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Financial Planning / Tax Strategies


Subject:  Re: Prize Winner (loser?) Date:  2/21/1998  1:41 PM
Author:  kmannion Number:  2151 of 127753

My daughter won a trip to Paris - with a specified value. After reviewing the tax laws, we asked a travel agent to price the exact same cost of flight, hotel, etc. A letter which outlined these costs was attached to her tax return, and she reported and paid tax on the cost as if she had booked and arranged for the vacation herself. Needless to say, the chances of her going to Paris otherwise were nonexistant.
Now, if I am only so lucky to win a similar prize!

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