How to treat gift income on tax return

[Anonymous]

Wondering how to handle this. Received a smartphone as a prize in a contest. Didn't need it so I sold it on Ebay. How, if at all, do I treat it on my tax return?

[Anonymous]

This is not "gift" income. This is a prize - google it for more info. It should go under "other miscellaneous income items". Did you get a 1099 for its value?

[Anonymous]

No 1099.

[Anonymous]

I didn't think you had to report gift income, of any amount.

[Anonymous]

Yep, not a gift. It's a prize. You should report it as miscellaneous prize income. You don't need a 1099 to do so. No one is going to issue a 1099 for every $10 door prize, but technically you are required to report it as income.

[Anonymous]

You won't get a 1099 unless the value is 600 bucks or more. But you are atill supposed to report it. You report the retail value which might not be what you sold it for.

[Anonymous]

$0 unless you get a 1099.