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    kerr717's Avatar
    kerr717 Posts: 2, Reputation: 1
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    #1

    Mar 20, 2011, 04:32 AM
    Taxes/Laws associated with sending money to competition winners?
    What are the taxes and laws associated with sending money to winners of a non-gambling related competition? These winners would be from the US, Canada and perhaps from parts of Europe.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Mar 20, 2011, 06:01 AM

    There is no "one answer fits all." Were is the money being sent from, what Country? What type of competition? Gambling, cards?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Mar 21, 2011, 09:19 AM

    If this prize money was coming from the US, any prizes valued at $600 or more must be reported using the 1099-MISC form. I bet that Canada has a similar rule, but since this forum is dedicated to US tax questions you may not receive a specific answer here.

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