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1099 Tax Reporting Required for Drawing Winners?

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Question: 
We would like to give away $20.00/$100.00 gift certificates for our 100 year anniversary that is coming up. It would be a no strings attached drawing. Would we need to do 1099 tax reporting on the winners?
Answer: 

Only if the value that an individual received was at least $600 in a calendar year. See the instructions for the IRS Form 1099MISC.

First published on 02/03/2014

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