I recently won a Truck and Motorcycle in a sweepstakes run by Ford and Harley-Davidson. The approximate retail value for the two of them, according to the contest rules, is a bit over $53,000.
I plan to sell them asap, but expect to get quite a bit less than $53,000. Yet I believe that Ford will be sending me a 1099 for the ARV of the vehicles. Is there any way I can either deduct the difference between the ARV and what I sell them for or claim income only based on what I sell them for?
Otherwise I'm likely to spend at least half the selling price paying income tax on more income than I ever received.
Can I be nosey & ask if you weren't going to keep them, why did you enter? I'd at least keep the truck..
I am always filling out contest forms, that's why I am courious.
AND believe it or not, I was looking to post a very similiar question. I won $$$ from an online survey site (YES you can win!! )
and wondereed if I could use my losing lottery tickets. But since I didn't pay anything to enter (except my monthly ISP charges!!) I guess this will also just be added to my income.
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