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Deductions & credits
from IRS reg 1.74-1(a)
(2) If the prize or award is not made in money but is made in goods or services, the fair market value of the goods or services is the amount to be included in income.
see this thread about determining FMV
https://www.taxcpe.com/blogs/news/tax-consequences-of-noncash-prizes
‎September 7, 2023
10:57 PM