Why not?\u00a0 Shouldn't I enter absolutely every sweepstakes?\u00a0 No, I'll explain.<\/p>\n
No matter how good they look, some sweepstakes are not meant for you.\u00a0 The Rules will tell you who is allowed to enter the sweepstakes<\/a>.\u00a0 If you don't meet the sponsor's criteria, you will not be able to enter.\u00a0\u00a0 Some of the most common limitations include geography, age, gender, or profession.\u00a0 For example, if a sponsor has limited entrants to Indiana residents who are over 18 and employed as elementary school teachers, your entry will not\u00a0be be accepted if you fall outside that description.<\/p>\n Pay attention if you are inclined to enter sweepstakes for trips<\/a>.\u00a0 Many of them provide specific times for you to travel, especially if the sweepstakes is in support<\/a> of a particular event.\u00a0 If you are not able to travel on the dates shown, you can't reschedule, cash out, or give the prize to someone else.\u00a0 Also,\u00a0some travel prizes only provide the hotel stay, not the travel expenses.\u00a0 Read the rules carefully before you decide whether or not to enter.\u00a0<\/p>\n Here's another thing to think about before entering: the ARV.\u00a0 ARV (Approximate Retail Value) is the amount the sponsor says the prize costs.\u00a0 It is also the amount that you will likely need to report at income tax time.\u00a0 Let's say the prize is a $30,000 car and you really want the car.\u00a0 Go for it.\u00a0 The taxes will be much less than the cost of the prize so you'll come out ahead.\u00a0 However, let's say the prize is a $30,000 vacation for you and nine coworkers\u00a0at the Mexican Riviera for a week.\u00a0 They'll have a great time, but you'll be paying the taxes<\/a> on the full ,000.\u00a0 Still want the prize?<\/p>