logansweeps1980
New member
Hi y'all!
I'm brand new to sweepstakes and have just started getting some win notifications! I realize I need to start getting organized now to prepare for tax time. What are some of your tips for legally reporting accurately for taxes?
I'm in the US. What should I look up to distinguish IRS reporting that differs from my state?
What else should I know that I haven't thought about yet?
I have a spreadsheet that records all of the info I retain from each winning sweeps including:
I'm brand new to sweepstakes and have just started getting some win notifications! I realize I need to start getting organized now to prepare for tax time. What are some of your tips for legally reporting accurately for taxes?
I'm in the US. What should I look up to distinguish IRS reporting that differs from my state?
What else should I know that I haven't thought about yet?
I have a spreadsheet that records all of the info I retain from each winning sweeps including:
- Sweepstakes Official Name
- Sponsor
- Source site
- Entry URL
- Official Rules
- Prize
- Type (Cash/Gift Card/ Trip/ Food/ Electronics/Etc.)
- ARV
- my calculated FMV
- any discrepancy of above with links to prove
- 1099 receipt
- Entry Date
- Win notification date
- Price received date
- Taxable Year
- Proof of win (pic/email/digital confirmation, etc.)
- Prize status (Accepted/ Declined/ Sold)