quick question

W

wolfpup

New member
If you win a grand prize for example, cash for remodeling your kitchen, presented as a check...do you actually have to use the money for this purpose?
 
on a lot of these type of sweeps they use the term "may be used for" and they are usually just deposited and used for whatever you want, only when they state must be used for the stated purpose, which is rare that you would have to use it for that. :popcorn:
 
I too always wondered about that like if you actually have to own a premises in order to qualify. I figured if I won I'd give it to my folks or brother type thing. Did you win a big prize like that?
 
hehe nope, I wish! I was just wondering if I were to win something like that if I could use the money however I want, or would I have to use it for a certain purpose. Could they set conditions on cashing a check?

Thanks for the responses!
 
Funny you should ask this. This past year I won a wonderful prize of getting the exterior makeover of my house. It is beautiful. I had to sign papers that said I would complete this project and then provide photographs.

I am so grateful and I love it. The reason this topic was on my mind this morning is because it is almost tax time. After the project was complete and then add my income from last year, I only made $8500 last year. That amount just covers my mortgage payments. However I'm going to be taxed on $26,000. I will have to raid my ira account, pay that penalty, in order to get by.
It is 46 degrees in my house because I can't afford to turn the heat on. I'm wearing my down coat and knit cap as I write this..lol. But my house is beautiful :laughing:

wolfpup said:
If you win a grand prize for example, cash for remodeling your kitchen, presented as a check...do you actually have to use the money for this purpose?
Click to expand...
 
That is a good question!!! I have NOT been entering some contests in which the prize is 5,000 VIsa card- because of the tax facts! I don't want to pay taxes on buying "stuff"... I need money! Not stuff... At least if I win a check, I can put away the 40% of it for the taxes! And spend some.
 
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