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Do I have to pay taxes?


If you earn money in any way through WinWinLabs system, then you will be considered an independent contractor, and for incomes over $600 we will submit a 1099 to the IRS in your name.
 

Example 1: Within 1 year you donate $100 to the Cancer Society, and win a $600 prize in a game. That is a $500 net income, and you will not receive a 1099. However, you are still obligated to claim your $500 income with the IRS and pay taxes.
 

Example 2: You estimate the value of a motorcycle to be $10,000, and you offer it as a prize in a fundraiser. The fundraiser is very successful, and you earn $15,000 for the motorcycle. You will be liable for the difference in value that you would receive in an open market and the value received, in this case $5,000.
 

Disclaimer: This is not tax advice, please consult with your tax professional for specifics to your situation.



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