I won a watch, retail value $2000 (by guessing the S&P index). The contest organizers indicated that I would be receiving a 1099 form listing the $2000 value (I haven't actually received the 1099). The best price a jewelry dealer will give me is $750. Combining State and Federal taxes on the $2000 comes to about $800. Gee, I'm not so glad I won this watch. I guess if I wanted an $800 watch it wouldn't be so bad, but I am more the $25 watch type. If I sell the watch it will end up costing me $50!Is there some way I can contest the 1099 as not being the fair market value? If so, will I actually have to sell the watch to make the claim.Thanks for any help!
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