Affidavit

[wishinandhopin]

Do you have to do an affidavit everytime you win something or just when the price of the prize is over a certain amount?

 

[lidarkside]

The IRS requires that the sponsor make out a 1099 on any prize $600.00+ which would require you filling out an affidavit.

However, they can have you fill out an affidavit for reporting purposes or any other purpose for any prize under $600.00 if they want since all prizes are reportable as "Other Income" to the IRS.

 

[sweepsadv]

Its usually precedes the prize and mostly when the prize is several hundred dollars or more in value.