Ok, here's a hypothetical for everyone -- there is a drawing tonight at the Casino Fandango. There are relatively few entries, as this was a last minute deal, and my chances of winning are fairly good.
The prize is a five-night stay at a Tahoe ski resort, with lift tickets and some meals included. The bad news is that it is during the week, during a specific period -- I believe Feb. 24-29 -- and there is no way I could get off of work to utilize it.
Even if I could sell the package, would I get enough to more than offset my tax liability? Will Fandango put a value on the package and report that to the IRS (via a W-2) and would I have to declare all of that as income? (because of matching programs, it seems that I would have to indeed declare the full value listed on the form, or otherwise likely get a letter from the IRS indicating there is a problem with my return).
If I win the prize, and cannot sell or otherwise dispose of it in a manner I like, can I subsequently decline it? If I cannot repudiate it, that means that I would actually come out behind if I win this prize, since I would have to pay taxes on something I cannot use. Seems like a crazy, but not surprising, result......
So do I bother to show up for the drawing? Has anybody else faced a similar situation?
Thanks all!
[Non-text portions of this message have been removed]
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
__,_._,___
