 arrive in January or early February, but some companies issue the forms throughout the year when they issue checks.
    Although the initial deadline is January 31, issuers of the forms are not required to file copies of all Forms 1099 with the IRS until the end of February.
    Most companies do not immediately file their IRS copies.

    The usual one month delay can be a lifesaver, allowing time to address errors on a Form 1099 you think is wrong.
    So contact the issuer if you receive one you believe is in error.
    There may be time to catch it before the error goes to the IRS.

    https://www.irs.gov/pub/irs-pdf/f1099msc.pdf

    Quote Originally Posted by tynec2723 View Post
    Question, I won some huge sweeps and never got a 1099 as of yet? it's the 8th and nothing? what do I do?
    Sweepers by nature are *always* looking for a free lunch, but if you value your time over your $$$, then upgrading to PLUS at less than a dime a day gives you the best bang for your $$$!

    Haven't tried SwagBucks yet? Please use my referral link http://www.swagbucks.com/refer/amyshulk

  6. #36
    Sweepstakes Plus Member amyshulk's Avatar

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    curmudgeon


    Quote Originally Posted by curmudgeon View Post
    Sponsors of Promotion Games of Chance offering and awarding prizes valued at $600 or more should be aware that they are responsible to obtain a signed, legible copy of an IRS form W-9 from every winner that they issue a prize to. This means that any eligible entrant who has been verified as a prize Winner you issue a prize of $600 or more to, will need to fill out a W-9 form for you to keep on record, regardless of the number of times in the course of a tax year the same person wins a prize. In addition, if one person wins multiple lower valued prizes within the same year, which when added together total $600 or more, they too will be required to complete a form W-9.

    The above is from Marden-Kane Digital Promotions. There's more & you can find the full article at: Sweepstakes Winners: W-9's and 1099's - Marden-Kane
    Sweepers by nature are *always* looking for a free lunch, but if you value your time over your $$$, then upgrading to PLUS at less than a dime a day gives you the best bang for your $$$!

    Haven't tried SwagBucks yet? Please use my referral link http://www.swagbucks.com/refer/amyshulk

  7. #37
    Sweepstakes Plus Member amyshulk's Avatar

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    Re: ARV and your taxes {TY to LIDARKSIDE}

    Arv .......................




    Quote Originally Posted by amyshulk View Post
    information courtesy of this link ~ how to dispute an arv on your sweepstakes taxes

    when you win a sweepstakes prize, you are only required by the irs to report the fair market value (fmv), not the sponsor's approximate retail value (arv); but how do you go about finding out what the fmv is and how do you handle the difference on your taxes? Find out here.

    how to dispute an arv on your sweepstakes taxes
    Sweepers by nature are *always* looking for a free lunch, but if you value your time over your $$$, then upgrading to PLUS at less than a dime a day gives you the best bang for your $$$!

    Haven't tried SwagBucks yet? Please use my referral link http://www.swagbucks.com/refer/amyshulk

  8. #38
    Sweepstakes Plus Member amyshulk's Avatar

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    Re: ***ARV and your taxes*** {TY to LIDARKSIDE}

    ARV VS FMV

    Approximate Retail Value VS Fair Market Value

    ARV [Approximate Retail Value] VS FMV [Fair Market Value]
    Sweepers by nature are *always* looking for a free lunch, but if you value your time over your $$$, then upgrading to PLUS at less than a dime a day gives you the best bang for your $$$!

    Haven't tried SwagBucks yet? Please use my referral link http://www.swagbucks.com/refer/amyshulk

  9. #39
    Sweepstakes Plus Member amyshulk's Avatar

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    Re: ***ARV and your taxes*** {TY to LIDARKSIDE}

    Quote Originally Posted by amyshulk View Post
    Information courtesy of this link ~ How to Dispute an ARV on Your Sweepstakes Taxes

    When you win a sweepstakes prize, you are only required by the IRS to report the fair market value (FMV), not the sponsor's approximate retail value (ARV); but how do you go about finding out what the FMV is and how do you handle the difference on your taxes? Find out here.

    How to Dispute an ARV on Your Sweepstakes Taxes
    ty geekgoddess for validating the tax advice


    Quote Originally Posted by geekgoddess View Post
    I'm a tax accountant. You do not have to pay taxes on the ARV of the prize! You only have to pay taxes on the fair market value of what you received at the time that you received it. Prize values are often overstated... For example, if you won a car you could find out from the prize distributor what their actual cost is in the car and pay taxes on that versus MSRP. Just keep track of everything they gave you and take screen shots of what the value was of whatever you received at the time you take possession. You do not have to claim the amount that they put on your 1099. You can put it your own value just make sure you have the data to back it up. Tell them you want them to substantiate the ARV of your prize with a line item breakdown. You can always ask them to reduce the ARV if you feel it is overstated.
    Sweepers by nature are *always* looking for a free lunch, but if you value your time over your $$$, then upgrading to PLUS at less than a dime a day gives you the best bang for your $$$!

    Haven't tried SwagBucks yet? Please use my referral link http://www.swagbucks.com/refer/amyshulk

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