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Poll! Laugh or Cry? My fiancee might win a car.

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Originally posted by: kranky
I know I've read about people challenging for tax reasons the "official" value of prizes they had won. For example, let's say you win $10,000 of furniture at your local store. The store, interested in minimizing their out-of-pocket cost, says you can have $10,000 retail value of furniture because that might cost them only about $3,000. You show that the store routinely runs 40% off or buy-one-get-one-free sales, making the real value of the prize about $6,000 because no one ever pays full retail for furniture, or needs to.

Even if there's a 1099, that doesn't mean it can't be challenged when it's for an item (not cash) where the 1099 issuer is the sole decision-maker regarding value, without anything to back it up. With some documentation to back up your position, you would probably win.
Click to expand...

I found some similar stories and I also looked up the US Tax Code and determined that it doesn't matter what the contest organizer claims is the "actual retail value," you are only responsible for "fair market value."

Nonetheless, it's all moot since she didn't win the car. With 4 no-shows, the odds were 1:26 which isn't too bad. The guy that won the car was from my hometown which is an interesting coincidence. The car looked much nicer in person than it did in the pictures on the website, and the paint job which fades from black at the bottom to silver at the top looks really nice. Maybe I should get my Civic repainted 😀

Some pics if anyone cares.
 
h22 engine swap 😀
hehe..
with just rims, and a powerful engine, that car would be fine... but it's too busy thats for sure.
 
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