Tax

[lucincia]

So, with all these dreams getting granted, when does one have to start reporting them on taxes. Not talking about Fast Passes or anything like that, but things with monetary values.

When does Disney start filling out the paperworks for you?

Just curious. No, I have not won anything yet

 

[OhMari]

The prize value has to be above $600 before you have to declare it on your taxes. So I don't think my Mickey ears or Laynard cost $600. I think the castle stay is slightly less than $600 too.

 

[disneyw/kids]

My daughter won the $500 shopping spree and in all of the paperwork it stated it had to be over $600 to claim on taxes.

 

[momlificient]

Mmm - I am not sure if you don't have to report it. But *disney* doesn't have to legally report it unless it is a payment or a prize valued over $600. Anything over $600 they would have to issues 1099 Misc form to the IRS.

There is a line item on your tax return for gambling winnings and misc income. But it is, of coure, up to you wether or not to report it seeing as Disney will not.