I live in Ohio.
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.