Help buydig bracketball sweep

S

scorpion1169

New member
i got an email saying i was a grand prize winner of an LG 55EC9300 55" 1080p Smart 3D Curved OLED TV, approximate retail value $6,999.99...but on their site they sell it for $2500 and i found it on amazon or $2500 also..so is there a way it to pay taxes on $2500 instead of $7000 i've never won anything big that i had to pay taxes on before.so can anyone give me some advice please...thanks
 
I don't know if it is possible but I read that you can always ask the prize people if they can lower the value of the prize. If they say no you could talk about what you discovered on Amazon. Just a thought. Congratulations. That is a great prize.
 
On the tax form at the end of the year, you claim actual value of the prize, not just what the 1099 says..also if you play the lottery, it's win vs loss on claim form,too..there's a whole tax section for prizes and gambling ..
 
scorpion1169 said:
i got an email saying i was a grand prize winner of an LG 55EC9300 55" 1080p Smart 3D Curved OLED TV, approximate retail value $6,999.99...but on their site they sell it for $2500 and i found it on amazon or $2500 also..so is there a way it to pay taxes on $2500 instead of $7000 i've never won anything big that i had to pay taxes on before.so can anyone give me some advice please...thanks
Click to expand...


1st off CONGRATS scorpion1169!!! Maybe you won 2 of them?

I don't see that listed/expired? Do you have the rules link?

http://www.sweepsadvantage.com/forum/questions-answers/17790-arv-your-taxes-{ty-lidarkside}.html

amyshulk 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...


Check the Fair Market Value as Soon as You Receive a Prize
The FMV applies to the time when you take possession of a sweepstakes prize, so start looking for proof of the prize value as soon as you receive it.

If the ARV is High, Contact the Sweepstakes Sponsor
If your FMV is significantly lower than the published ARV, contact the sweepstakes sponsor and politely ask them if they can lower the value when they send out their 1099 forms at the end of the year. Many sponsors will do this automatically
 
Last edited:
kcharlton said:
On the tax form at the end of the year, you claim actual value of the prize, not just what the 1099 says..also if you play the lottery, it's win vs loss on claim form,too..there's a whole tax section for prizes and gambling ..
Click to expand...


The rub - have to go long form & give up standard deductions
 
Print out the page from their site and Amazon with the "true" price. IRS should accept fair value but, you'll want proof. Congrats.
 
Congrats!! You have to fill out a form from the IRS to dispute the 1099, and then you have to provide some kind of paperwork to show "Fair Market Value" of the item. Then it is up to the IRS to decide what the taxes will be. Good Luck!!
 
You must log in or register to reply here.
Back
Top