I won a cash prize at BT before they went belly up. In all, I received well over $600, though they still owed me close to $1000 when they went under. But, I did receive enough that I should get tax forms from them.
My curiosity, though, is whether or not they will. I have never dealt with reporting income without the papers to back it up like this, especially not for a company that no longer exists.
I know I have to report it, it was a $1000 cash prize, as well as gift cards equaling under $300 total from the site that I actually received. What is the deadline for sending that paperwork out to the people who were paid, January 31st, like it is for businesses?
We have a lot of oddball things to consider this year with having bought the house, plus Gather's earnings & Boomertowne's earnings, etc. I'm hoping all the paperwork arrives quickly.
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Comments: 37
I would not hold your breath for anything from them.
If they do sent anything it will be a 1099.
you can pick up a 1099 at your local IRS office or print it from online at the IRS website.
The deadline should be the same, January 31st, however I doubt BT will actually send out any paperwork to you. Since they did so well at keeping their members informed of their financial situation(not) I highly doubt they will do any extra paperwork for you(even that they are required to do).
If you have a ton of other stuff going on, like a new home or a bunch of write-offs, I would consider paying a tax atty. to do your taxes(and take the blame if its not done correctly). That's worth its weight in gold.
Good luck!
Cause, the small guy dressed in red on my shoulder is kind of snickering at that idea. ;)
I have to claim Gather earnings this year, which is a first for me.
Sarina- Technically, even earning a single $25 gift card is enough to claim. You're supposed to claim all online earnings, whether they hit $600 or not.
Good luck!