Difference between actual and stated prize value.

[radi8r]

I don't want to be considered unappreciative after getting a prize but when I sign the forms for a prize that is valued at 750.00 and then I get a prize that doesn't even have a MSRP of half that I question why. When I opened my "Prize Pack" I knew without a doubt there was either something missing or someone was overstating their position. I took the prizes and individually looked up the Retail/List or MSRP of each item, which is generally higher than you would ever have to pay, and added these together and came up with almost half of the stated 750.00 that was claimed as the value of the prize pack. With anything under 600.00 (my understanding) there should be no requirement of a 1099 and this prize fell way under 600.00.

Any suggestions how to handle this? I have been an avid sweepstakes participant for many years and I have had many prizes that I have had to add to my taxes and I have never won a prize that I questioned the value of but this was just to obviously not what it was claimed to be.

 

[arrtup3]

I don't have any suggestions, just shared experience and I can understand your disappointment and frustration.

Often, the rules cover things like prize substitution etc. so the value could be different, to some extent.

You have already document the current value of the prizes you received, so print, bookmark or save copies in case you do receive a 1099.

 

[amyshulk]

This one, right:

Congrats, out of all the submission for your state, yours rose to the top. You’ve now earned the official title of Ambassador of Filth for your state. But that’s not all. You’ve also got a $750 Outside Prize Pack heading your way. Plus, you’re going to be highlighted in an upcoming issue of Outside Magazine.

That was the greeting in the email I received today. Can't wait to see what's in the Outside Prize Pack.

The next phase of the contest has a new Jeep as the prize.

Second big win this year along with several smaller prizes. This is really shaping up to be a great year sweeping.

I think I found the fudge factor:

Plus, you’re going to be highlighted in an upcoming issue of Outside Magazine.

They can, {and probably did} assign an arbitrary ARV amount to this and since only they can determine the worth...