Grand Prize - To Skeet or not to Skeet?

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pszychojoe

New member
I was notified by email last night that I was Grand Prize winner in the "Seat with Skeet" contest. The prize consists of travel for one person, one night in a hotel room, fishing with Skeet Reese, and one day of meals. The prize has an ARV of $3,500, which I find hard to believe. Can anyone figure out why it would be that high? Also my fishing experience is limited to a cane pole, cork and worm as a kid (maybe I can teach Skeet how to use it). This is another on my list of strange prizes- but I don't know if I want to pay taxes on a one-night $3,500 trip.

What do my fellow sweepers think?

Good luck all
 
1st congrats on your win! IMO 3500 is not a lot to pay taxes on but it would also depend on your individual tax situation and you should seek tax advice from a professional. The only problem I see is getting a value for the celebrities time. The ARV is only an estimate and depends on your location. The FMV (Fair Market Value) is the actual amount you should pay taxes on. You will likely receive a 1099 for the full 3500 which is why you want to get the actual prices at the time they book (sometimes the reservation paperwork has the actual amount paid). Keep records of the actual cost of the transportation, hotel and meals.

I say if you think you would enjoy yourself, GO. It's a once in a lifetime experience. :)
 
To Skeet or not to Skeet

pszychojoe said:
And I forgot to note - the trip is at a lake at an undisclosed location selected by the sponsor.
Click to expand...

I would say do it. You never know if you do not try & the price is right. The tax should not be that bad if you are able to get a realistic value, & won't be due til next year, so you can save for it. ;o)

Me, always the optimist.
 
If I was a fisherman I would love it but alas I am not so I would pass
 
If it was not for two which would include my hubby and for at least two nights I would turn it down.
 
If you entered the contest in the first place, it must of been something that you wanted to win... right? So take it and have fun.
 
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