2nd place---Steinmart Father's Day Sweepstakes; first BIG win!

M

mullina3

New member
I got a notification today from the Steinmart Father's Day Sweepstakes...I won 2nd place which is a 70 in TV! I would never purchase a TV that large or that price ($1,999), but it still is very exciting! We could have a movie room in our basement maybe...it's way to big for our living room. My husband and I are currently discussing if we want to pay the taxes on it and accept the prize. Fingers crossed we can!
 
Wow!! Fantastic!! You could probably sell it if you don't choose to keep it. Taxes will be, what, around $500? I'm sure you could sell it for more than that. I actually WANT a 70inch haha! If you were close by I'd consider buying it =P
 
That's a real big win! I think I would pay the taxes and enjoy a huge t.v.--pretend you're at the movies in your basement. Besides, you'd have some major bragging rights.. Congrats either way
 
my prize taxes at end of year end up being about 38% of prize value, pretty hefty I know and really stinks! If it were me I think I'd keep it, its a super nice win..congrats!
 
AWESOME mullina3 CONGRATS!!!

SteinMart The Stein Mart Father's Day Sweepstakes New

Enter to win a trip for two (2), to see winner’s favorite sports team in a regular season game.The ARV of Grand Prize is: $4,300.
One (1) Second prize winner will receive a 70-inch 4k Ultra HD TV, with an ARV of $1,999.
Runner-Up Prizes: Fifty (50) Runner-Up Prize winners will each receive a $200 Stein Mart Gift Card, each with an ARV of $200.

Restrictions 18+ US Limit 1 Per Person / Per Day Added 2016-06-08 Expired 06-19-2016 11:59 PM EST Hits 3406 Category Daily Rules
 
mullina3 - your tax bite will depend on your tax rate - we pay about 12%-13% on DH's salary & we paid the same [about 12%-13% on about 5-6 grand in gambling wins last year from DH's 1099's] so instead of getting a refund, we owed - it was less than $1,000.

For big ticket wins like this, see how to obtain the (FMV) fair market value in this Thread:

ARV and your taxes {TY to LIDARKSIDE}
http://www.sweepsadvantage.com/forum/questions-and-answers/17790-arv-your-taxes-{ty-lidarkside}.html


mullina3 said:
I got a notification today from the Steinmart Father's Day Sweepstakes...I won 2nd place which is a 70 in TV! I would never purchase a TV that large or that price ($1,999), but it still is very exciting! We could have a movie room in our basement maybe...it's way to big for our living room. My husband and I are currently discussing if we want to pay the taxes on it and accept the prize. Fingers crossed we can!
Click to expand...
 
Thank you everyone from the support and advice abut taxes! I definitely think we will keep it now! I love this hobby and this community :)
 
Wowwwwwwieee!!!! That is a BIG win!!! 70 inches of big! lol Congrats to you! Yall should keep it ;) Sell your old tv for the taxes haha
 
That's great! Congratulations! I also won a prize from the Stein Mart Father's Day Sweepstakes (the runner up prize) which is a $200 Stein Mart gift card. I'm really excited! Thank you Stein Mart and SA!
 
That's an awesome win! Have a garage sale to generate some extra cash to pay the taxes. It will help clear out some clutter and generate cash. Also, it's only July, so you still have six months to make some donations to help offset the liability as well. You can donate clothes, furniture or other items and claim the FMV or fair market value.
 
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