Grand Prize - Yuengling Victory Lane Sweeps

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msawesomepants

Member
This is my biggest win ARV-wise to date, & my husband is beyond thrilled to say the least! It's very out of my element, but I'm sure it'll be a super great time!

I have no idea what EXACTLY I've won though, which made me a bit skeptical on even wanting to claim it for tax reasons. It's valued at $2500, but all of the rules (and even claim documents!) are super vague. TWO 4 day Supertickets to attend the Sebring International Raceway March 13-16 & "other exciting VIP opportunities." Even the craziest tickets I could find (assuming I'm correct, as the sponsor is mentioned) were $245 each, so... who knows?


Either way, winning ANYTHING is always super awesome & I'm excited to experience this crazy whirlwind that I'd never normally have done!
 
msawesomepants said:
This is my biggest win ARV-wise to date, & my husband is beyond thrilled to say the least! It's very out of my element, but I'm sure it'll be a super great time!

I have no idea what EXACTLY I've won though, which made me a bit skeptical on even wanting to claim it for tax reasons. It's valued at $2500, but all of the rules (and even claim documents!) are super vague. TWO 4 day Supertickets to attend the Sebring International Raceway March 13-16 & "other exciting VIP opportunities." Even the craziest tickets I could find (assuming I'm correct, as the sponsor is mentioned) were $245 each, so... who knows?


Either way, winning ANYTHING is always super awesome & I'm excited to experience this crazy whirlwind that I'd never normally have done!
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msawesomepants CONGRATS!!!

I can't find the expired listing so I can't check the rules :confused:
 
I'm a tax accountant. You do not have to pay taxes on the ARV of the prize! You only have to pay taxes on the fair market value of what you received at the time that you received it. Prize values are often overstated... For example, if you won a car you could find out from the prize distributor what their actual cost is in the car and pay taxes on that versus MSRP. Just keep track of everything they gave you and take screen shots of what the value was of whatever you received at the time you take possession. You do not have to claim the amount that they put on your 1099. You can put it your own value just make sure you have the data to back it up. Tell them you want them to substantiate the ARV of your prize with a line item breakdown. You can always ask them to reduce the ARV if you feel it is overstated.
 
ty for validating the tax advice geekgoddess - I quoted you to the stickied in the Questions & Answers Forum

Thread: ***ARV and your taxes*** {TY to LIDARKSIDE}

amyshulk said:
Information courtesy of this link ~ How to Dispute an ARV on Your Sweepstakes Taxes

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.

How to Dispute an ARV on Your Sweepstakes Taxes
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geekgoddess said:
I'm a tax accountant. You do not have to pay taxes on the ARV of the prize! You only have to pay taxes on the fair market value of what you received at the time that you received it. Prize values are often overstated... For example, if you won a car you could find out from the prize distributor what their actual cost is in the car and pay taxes on that versus MSRP. Just keep track of everything they gave you and take screen shots of what the value was of whatever you received at the time you take possession. You do not have to claim the amount that they put on your 1099. You can put it your own value just make sure you have the data to back it up. Tell them you want them to substantiate the ARV of your prize with a line item breakdown. You can always ask them to reduce the ARV if you feel it is overstated.
Click to expand...
 
msawesomepants said:
This is my biggest win ARV-wise to date, & my husband is beyond thrilled to say the least! It's very out of my element, but I'm sure it'll be a super great time!

I have no idea what EXACTLY I've won though, which made me a bit skeptical on even wanting to claim it for tax reasons. It's valued at $2500, but all of the rules (and even claim documents!) are super vague. TWO 4 day Supertickets to attend the Sebring International Raceway March 13-16 & "other exciting VIP opportunities." Even the craziest tickets I could find (assuming I'm correct, as the sponsor is mentioned) were $245 each, so... who knows?


Either way, winning ANYTHING is always super awesome & I'm excited to experience this crazy whirlwind that I'd never normally have done!
Click to expand...

Hello and Congratulations! That's an awesome win! We also won a prize of two Supertickets!! Sadly, we were not able to accept ours for health reasons. One thing I did note that mine ended up in our spam folder and it was too late to claim as they only gave us one day. I looked all over for the rules but finally found them here. Hope this helps you!! https://www.yuenglingvictorysweeps.com/rules.html
 
msawesomepants said:
This is my biggest win ARV-wise to date, & my husband is beyond thrilled to say the least! It's very out of my element, but I'm sure it'll be a super great time!

I have no idea what EXACTLY I've won though, which made me a bit skeptical on even wanting to claim it for tax reasons. It's valued at $2500, but all of the rules (and even claim documents!) are super vague. TWO 4 day Supertickets to attend the Sebring International Raceway March 13-16 & "other exciting VIP opportunities." Even the craziest tickets I could find (assuming I'm correct, as the sponsor is mentioned) were $245 each, so... who knows?


Either way, winning ANYTHING is always super awesome & I'm excited to experience this crazy whirlwind that I'd never normally have done!
Click to expand...


[FONT=&quot]ONE (1) Grand Prize Winner will be selected at random to receive TWO (2) 4-day Supertickets to Sebring International Raceway, VIP opportunities AND ONE (1) $1,500.00 gift card with an Approximate Retail Value of $4,000.00.


I found what you were looking for!! Congrats sweet win!![/FONT]
 
Sometimes when you win a trip the ARV is based on the farthest you would have to travel (like from CA to FL). If you only fly from GA, the actual cost is going to be a lot less. So trips often have inflated ARV's.
 
guruwan2b - absolutely! Which is why it's so important to have your ducks in a row!

guruwan2b said:
Sometimes when you win a trip the ARV is based on the farthest you would have to travel (like from CA to FL). If you only fly from GA, the actual cost is going to be a lot less. So trips often have inflated ARV's.
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General TIP: ARV's of Trip prizes with airfare are predicated on the furthest/costliest travel & you are only required by the IRS to report the fair market value (FMV), not the sponsor's (ARV) - you may NOT have to pay taxes on the ARV they list IF you do a little homework
 
So, apparently this “$2500 ARV” didn’t really include anything.

I’m here having an absolute blast, but so far only got 2 $125 tickets & I feel pretty underwhelmed by this “VIP” experience. Apparently the pit tour tomorrow is worth $2250? I don’t know 🤷🏻*♀️

Grateful, but nothing like I expected & a bit disappointed with it. Oh well
 
msawesomepants - VIP opportunities [like autographs] can be assigned any ARV the sponsor chooses - like w/travel, the best you can do is document & try to find similar opportunities w/an ARV or [lower] cost assigned to dispute it on your taxes


msawesomepants said:
So, apparently this “$2500 ARV” didn’t really include anything.

I’m here having an absolute blast, but so far only got 2 $125 tickets & I feel pretty underwhelmed by this “VIP” experience. Apparently the pit tour tomorrow is worth $2250? I don’t know *♀️

Grateful, but nothing like I expected & a bit disappointed with it. Oh well
Click to expand...
 
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