Since I started sweeping, I have pretty much avoided entering for jewelry. I figure the "MSRP" is going to be inflated- jewelry rarely sells for it's MSRP, right? You surely wouldn't be able to sell for it that price. Yet, you'd still have to pay the tax on that inflated amount. So, all in all, not really worth it. Am I right?
Jewelry Sweeps- Worth it?
- Thread starter rlsuaso
- Start date
:wave: rlsuaso
Here's a good thread on taxes:
http://www.sweepstakesplus.com/smf/arv-and-your-taxes-ty-to-lidarkside-t50686.0.html
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.
Here's a good thread on taxes:
http://www.sweepstakesplus.com/smf/arv-and-your-taxes-ty-to-lidarkside-t50686.0.html
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.
I won a beautiful heart pendant from jewelry.com and received it pretty promptly. It is valued at 229.00 but probably wouldn't sell for that much.
Even if I paid the sales tax on that, say 29.00, I believe I could sell it for at least 100.00 so, enough profit to make it worthwhile (for me, anyway). I don't think it would make a problem on my income tax. I haven't decided to sell it, yet. Still might use it as a gift. I think it's worth it in any case, it's so pretty.
Even if I paid the sales tax on that, say 29.00, I believe I could sell it for at least 100.00 so, enough profit to make it worthwhile (for me, anyway). I don't think it would make a problem on my income tax. I haven't decided to sell it, yet. Still might use it as a gift. I think it's worth it in any case, it's so pretty.