I entered a drawing and won tickets to a soccer match last year. I accepted the tickets but was unable to attend the game. I did receive a 1099MISC for the Fair Market Value of the tickets ($1,200). Since I never used the prize, may I ask the business to file a correction for the 1099?
@beth8374 wrote:
I accepted the tickets but was unable to attend the game.
Unfortunately, that is the key here; you accepted the tickets.
@beth8374 wrote:
I accepted the tickets but was unable to attend the game.
Unfortunately, that is the key here; you accepted the tickets.
this is from an IRS website
You must include in your income the non-cash prize or award. Prizes and awards in goods or services must be included in your income at their fair market value. You must report this income on the appropriate other income line of Schedule 1.
If you refuse to accept a prize, do not include its value in your income.
I agree with the other responses, the best approach is to "not accept" the prize. Just because you did not enjoy the prize, it was never the less constructively received by you. Best approach would be to reject the prize and send it back. Unfortunately the date has probably past and the tickets are worthless now. I suspect you have no choice but to report it.