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1099-MISC

I participated in a usability study at Microsoft. They gave me a piece of software as gratuity. They have mailed me a

1099-MISC form that has the gift (listed as "other income") worth $799.00. I did not open the gift, I instead sold it on ebay for $350.00. I would like to pay taxes only on the $350.00 (which is what I believe the software is really worth anyway). Since the IRS knows I "made $799.00", how do I remedy this when I file my taxes? My guess (but I know little about taxes) is to:

  1. fill out 9.00 on the 1099-MISC form.

  1. Fill out a Schedule C that lists a loss (under "Other Exp.") of 9.

Thanks in advance for help!

Felix

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felix
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Do not report on schedule c unless you're in business and this was business related. However, even though it may not have had a street value of

799, it's value may have been more than the 350 you actually got. Notice I said "street value"? Check the web and stores to find the rock bottom "street" price and report that on your 1040. ChEAr$, Harlan Lunsford, EA n LA
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hlunsford

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