I won 100,000 frequent flyer miles last year. The 1099 gave a FMV of $2000. In other words, $500 each for four continental US awards. I thought that was ridiculous, since I could easily get tickets from DC to the west coast for half that amount.

I'm claiming $1000 as the fair market value on my 1040. I did attach west coast air fare quote showing the discrepency, as well as the terms and conditions from other sweepstakes showing a lower FMV. We will see what the IRS says.