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02-05-2008, 08:05 AM
| | Junior Member | | Join Date: Feb 2008
Posts: 2
| | | 1099-MISC Deductions
I won a sweepstakes drawing last year. It was a trip to a posh resort, including airfare, some meals, etc.
The company I won the prize from sent a 1099-MISC form.
What deductions, if any, can I write off to minimize the tax on this item? We did pay for the rental car and some other items not covered by the sweepstakes voucher.
I saw in the H&R software that winnings from sweepstakes, gambling and so forth are normally reported on form W-2G, and it allows you to write off losses of the same for the year. |
02-05-2008, 09:03 AM
| | Senior Member | | Join Date: May 2004
Posts: 41,296
| | Quote:
Originally Posted by ljticeman  I won a sweepstakes drawing last year. It was a trip to a posh resort, including airfare, some meals, etc.
The company I won the prize from sent a 1099-MISC form.
What deductions, if any, can I write off to minimize the tax on this item? We did pay for the rental car and some other items not covered by the sweepstakes voucher.
I saw in the H&R software that winnings from sweepstakes, gambling and so forth are normally reported on form W-2G, and it allows you to write off losses of the same for the year. | The only allowable expenses would be costs incurred to enter the sweepstakes.
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in vino veritas |
02-05-2008, 09:16 AM
| | Junior Member | | Join Date: Feb 2008
Posts: 2
| | | Thanks
that is what I thought but wanted to claim all that I could
Iceman |
02-06-2008, 11:07 AM
| | Junior Member | | Join Date: Feb 2008
Posts: 2
| |  Same deal, but...
I similarly won a trip last year and got the 1099-MISC. However, the trip did not include airfare. Can I deduct my air expenses (only choice to reach the island) against the trip value, or a portion thereof? Thank you. (state - NJ)
Last edited by pancak; 02-06-2008 at 11:10 AM.
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02-06-2008, 11:29 AM
| | Member | | Join Date: Jul 2007 Location: Houston, Texas
Posts: 423
| | Quote:
Originally Posted by pancak I similarly won a trip last year and got the 1099-MISC. However, the trip did not include airfare. Can I deduct my air expenses (only choice to reach the island) against the trip value, or a portion thereof? Thank you. (state - NJ) | The forum will not let me just type "no" so I am wasting all these keys strokes to answer a simple "no". |
02-06-2008, 11:31 AM
| | Senior Member | | Join Date: May 2004
Posts: 41,296
| | | Vacation expenses are vacation expenses and are not tax deductible in any way, shape, or form. Just because someone got a portion of their vacation for free, making that taxable income, does not turn any of their other vacation expenses into tax deductions.
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02-06-2008, 11:35 AM
| | Junior Member | | Join Date: Feb 2008
Posts: 2
| | | Thank you for your replies; they are much-appreciated.
Are there situations where expenses would be deductible? Such as, you win a truck but you have to get yourself to Paducah to collect it. Can the travel expenses to claim it be written off? |
02-06-2008, 11:39 AM
| | Senior Member | | Join Date: Mar 2006
Posts: 6,673
| | | If, on the way to Paducah you had an accident and required emergency medical care, *that* would be deductible if you itemized your deductions and the cost of the medical care exceeded 7.5% of your AGI.
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