Thank goodness for turbotax. I've been procrastinating because I never did receive a 1099 from Pepsi for the Play for a Billion Weekend prize. On one of the forms that I signed & had notarized, it did state that the taxable value of the prize was $3500.
It was a great party, but it wasn't worth $3500. =)
I found out I could declare the fair market value of the prize and I'm thinking it was less than half. (2 air fares from Oakland to LA will run you less than $200/per person, 3 nights stay at standard hotel will run way less than $200/night, and there was lots of food and all the dp I could drink. Got a t-shirt, a beach bag, beach towel, water bottle, pack of cards and a couple of one use cameras. Also an engraved "star" paperweight, "walk of fame" mat & star. So I went ahead and declared the fair market value of the trip at $1750. Fudge factor. I'd rather pay more than get zapped.
So, here I sit, waiting for my forms to print so I can do a final proof.