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Business & farm
It depends. Is this his profession? Does he do this to earn a living or is it a hobby? Did he just win as a one-off type of situation?
Prizes and awards are entered in Box 3.
Box 3. Other Income Enter other income of $600 or more required to be reported on Form 1099-MISC that is not reportable in one of the other boxes on the form. Also enter in box 3 prizes and awards that are not for services performed. Include the fair market value (FMV) of merchandise won on game shows. Also include amounts paid to a winner of a sweepstakes not involving a wager. If a wager is made, report the winnings on Form W-2G.
Non-employee Compensation is entered in Box 7.
‎February 11, 2020
11:09 AM