Hi all,Can anyone point me to documentation that shows you do NOT need to provide a 1099 for every silent auction item 'won' over $600? Finance is asking us to collect appropriate information (including SSN) for any bidders who 'win' an SA item valued $600+ at our gala. I know this isn't the case, but I'm not winning this conversation. I've tried explaining that SA items are not a prize the donor is winning, but I'm in need of additional 'proof' to steer this conversation.Thanks!Steph WilliamsDatabase AdministratorMN Adult & Teen Challenge
Thanks, John. That's exactly the issue I'm running into. I'm struggling with how to effectively push back on the idea of collected SSNs from so many of our auction purchasers. Our VP is interpreting 'prize' to include those auction items.
The only place I could see this potentially existing is if someone wins an SA item for $600+ less than FMV? (i.e. winning bid on a $1000 bike is $250.) - even then, though, is a 1099 required?
We have the raffle portion covered. (we will withhold tax and issue appropriate forms for that. It's a nearly $30,000 car raffle.)
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Unfortunately, no. We're definitely talking about the same silent auction style. She's insisting that if the winning bidder "wins" and gets the item for $600 or more under FMV, we need to provide them with a 1099.