I won a new Ipad mini, hockey tickets, and a new Xbox video game, which I immediately sold. Where would I put the money I made from these items on my return?
I sold each of these items for less than face value, but was not sure exactly where to put the earnings. Also, I assumed that I would put the amount I sold them for, but perhaps that is not the case.
The following link should help you. Did you receive a 1099 to report the prize on your tax return? If so, that would be your cost. Your income, if you are required to report, would be the actual amount your sold the items for.
I did not receive a 1099 to report the prize. I appreciate the link and will review. I assumed I had to report this regardless of whether I got a 1099. Thanks for taking the time to help.
