Would a sponsor allow a partial prize?

rayz2005

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Would a sponsor allow a partial prize?

« on: January 12, 2006, 08:04:33 PM »

I live in the LA area. Some trip prizes, like, say the Grammy Awards, includes transportation to LA and a hotel stay. Since I wouldn't need the transportation, would they allow me to choose the prize without the transportation? Would taxes have to be paid on the full prize value, even though some of it is not used?

Same question goes for a trip for two. What if I would want to go alone?

I don't have that problem yet, but, who knows?

Thank you.


« Last Edit: January 14, 2008, 12:58:52 PM by amyshulk »	Logged

gosweepwin

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: Would a sponsor allow a partial prize?

« Reply #1 on: January 13, 2006, 01:59:42 AM »

Every sponsor and contest is different so there's no definitive answer to your question. In your specific situation, I'm sure you would not need to accept airline tickets to fly to your own town. I suspect that you could collect the rest of the prize without the tickets. This would also lower the ARV, so at tax time, you could report the prize value minus the unnecessary tickets.


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hockeymom86

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: Would a sponsor allow a partial prize?

« Reply #2 on: January 13, 2006, 01:08:43 PM »

I read somewhere if air transportation wasn't required they would supply a limo to/from the event. Read the fine print and if you win it's worth it to ask the question.


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