I was on who wants to be a millionaire last summer. Do I file my 1099-misc as self employment income? Do I get to deduct my travel expenses?

[Coleen3 · Accepted solution]

Die they report the income in Box 3? This sounds more like a prize. See the IRS treatment:

Prizes and awards

Subject to certain exceptions, the cash value of prizes or awards won in a drawing, quiz show program, beauty contest, or other event, must be included on the tax return as taxable income.

Taxpayers must also report the fair market value of merchandise or products won as a prize or award, as taxable income.

For example, both a $500 cash prize and the fair market value of a new range won in a baking contest must be reported as other income on Form 1040, Line 21.

If they reported it in Box 7, then it can be included on a Schedule C and you can deduct expenses. See the link below for more information:

https://www.irs.gov/uac/reporting-miscellaneous-income