I've entered this one every day, and gotten an email confirmation each day as well.

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I'm a bit of a contest nut...not a CPA...but having won travel and other prizes in the past, I do know the following:

* sponsors will generally issue a 1099 for any prize valued at over $600.

* if the imputed value of the prize is greater than you believe a reasonable person could obtain in the open market, then you are free to declare a lesser value in your income tax filing.

The key, according to my CPA, is to print some backup info supporting your claim. I'm still waiting for a 1099 from Warner Bros. for a two-week China tour I won last year, but I've saved price lists and airfare quotes for the same itinerary that my prize included.

It can be more problematic when the prize is a unique item or service (like the Webblyer 12 days prize that includes some NYC Freddy-related festivities) where a "market value" is harder to support. If you win, say, Superman's original cape, and the sponsor gives you a 1099 indicating some outlandish value, then you can sell it through eBay or Christie's, and the sales price realized through a legitimate arms-length transaction would seem like a reasonable proof. But the (happy...if you are the winner!) problem in supporting a lesser than stated value for this Concorde prize...as a result of it not accruing FF miles or other "less than retail" issues, may speak to an area you don't wanna go if you're audited. I mean, who wants to start attributing a value on FF miles during an audit?

I guess it's only a problem *if* you get audited...along with any other stuff that an audit may drag up.