Sales Award / Taxes
mrbill
89 Posts
This is a question that combines benefits & taxes (which is a very useful combination).
Tax Client received a 1099 (for 2001) for a $3,500 sales prize, which was a cruise. Company paid the cruise line. Cruise had to be taken no later than March, 2002. Client was unable to take the cruise. Cruise Company is saying "sorry - no extension", even though they have received $3,500 from client's parent company. Can the client avoid including $3,500 as income ?
Has anyone had experience with awards not taken for which a 1099 was issued ?
Thanks,
Tax Client received a 1099 (for 2001) for a $3,500 sales prize, which was a cruise. Company paid the cruise line. Cruise had to be taken no later than March, 2002. Client was unable to take the cruise. Cruise Company is saying "sorry - no extension", even though they have received $3,500 from client's parent company. Can the client avoid including $3,500 as income ?
Has anyone had experience with awards not taken for which a 1099 was issued ?
Thanks,
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