• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Tax Question about PLASMA TV

F

FFactory0x

Diamond Member
I won a Panasonic Plasma TV in June 2006.

http://www.newegg.com/Product/Product.asp?Item=N82E16824187064

I had to submit a W9 and today recieved my 1099.

The place claimed the TV as $2000 which is completely ridiculous as even in June it could have been had for around $1000-1200.

The MSRP is 1799 and even thats under 2k.

Is there a way to claim a lower depriciated value for the Plasma such as a using a pricing chart from Nextag, using current price or somehow finding out a price for the item in June
 
Originally posted by: FFactory0x
I won a Panasonic Plasma TV in June 2006.

http://www.newegg.com/Product/Product.asp?Item=N82E16824187064

I had to submit a W9 and today recieved my 1099.

The place claimed the TV as $2000 which is completely ridiculous as even in June it could have been had for around $1000-1200.

The MSRP is 1799 and even thats under 2k.

Is there a way to claim a lower depriciated value for the Plasma such as a using a pricing chart from Nextag, using current price or somehow finding out a price for the item in June
Click to expand...


How much was it in June ????

Pay the taxes you cheapskate

 
Originally posted by: tfinch2
MSRP
Click to expand...

Actually that got me thinking. What happens when people win cars and have to claim them on taxes? I'm sure they have to pay tax on the MSRP. No way they could say "I could get this for $2000 less from Dealer A and B."

edit: when win whin
 
I think under law you have to claim what they company paid for it. Ask for a receipt for what they paid for it from them and whatever that says, you put on your taxes as income (likely much lower than 2k). To do anything else, I think would be a violation.

This also goes for them, if they didn't pay 2k for it, they can't legally say it is worth 2k when they file it as an expense.

edit: You also might be able to claim depreciation from the date you were awarded the prize until the end of the year as a loss of income.
 
the 1099 went to the IRS, you can't negotiate, you gotta pay on what was reported to the IRS
 
You must log in or register to reply here.
Back
Top