I would challenge that value if I won. Posted by: atentries on March 25, 2024 |
From the Official Rules: Prize must be redeemed before October 31, 2024. atentries - how does one challenge the value of a sweepstakes prize, especially if, by entering, you are agreeing to the sponsor s rules? Do you challenge it with the Sponsor, or with the IRS? I m not entering because of the redemption date. I m just curious. Posted by: Mariatini on March 25, 2024 |
$50,000 doesn't seem excessive when you factor in it is for 6 people with a private chef, mixologist, luxury accommodations, etc. Posted by: Robin24 on March 25, 2024 |
As the winner in US I would end up paying 15-20K in taxes for that prize. Not worth it to me unless the 5 people I took each gave me 3K+. :) Do I know 5 other people that would want to do that or would want to? I think I would try to talk them into cash alternative vs taking the trip. Posted by: gisinil on March 25, 2024 |
Also "Winner s travel companions must be twenty-one (21) years of age or older at the time of departure" I wouldn't be able to make it a family trip with my kids so I'm out anyway Posted by: Serinacj99 on March 25, 2024 |
Last year I won a trip and questioned its value. I talked to my tax preparer and I think there's a form or place on a form where you can state the actual value.(You'd probably need proof of that.) I ended up not contesting the value. Posted by: knitwit on March 25, 2024 |
I won a Jeep in 2005, the Sweeps listed the arv $25K, however this was at a time when prices were falling due to economic downturn, and I asked 2 dealers what the actual cost was and both told me the same number, which was $6K under the stated $, and I sent in both documents to the IRS and they conceded to the lesser ARV Posted by: crandreww on March 26, 2024 |
Unless it was cash or a gift card, I have never paid tax on what the 1099 says. You just need to keep copies of documentation of what it would have cost you to book the trip yourself. If it is an item such as a TV, you just print out the lowest price you could find online and that it what you put. You would write FMV on the other income line. Posted by: Robin24 on March 26, 2024 |
50K for 3 nights seems excessive. Posted by: jilltonja on March 26, 2024 |
I don't know 5 people that I like enough to take on a trip like this, and I wouldn't want to go with my adult (but under 21) child. I know many have talked sponsors into adjusting the 1099, negotiated the prize or documented the real value for tax purposes. For me, this one is not worth the headache. GLTA Posted by: Sweeps2021 on March 26, 2024 |
I am just happy to learn I am not the only sweeper that skips some sweeps because the taxes would be to much! lol Posted by: tomasswins on March 26, 2024 |
tomasswins, sadly there are MANY sweepstakes hobbyists that never give it a single thought. There are also many that are misinformed and believe that they're not obligated to pay taxes on prizes valued below $600. They're the same people that believe the IRS is hiring 80k people to go after millionaires and billionaires. Posted by: Sweeps2021 on March 26, 2024 |
I've added up actual value, printed the documentation and sent that to both the IRS and the sweepstakes company when I file taxes. So far, so good. Posted by: heyfunnymom on March 26, 2024 |
Nowhere does it list the "Planned excursions" and "unforgettable experiences" for you and your group Posted by: stacytracy on March 26, 2024 |