I entered and won a college education sweepstakes. The check was dated in Dec. but the letter that accompanied the check was dated in Jan. and we didn't receive it until the the second week in Jan. Anyone know which tax year we will have to claim the prize as income? 2007 or 2008?
Taxes on sweepstakes winnings?
The best way to find the right answer is to call your local IRS office. Call both the federal office and your state office. And depending on which city you live, you might or might not have to pay city taxes...if yes, give these folks a call too.
Congratulations on your winnings.
Reply:If the check was dated 2007 it would be 2007 income. You should be getting a 1099 for the amount.
Congratulations!
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