April the 2nd received this notice that I had won this Sweepstakes. I was so excited. The Approximately retail value is $24.115.00. After a long conversation with my TAX person, I decided to decline the win as this sweep didn't include airfare, hotel lodging or Tax replacement. It did have a $3,000 multi cash gift cards which was part of the appx. value, but that would only cover the airfare, lodging and most food expenses. This would put me into a different tax bracket and would cost me over $5K out of pocket. I didn't want to post this until after the Grand Prix in case another member was drawn as a secondary winner. Thanks Sweepstakes Advantage for having post this Sweepstakes and Continuous Good LUCK TO EVERYONE!!!
Won Ticketmaster: Formula 1 Crypto.Com Miami Grand Prix 2026 Paddock Club Rooftop....HOWEVER,
- Thread starter tupik3702
- Start date
guitarguarddog
Well-known member
Actually, I think people should post this information ASAP to help others understand just what tax implications arise from these “free” trips and cars etc . Thanks for sharing this.
damnyankee2
Well-known member
$24,115? With no transportation or lodging? If you deduct the $3,000 gift card(s), that leaves $21,115 for 2 tickets for 3 days. No way would I accept that prize either. Last year I won a trip to Hawaii that was valued at $18,300 which included a $5,000 check to help with taxes. Came out ahead even after paying the taxes.
3 days of racing for $21,000, No way. People should read the rules BEFORE entering to decide if it’s something you really want and stop entering every sweeps that’s out there. If the prize is something I have no use or desire for, I pass and let someone else that could use it win it.
Just my opinion. Been entering sweeps for well over 10-15 years (even before the advent of the internet).
3 days of racing for $21,000, No way. People should read the rules BEFORE entering to decide if it’s something you really want and stop entering every sweeps that’s out there. If the prize is something I have no use or desire for, I pass and let someone else that could use it win it.
Just my opinion. Been entering sweeps for well over 10-15 years (even before the advent of the internet).
Congrats! I realize such decisions can be a challenge as some prize experiences seem overpriced from what might seem normal. Sometimes, paying $5000 for a monumental experience might seem like a bargain, but other times, not so much, especially if the experience is being priced much higher than what the fair market value would place it at. You'll win again and soon!
Congrats! Sorry you couldn't use it.
In 30+ years of sweeping I've had to turn down a few trips and other prizes due to outrageous value. Good Luck
