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GSSF and Tax Information?

Discussion in 'GSSF' started by km625, Jan 18, 2006.

  1. km625

    km625

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    For those who've done this before...

    1 - How promptly does Glock mail out the year-end W-whatever form detailing taxable winnings from GSSF matches?

    2 - What cash value (for tax purposes) does Glock assign to a pistol certificate?

    Curious and waiting....

    kmorris
    marcellus, ny usa
     
  2. DannyR

    DannyR Moderator Millennium Member

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    Glock is required by law to have the 1099's in the mail no lateer than January 31.
     

  3. Maxthemutt

    Maxthemutt

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    I believe they value the pistol at $450.
     
  4. Willard

    Willard Who, me?

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    BTW, Glock doesn't have to issue a 1099 unless the total value of prizes awarded this year (to you) exceeds $600. So, if you won one pistol certificate, no 1099. If you won two (or some other combination of prizes totalling >$600), _then_ you get a 1099.
     
  5. FESTUS

    FESTUS Horse Whisperer

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    And remember...if you start to get in the money,start collecting receipts for that trip....gas/oil...wear and tear on the vehicle,food,hotel rooms etc. to spend $400.00 for a match is not unique....it may be nearer the norm.;f