This topic is very interesting to me as I won a contest recently with the prize being 1 million worldperks miles. The sponsor of the contest placed an ARV of $25,000 on the miles. Recently I noticed another contest from a different sponsor with a prize of 3 million miles with an ARV of $45,000. When I file my taxes next year...what should I use as the real value... The IRS does allow you to prove that the value of a prize is less than the sponsors 1099 shows....Any thoughts before I contact a tax attorney??