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-   -   WON Etopps fantasy football league (http://www.blowoutcards.com/forums/ebay-comc-online-selling-shows-paypal-shipping/236851-won-etopps-fantasy-football-league.html)

jetscollector10 01-02-2012 10:11 AM

WON Etopps fantasy football league
 
Hey all,
I'm pretty excited as I won the Etopps fantasy football league(user spauthentic) and SHOULD be getting a 18 box case of 2011 topps triple threads football.

I was just curious as to how this affects me with taxes. I have to submit a form before i get the prize. Do I get deducted, or does it come in play when I file at the end of the year? they have the value at 2500$?

Anyways, I can't wait to open these, and hopefully topps comes through and does it quickly and efficiently.

Any other winners on here?

TASS 01-02-2012 10:56 AM

[QUOTE=jetscollector10;2040688]Hey all,
I'm pretty excited as I won the Etopps fantasy football league(user spauthentic) and SHOULD be getting a 18 box case of 2011 topps triple threads football.

I was just curious as to how this affects me with taxes. I have to submit a form before i get the prize. Do I get deducted, or does it come in play when I file at the end of the year? they have the value at 2500$?

Anyways, I can't wait to open these, and hopefully topps comes through and does it quickly and efficiently.

Any other winners on here?[/QUOTE]

If you gift the CASE to me it will not effect your year end taxes ;)

mwheeler27 01-02-2012 01:18 PM

Congrats on the win!

Andrew Jones 01-02-2012 02:48 PM

Topps will issue a 1099 to you and you'll have to report the value Topps assigns to the prize as income on your tax return. As with most 1099 income, nothing is withheld up front.

jetscollector10 01-02-2012 06:06 PM

thanks for the comments guys. i'll keep updating as more comes in. It takes a while to get final standings/scoring and prize.

iluvfish2 01-02-2012 06:11 PM

Yep. Nothing is withheld and you'll have to sign and send in all of their forms before you get your prize.

Congrats

If I remember correctly I did dispute the value of their prize (07 Bowman Sterling FB case) when I won back in the day. I forgot what they claimed the price was but I took the current market value and not their retail value for my taxes. Not sure if this is/was illegal back when I did it, maybe someone else knows if you have to use the declared price or not.

mikey121581 01-03-2012 10:33 PM

better check again......check the etopps forums.....

jetscollector10 01-04-2012 08:54 AM

[QUOTE=mikey121581;2047494]better check again......check the etopps forums.....[/QUOTE]

I saw. I'm working on it.

who765 01-07-2012 09:00 PM

Congratulations. Nice Win.

HadWayTooMuch 01-15-2012 04:57 PM

Were you one of the guys that was able to use certain player cards more than once?


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