Biggest Prize to Date ARV $1,100!

L

liltray1984

Member
I won the mycokerewards MyCokeRewards.com - Diet Coke Sweepstakes Extraordinary Stay Westin Sweepstakes!!

YAY!! Biggest win to date and we are super excited but I'm trying to figure out how they came up with the ARV...can someone help? From what I can tell we won a friday and saturday night stay at a westin and a year supply of diet coke (52 coupons for a 12 pack). The rooms I looked up online are going for $140 a night on Friday and Saturday, No way that the coke is going to be worth more than $800....can someone shed some light for me?
 
:sunny: Congratulations on the fantastic win! Don't buy soda, so I have no idea what it costs. You can always contact them to find out how they came up with the ARV.
 
I won a Vegas trip last year and the ARV seemed at least 300-400 too high. I'd certainly ask them for the breakdown for tax purposes. Enjoy your trip and congrats! Oh and enjoy the soda - I'm a Diet Coke addict :laughing:
 
wonderful win!!congrats. :headbang:.they must be pricing their coke at top dollar not sale prices that happen every week.read if you have proof like the hotel rates or proof of prices of coke you can claim that amount instead of their arv..seems like alot of sweeps r out there with their arv
 
http://www.sweepstakesplus.com/smf/arv-and-your-taxes-ty-to-lidarkside-t50686.0.html

Amy Shulkusky said:
Information courtesy of this link ~ http://contests.about.com/od/taxesfinances/ht/FMVvsARV.htm

When you win a sweepstakes prize, you are only required by the IRS to report the fair market value (FMV), not the sponsor's approximate retail value (ARV); but how do you go about finding out what the FMV is and how do you handle the difference on your taxes? Find out here.

http://contests.about.com/od/taxesfinances/ht/FMVvsARV.htm
Click to expand...
 
They are probably using the highest possible rate for the room - maybe a holiday or big event rate in a city such as NYC. I would guess $6 for a 12 pack of coke on the high side.

Congrats!
 
Room rates vary so much, depending on the time of year and especially the location. Those estimates (just like when they estimate plane fares) are guesses assuming you'll choose the high end. But for taxes, you on;y want to ay in what your prize is actually worth, of course!
 
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