mom's the word sweepstakes winner

S

skaredykat72

Member
wow! got an email that i was 1'st place winner...what i won was a $1300 1/2 k diamond white heart gold necklace,12 month fruit of the month club from harry and david,tower of treats from harry and david valued around $400 and also a $500 voucher from folica ...and as awesome a win this is and as much as i want this im gonna have to turn it down.... due to the fact id have to claim it on taxes:(...... i entered figuring itd be nice to win something never planning on winning first prize....cause after my trip win and my tv win and having to claim them on taxes i certainly cant take any more tax debt:(
 
AW! Nice win tho! i would take it and claim as gambling win/loss..you kind of are gambling for sweeps prize.Al my winnings have come out even.
 
:cheers: CONGRATULATIONS on your win! Sure wish you were able to keep it. I've found myself being more selective in what I enter for that very reason...though, I haven't won a grand prize like that yet... :cry:
 
Here's another thing you can look into---

Look for the actual market value of the item you won. If it is much less, as jewelry often is, then you can accept your win, but document and adjust the value on your taxes. I say this because one of my first wins was a 18K gold and diamond ring (lots of small diamonds), ARV $1,800, but it was on sale on the sponsor's website for $600+, which is less than half of the originally stated value. If you find something like this, you can bookmark, print, and save the information to document the actual value at the time you won.
 
I would never turn down a prize! I am sure you can deduct all your postage, internet costs, etc. till you come out even on a win. just like the earlier post, most prize values are inflated, so can probably get the value adjusted too. That is one of the reasons if there is a cash option on a trip or prize you should take it, pay the taxes and keep the rest. Trips are almost always inflated in value. You usually can take the cash option and plan your own trip for less money if it is some where you really want to go!
 
you are forgetting it's early in the year and you might win cash before it's over. you could use it to pay any additional taxes you owe! sounds like you are havng a lucky year and it could happen!
 
It's a wonderful win and I really hate to see you turn it down. Hopefully you can find a way to accept it. You could always sell the jewelry and put the $$$ back for taxes and keep the rest. And arrtup3 gave a great tip for all of us..(thanks arty)

congrats on your win..! :cheers:
 
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