Grand Prize win...won a trip to the Super Bowl!!

J

jbpolitsch

New member
I got an email saying I was the grand prize winner in the Hyundai Genesis Big Game sweepstakes. The email appeared in my junk folder, so good thing I opened it up. All it said in the subject line was "your entry in the Hyundai...". The email had documents attached to it, so i was real skeptical. But, it also had contact information at the bottom and I called and got a girl on her cell phone from the promotion company. It is 4 days, 3 nights in Tampa, roundtrip flight for me and my wife and 2 tickets to the game. Total value of $10,000. I called my tax guy since I'm responsible for taxes, he said I would be taxed at 20% on the $10,000...so the free trip will actually cost me $2000 in taxes, but oh well. This was a one entry sweepstakes...I asked and I was the winner out of about 6000 entries. This is my first big win. I've won numerous items playing both the instant win and daily games, but nothing this big. I had stopped playing the one entry catagory because I thought there would be no way in hell I'd win. Needless to say, I've started playing the one entries again.

Good luck to all!!
 
Congratulation!

As a matter of information, you do not pay taxes on the ARV (approximate retail value). The IRS requires that you pay taxes on the FMV (fair market value). Of the seven trips we have won, none of them were even half of the ARV.

Just make sure you document the precise expenditures--airline seats, hotel, etc.

See here for complete information on doing this:

http://www.sweepsadvantage.com/smf/arv-and-your-taxes-ty-to-lidarkside-t50686.0.html
 
Thanks for the tip LIDARKSIDE. I'll definitely keep my receipts. We were actually debating whether to accept the prize or not since it would cost us $2000 in the end. If it ends up being lower, then I'm really glad I accepted. Thanks!
 
Congrats! Have a wonderful time - that is a trip of a lifetime!

Personally, I almost exclusively win one entries and instants. (Still waiting, after 3+ years, for that daily entry win greater than a t-shirt or coupon or similar small prize.)

My husband recently won a trip and asked about the ARV and was told that the sponsor would automatically use actual value on the 1099, not the estimated $4000.
 
annielouise said:
My husband recently won a trip and asked about the ARV and was told that the sponsor would automatically use actual value on the 1099, not the estimated $4000.
Click to expand...

Usually, they do; but, on two of ours, they didn't. So, we requested that they readjust, and they did with no problems.
 
No way in ?ell Well that,s a great prize I won a coule of yearsago and goining to the superbowl is a once in a lifetime trip Hope your a football fan Steelers Cardinals Ravens Eagles who,s going to win Congrats
 
:wave:
Congratulations
Awesome win.
(too bad my team lost last night)
 
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