They legal have to send a 1099-MISC for prizes totaling over $600 in a single year.
Is $6000 what the seller is held to, tax wise, if FMV turns out to actually be $2500?
i.e. do you get a tax bill for $6000 which you can then offset with a loss of $3500 when you sell for $2500...thus you're really only on the hook for the tax on $2500, which was your true benefit?
I know that Bjorn Nyland has a problem with this (nice problem) in that he has won 3 different teslas on referral programs, and Norway taxes them as income in your hands in effect.
his Model X he owed a significant tax bill, and will in fact need to sell his P90DL Model S that he won which he hasn't even taken delivery of as of yet. He asked Tesla to defer delivery on the Model S prize so that he wouldn't have both the Model X and Model S in the same tax year. Interestingly I wonder if it will now be a P100DL since Tesla doesn't make the P90D anymore.
So when his Model S comes, he needs to immediately sell it, and then turnover most of the value received to the government as tax on both cars' value. Assume siimilar price for both cars and 40% tax at that level, he'd owe 80% of the value of the Model S away, which here in north america would be $120,000-130,000
He has recently won a roadster 2020 so he'll have this same 'problem' again. I would love to have this problem, just to be clear.