<< My 9 year old son won a trip valued at $2,500. WE recieved a 1099-Misc form. Should we file this with our taxes or a file separate for him? >>1. Regardless of where it winds up, make sure that it's really worth $2,500. It's not unheard of for prizes to be overvalued.2. Because of your emphasis on "we," I assume it's not your son's SSN that's on the 1099. In that case you're likely to get an inquiry down the road from the IRS if you don't include it on your return. (That doesn't mean you should include it, just keep your records so you can easily respond.)3. Who really won the prize? If it was your son, you should file a return for him and report it there.Phil MartiTax Preparer
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