topic Solved in comments. in Deductions & credits

Where do I report a vehicle I won valued at $20,000?

geraldandronnie — Thu, 06 Jun 2019 10:15:51 GMT

Did you receive a Form 1099-MISC with the value of the pr...

DoninGA — Thu, 06 Jun 2019 10:15:53 GMT

Did you receive a Form 1099-MISC with the value of the prize shown in box 3 of the form?

I just won the vehicle and was told that they would be se...

geraldandronnie — Thu, 06 Jun 2019 10:15:54 GMT

I just won the vehicle and was told that they would be sending a 1099. Not sure where the value of the prize will be listed.

Then you will report it on your 2017 tax return. But you...

SweetieJean — Thu, 06 Jun 2019 10:15:56 GMT

Then you will report it on your 2017 tax return. But you may wish to make an estimated tax payment.

So you will be reporting this prize on your 2017 tax retu...

DoninGA — Thu, 06 Jun 2019 10:15:57 GMT

So you will be reporting this prize on your 2017 tax return next year if the prize was received in 2017. The fair market value of the vehicle can be used and reported on Form 1040 Line 21 as Miscellaneous Income.
You can get the FMV from websites such as Edmunds or NADA

Thank You

geraldandronnie — Thu, 06 Jun 2019 10:15:59 GMT

Thank You

Solved in comments.

SweetieJean — Thu, 06 Jun 2019 10:16:00 GMT

Solved in comments.