FWIW, my CPA says: "Prizes and awards are taxable to the recipient. Whether $1 or free, it can still be a prize/award. The amount included in your income is the fair market value minus your actual cash outlay."
I guess my strategy will be to document the fair market value by finding the absolutely cheapest comparable dates at the hotel. At least that will be more to my advantage than anybody trying to use rack rate.
Upon questioning,
the polite phone rep said these numbers
were being stored in a secure place
accessible by very few people.
Trying to answer my question about possible cancel
and effect on 1099:
He said 1099's will go out in six weeks.
If cancelling after that, he felt confident
there was a way to undo it,
but was not sure about the exact procedure.
I also explained that I could book these seven nights for $107 each,
but the week was valued over $1000 by LMT.
He just said that is the way it is.
Given my low tax rate, I am not so concerned.
Booking the flight to GIG is the main issue whether this works for me.
Just thought I'd let everyone know that I just finished a 6 night stay at the Doubletree Metropolitan Hotel in New York. No problems at check in, and a very nice room.
I don't mind paying the taxes. They will be negligible and far less than the room would have cost at regular rates. Plus, I just don't have the time or energy to stress about it.
Just thought I'd let everyone know that I just finished a 6 night stay at the Doubletree Metropolitan Hotel in New York. No problems at check in, and a very nice room.
I don't mind paying the taxes. They will be negligible and far less than the room would have cost at regular rates. Plus, I just don't have the time or energy to stress about it.
Location: St. Cloud, Minnesota, Next: Isla Mujeres, Mx... Next: Los Angeles Next.. er hopefully somewhere in transit ;)
Programs: Korean Air Morning Calm (ST+), Lufthansa M&M, SPG , Guest Luxuries(Graves 601), United Mileage Plus
Posts: 742
Yes!! that is good to hear.. and sorry for posting while drunk
Quote:
Originally Posted by AdamATL
Just thought I'd let everyone know that I just finished a 6 night stay at the Doubletree Metropolitan Hotel in New York. No problems at check in, and a very nice room.
I don't mind paying the taxes. They will be negligible and far less than the room would have cost at regular rates. Plus, I just don't have the time or energy to stress about it.
Should I ignore the request for the 1099 information?
I would, for now... what are they going to do, cancel the reservation?
I wouldn't put it past them to try to charge something more to your CC if you don't send them the information, but a simple dispute to your CC company with all of the documentation (assuming you've got the terms and conditions, confirmation, etc.) would suffice to have it reversed.
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