Opinion on Prize value - what to do???

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sun22beam

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Ok, this is bugging me. I recently received a Wii gaming system (one controller included) packaged with Wii sports. My prize was supposed to have an ARV of $500. When I look this item up, I am seeing no price even close to this. I know prices are inflated...but this seems really off. I know I sound like a whiner...I love my prize...well sort of anyway. I just think the company it came from is being inaccurate (and cheap). When I heard it was a Wii, I was expecting to receive a game pack to go along with the main system. Maybe it's just my Monday griping. I'd love to hear any opinions. Leave it alone? Politely pose the question to the contest rep? :decision:
 
Give it to me and I will take care of everything! LOL!!!! I think their value is steep, we just recently looked up Wii prices, and the package with shipping and maybe even some handling would be $300
 
Are you concerned for tax purposes? I'm not an accountant, but it would seem that if the people who you won this from gave you a tax form (1099misc?) with a value listed, you need to go with that just to steer clear of the IRS storm troopers. If you got no such document, I'd go with MSRP, since that's easily documented to the aforementioned storm troopers.
 
It's not a concern with regard to tax purposes. I will look it up again, but I am pretty sure that if the prize doesn't exceed $600, it's not an issue. I'll double check.
 
If you won a $2M house.

$750,000 Fed tx
$35,000 state tx (?)

Loan to pay those back, $5,900 per month. But there was a $890,000 cash offer too, maybe you should have taken the cash offer, if there was one?
 
What is an example of a non-sequitur, Alex?
 
ok....what would you guys do? (let's just say it isn't a house, but I still have the question as to whether to pose the question to the company).
 
OK, maybe it's the meds, I don't understand the question.
 
IMHO I would just let it go unless they sent you a tax form indicating a value over $250 or if the contest indicated you'd receive something different. Although just because it is valued less than $600 unfortunately does not mean that the payer won't issue a Form W-2G. I'm not saying it will happen, but some payers may issue and report everything to the IRS no matter what the amount.

CONGRATS!!
 
Is declaring it going to raise your tax liability enough to make a big difference?
 
Big Daddy said:
IMHO I would just let it go unless they sent you a tax form indicating a value over $250 or if the contest indicated you'd receive something different. Although just because it is valued less than $600 unfortunately does not mean that the payer won't issue a Form W-2G. I'm not saying it will happen, but some payers may issue and report everything to the IRS no matter what the amount.

CONGRATS!!
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The contest rules state that I would be awarded a gaming system with ARV of $500.
 
My lil friend, Perky the percocet
 
sun22beam said:
The contest rules state that I would be awarded a gaming system with ARV of $500.
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In that case and if you don't mind not winning anything from them again :wink:, it might be worth a brief e-mail asking how they came up with a $500 value when the suggested retail price is clearly only $250.
 
Ok I was trying hard to stay outta this because well I didnt win a wii :rofl: but if I did I dont think I would care if they didnt have ARV right. Its a wii for goodness sake, have fun with the prize and be happy. But if it bothers you that much then call the rep and say hey how do you all do your math??????
 
rainstorms said:
Ok I was trying hard to stay outta this because well I didnt win a wii :rofl: but if I did I dont think I would care if they didnt have ARV right. Its a wii for goodness sake, have fun with the prize and be happy. But if it bothers you that much then call the rep and say hey how do you all do your math??????
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As I said earlier, I do love the prize (well sort of). But, if I get served up with tax papers, I'm surely not willing to go with an estimated value of $500. Guess I can wait until the pertinent mail arrives.
 
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