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Author: wrjohnston91283 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124138  
Subject: Interest on a free phone Date: 7/16/2006 9:32 AM
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I recentley received a free PDA phone from my brokerage. I was wondering if anyone knew if / what amount these sort of things get reported to the IRS as interest. It's compatable only with Verizon, and Verizon sells it for $400 if you don't activate it (I didn't). I turned around and sold the phone for $280. If my brokerage reports it as $400 (or higher, you can get them from PALM for up to $600) would I be able to just report it on my 1040 next spring as what I sold it for (which I feel was its true value). I know that my number will not match up with the the brokerage reports, but I have the auction info saved to back up my claim.

Or am I going to get myself into a hassle thats not worth the $36 in tax savings?

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