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geraldandronnie
Returning Member

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

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

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

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

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

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.

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

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

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

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
geraldandronnie
Returning Member

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

Thank You

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

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