Do I accept it or not, that is the question

R

rogareyn

New member
Hi Everyone,

I have a problem I know many wish they had but let me tell you it doesn't feel good.

I received a call today, I am the Grand Prize winner of almost $52,000 worth of Jewelry. I cannot decide whether to accept or not. I will have to sell some for the taxes and I know resale value is way low, with this economy, who knows how low. I know I will have a year to come up with the tax money but we are so broke. I just don't know what to do. Really hate to turn down my biggest win.

Any advice?

Has anyone else had this experience? What did you do? Was it worth it?

I know some are thinking, Well, why did you enter if you couldn't afford to, I was trying for one of the smaller prizes.

Thanks

PS. I am the second person they called, the first turned it down.
 
interesting , if you do accept you would want to get it appraized or get a fair market value on the jewlery as you would use that for taxes, this is a tough one and you would have to have someone willing to buy part of the wins as you stated to prepare for tax time!
 
I guess you could look up the type of jewelry you're getting and see what the resale value is. And, like Z-Car said, make sure you get the arv for the prize for tax purposes.

Maybe you could donate it to a charity and get a tax deduction for it? I don't know if that's legal or not, though, so it's just a suggestion to look into....

Or, just don't accept it and know that your prize that you want is coming around the corner!

Good luck with your decision
 
I know I will have a year to come up with the tax money
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This isn't exactly true. If you owe lots of taxes come next April, you will likely owe a penalty also.

Personally (and this is just my opinion), I would turn it down.
 
I am the Grand Prize winner of almost $52,000 worth of Jewelry
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Jewelry is obscenely over-valued by these presenters.

The real value of this is probably a tenth or less of that. Get the stuff. Go to a local jeweler. Have him assay it for sale value. (ie: What he would give you for it. Which will likely be almost nothing.) Retain the paperwork.

Sell the junk you don't like to friends you don't like at an inflated irrational price. Retain the money to pay the taxes. Keep the stuff you can tolerate.

If you "are so broke" ... that means your income is so low that in most likelihood you would not have to pay any, or very little, in additional taxes. Like most normal folk, if you have a "working" member in the family, you will be overpaying via witholding all through the year and will have that additional amount that could be applied to any tax liability the jewelry might incur.

Or you can turn it down. Then you will have something to complain about for the next 10 years. :laughing: :crazytongue: (And it won't cost you a dime!)



If you owe lots of taxes come next April, you will likely owe a penalty also
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???? :scratch: ???? I highly doubt that this would apply ... for various reasons I don't have time to go into.
 
I weighed all the options, Thanks to those who tried to help. I decided to turn it down.

I know I could have reduced the amount by having appraisals done but there were too many pieces, it would have cost me around $2000 to have them done and personally, I did not think they looked high quality Plus I am not a Jewelry person, My husband won us a $14,000 wedding set last year and that's all I need, in fact, I don't even wear mine. Too afraid to. Now, if it was something we really needed or truly wanted, we would have found a way but for me, this would have been more trouble then it was worth.

I hope they call a SA member who will want it and can afford it.

Good Luck all.

P.S. No, I will not complain for the next 10 years because I know something better is out there and it will be mine when the time is right.
 
Oh boy. Hey I don't even enter any contest for make up or stuff like that that is high-priced.. like those ELLe sweeps! Gosh, even the taxes on stuff like that is way beyond my lifestyle! LOL
 
rogareyn said:
I weighed all the options, Thanks to those who tried to help. I decided to turn it down.

I know I could have reduced the amount by having appraisals done but there were too many pieces, it would have cost me around $2000 to have them done and personally, I did not think they looked high quality Plus I am not a Jewelry person, My husband won us a $14,000 wedding set last year and that's all I need, in fact, I don't even wear mine. Too afraid to. Now, if it was something we really needed or truly wanted, we would have found a way but for me, this would have been more trouble then it was worth.

I hope they call a SA member who will want it and can afford it.

Good Luck all.

P.S. No, I will not complain for the next 10 years because I know something better is out there and it will be mine when the time is right.
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I would have done the same rogareyn - so far, I've lucked out and not won the GP when going for a lesser prize. :whistle:
 
I would have accepted it, revalued it, documented it, and sold it publically and/or to local jewelers that buy jewelry. It would still leave me with a hefty amount of cash in my pocket after taxes.

Note: You owe taxes for the year you "receive" the prize not the year you win it.
 
LIDARKSIDE said:
I would have accepted it, revalued it, documented it, and sold it publically and/or to local jewelers that buy jewelry. It would still leave me with a hefty amount of cash in my pocket after taxes.

Note: You owe taxes for the year you "receive" the prize not the year you win it.
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Too much work for me - LAZY sweeper here, lol!!! :crazytongue: :whistle:

But as usual, you make a good point LDS - If ever I win a car/house/etc., I'm coming straight to you for advice!!! :laughing: :sunny:
 
amyshulk said:
Of course!!! :love: You can have all the ringtones/wallpaper you can handle!!! :laughing: :whistle:
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:laughing:

Which reminds me, I need to go through my "open" prize file and see if any of those music downloads that are over a year old and don't seem to be compatible with anything are still valid! :laughing:

Ringtones and wallpaper automatically go "File 13"! :sleepy:
 
LIDARKSIDE said:
amyshulk said:
Of course!!! :love: You can have all the ringtones/wallpaper you can handle!!! :laughing: :whistle:
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:laughing:

Which reminds me, I need to go through my "open" prize file and see if any of those music downloads that are over a year old and don't seem to be compatible with anything are still valid! :laughing:

Ringtones and wallpaper automatically go "File 13"! :sleepy:
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RE: The round file? Me too :whistle:
 
amyshulk said:
The round file? Me too :whistle:
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Yep! This just got me 3 swag bucks to get a proper definition but wouldn't let me claim it! I hate when that happens! :cussing:

"File 13 refers to a trash can. The phrase is especially used in the U.S. military and is less common outside the United States. In the United Kingdom, for instance, the expression "round file" or "circular file" is more common (in reference to trash cans typically being round). Expressions such as "I'll place that memo in file 13" are often heard in offices as a joking way of saying, 'I'm going to throw away that memo'.

Army Regulation 635-200 (Active Duty Enlisted Administrative Separations) Chapter 13, Separation for Unsatisfactory Performance. When a soldier is removed from the military under this chapter and the paperwork is filed the slang term 'File 13' refers to the action of filing the paperwork. Later, this term was adopted as a way to describe getting rid of a bad person or action. To File 13 paperwork was to get rid of it."

So, does this mean you're from the UK?! :scratch:
 
My son is {he was born when we were stationed in Bermuda} but I got that phrase from when I was in the Navy - I'd never heard "File 13" before??? :scratch:
 
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