***Won a trip? Or any biggie?*** Be proactive & don't get hit on your taxes!

[amyshulk]

Wondering about how that trip/biggie win will affect you on April 15th? Be proactive & don't get hit on your taxes!

I just wanted to take a minute to post about how important it is to be knowledgeable when you win something of higher value. (I learned a lesson the hard way)

Recently I won the sole grand prize in a sweeps sponsored by Jewel Osco. I won a $14000.00 popup trailer camper. Now, Im soooooo grateful for any win and I never complain because after all that would take the fun out of winning and we really should make this a fun thing. After going back and forth for months with the sponsor they told me my camper would be delivered in two to three weeks . I thought great even though I have to sell it. Atleast Id have time to plan. Then I got a call from a transportation company that Id get it the following day but Id have to meet the driver since they cant deliver to my condo which is in a court . I haveno car or means to move it and I have bypass surgery coming up. I was forced to sell it to an RV company. I thought the sponsor was paying the taxes but before I could sell it to the RV place I had to pay the State of Illinois 1500.00 out of pocket for taxes and title. Then I was issued a 1099 for federal taxes. The actual value depreciated down to 10000.00 at delivery and being forced to sell it short notice I walked away with 3300.00 in a check that wasnt delivered on time as promised. There was just a huge lack of communication with the sponsor. Now Im super happy with any win but Im disappointed in my self for not being more knowledgable ahead of time. I wasnt prepared to owe so much on a sweepstakes win. Im on sole disability so that money hurt that I had to spend.
So, always ask questions if you dont know the details or have questions on taxes or fees. Sweeping is so much fun and this incident wont deter me from entering more. Ill take what left over from taxes and make it a nice Christmas.

​

Just do your work ahead of time to save yourself both time & money - these give great advice on how;

How to Dispute an ARV on Your Sweepstakes Taxes


How To Pay Your Sweepstakes Taxes
How to Pay Your Sweepstakes Taxes to the IRS


All About Sweepstakes Taxes
All About Sweepstakes Taxes


DISCLAIMER - this thread is stickied here in the Sweepstakes Winners Circle forum to assist fellow sweepers & as long as nobody posts to it, it will drop off the home page, so please only post if you have questions/problems pertaining to taxes, thanks!

 

[kcharlton]

Amy..shame on you!! Only post WINS here!! LOL...just kidding!!

 

[saram2018]

Thank you for this. I had some issues with a guitar I won last year. The retail value of the guitar was only $199. It was signed by an artist & the company sent me a w2 claiming it was worth $1000 !! They added $801 to the value because of the signature. It's unreal how they try to get you on things like that.

 

[joe54463]

Yup, only post wins here!

 

[amyshulk]

Thank you for this. I had some issues with a guitar I won last year. The retail value of the guitar was only $199. It was signed by an artist & the company sent me a w2 claiming it was worth $1000 !! They added $801 to the value because of the signature. It's unreal how they try to get you on things like that.

This is what I'm talking about, thank you for bringing this up saram2018!

Yes, while sweeping, pay attention to details that can affect the ARV when deciding what to enter for.

Signatures/autographs are a way for sponsors to not only create enthusiasm but also to pad the final ARV, so if you are after a guitar, unless you are a big fan, stay away from these!

 

[amyshulk]

This is an info thread for those sweepers who don't know about or go to the other forums & in response to seeing this thread:

http://www.sweepsadvantage.com/foru...ello-world-sent-me-incorrect-1099-advice.html

 

[amyshulk]

Re: Won a trip? Or any biggie? Be proactive & don't get hit on your taxes!

.............................

Wondering about how that trip/biggie win will affect you on April 15th? Be proactive & don't get hit on your taxes!

Just do your work ahead of time to save yourself both time & money - these give great advice on how;

How to Dispute an ARV on Your Sweepstakes Taxes


How To Pay Your Sweepstakes Taxes
How to Pay Your Sweepstakes Taxes to the IRS


All About Sweepstakes Taxes
All About Sweepstakes Taxes


DISCLAIMER - this thread is stickied here in the Sweepstakes Winners Circle forum to assist fellow sweepers & as long as nobody posts to it, it will drop off the home page, so please only post if you have questions/problems pertaining to taxes, thanks!

 

[amyshulk]

.........................................................

I just wanted to take a minute to post about how important it is to be knowledgeable when you win something of higher value. (I learned a lesson the hard way)

Recently I won the sole grand prize in a sweeps sponsored by Jewel Osco. I won a $14000.00 popup trailer camper. Now, Im soooooo grateful for any win and I never complain because after all that would take the fun out of winning and we really should make this a fun thing. After going back and forth for months with the sponsor they told me my camper would be delivered in two to three weeks . I thought great even though I have to sell it. Atleast Id have time to plan. Then I got a call from a transportation company that Id get it the following day but Id have to meet the driver since they cant deliver to my condo which is in a court . I haveno car or means to move it and I have bypass surgery coming up. I was forced to sell it to an RV company. I thought the sponsor was paying the taxes but before I could sell it to the RV place I had to pay the State of Illinois 1500.00 out of pocket for taxes and title. Then I was issued a 1099 for federal taxes. The actual value depreciated down to 10000.00 at delivery and being forced to sell it short notice I walked away with 3300.00 in a check that wasnt delivered on time as promised. There was just a huge lack of communication with the sponsor. Now Im super happy with any win but Im disappointed in my self for not being more knowledgable ahead of time. I wasnt prepared to owe so much on a sweepstakes win. Im on sole disability so that money hurt that I had to spend.
So, always ask questions if you dont know the details or have questions on taxes or fees. Sweeping is so much fun and this incident wont deter me from entering more. Ill take what left over from taxes and make it a nice Christmas.

​