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Won a honeymoon through a local newspaper and local wedding website!

DKW411DKW411
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in Honeymoon Discussions
Has anyone ever won anything like this before? Any suggestions/questions to ask would be greatly appreciated. I'm a little skeptical on all of this.
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Re: Won a honeymoon through a local newspaper and local wedding website!

  • villanosal8villanosal8 member
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    I won one!  We haven't used it yet--- but will be soon.

    Here's the catch. You have to pay tax on the trip you won.  So check out the value that the sponsor is going to report to the IRS.    You can try to argue the Fair Market Value if it is sustantially lower than the what they are reporting--- but plan for worse case scenario.
    Whatever your tax bracket is- is what you are going to have to pay.
    So, if the trip is valued at $10,000 and you pay 30% taxes--- you are looking at owing the IRS $3,000.

    Good luck and hope you enjoy your trip!
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  • Heather822Heather822
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    Was this a contest you yourself actually ENTERED.....?
    If not, I would be VERY skeptical.
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    Being married is a real thriller! =)

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  • jesscampbeljesscampbel
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    ah, how about you contact them and ask?  If it is a reputable newspaper, would they link up with a fradulent give away? 
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  • DKW411DKW411
    First Comment
    I had entered the contest. I called them today and they said that I don't have to pay for anything other than air fare, transfers, and if we wanted to extend the stay. The resort is the secrets resort in riviera maya, mexico. It all seemed legitimate and it seems that there isn't any hidden information.
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  • villanosal8villanosal8 member
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    That is so exciting!  Lucky you!!!

    Just make sure you get the value of the trip they are going to report to the IRS.  It's going to show up as "income" with it's on 1090 or W2, depending how the sponser reports it.
    From there you can figure out the taxes that you will have to pay the IRS on the trip come April 15th.
    Good luck!  You can find all the info on the IRS's website if you have any questions on Fair Market Value, tax brackets, reportings, etc--- of if you have an acct. they will def know.
    Enjoy your trip!!
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  • DKW411DKW411
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    Thank You. I actually asked them about paying a tax or something and I actually don't have to pay any taxes or anything. So I'm happy about that since the tickets themselves are going to cost.
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