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TMFPMarti writes (in part):

I'll go out on a limb here and say that noncash prizes are always overvalued on the 1099.

I reply:

That's been my experience as well. In 2002, I won a four-day, three-night trip for two to Disney World. Fortunately, I already knew enough to know that I did not need to blindly accept the price set forth on the 1099. I asked my wife to go onto Priceline to determine how much the airfare and hotel room would have cost had we made the purchase ourselves. We documented her findings, and those are the figures we used on our taxes. So far, we haven't heard a peep from either the IRS or the Franchise Tax Board. --Bob
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