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Message: [QUOTE="willie99, post: 3964896, member: 192"] I'm going to suggest you start with reporting the full amount on your 1099. Any discrepancy will be snagged by the IRS computers when they're reconciling third party reporting (albeit 12 to 18 months later) Then subtract the amount to believe is necessary to reflect FMV. 22,000 gross - 12,000 FMV adjustment for prize. Keep your calculations for a few years. I've taken this approach a couple of times over the years. I'm never afraid to defend a reasonable position. [/QUOTE]