Stratton mountain contest

[pcgrantham]

Earlier in the season, someone posted about getting free lift tix on stratton's website. I tried but didn't get any. At the same time I was entered in a 3 day stratton getaway. Apparently I won the contest.

My question is, do I redeem it and pay taxes on it or should I just blow it off. They are saying the contest is worth $3700.

What would you do?

Thanks

[TacklingSnowmenSteve]

Give to me.. I will pay the taxes!!!

[robrules]

Earlier in the season, someone posted about getting free lift tix on stratton's website. I tried but didn't get any. At the same time I was entered in a 3 day stratton getaway. Apparently I won the contest.

My question is, do I redeem it and pay taxes on it or should I just blow it off. They are saying the contest is worth $3700.

What would you do?

Thanks

3 days in Vt is worth $3700 ???? WTF -I hope it includes lobsters, limos, and hookers.

Is $3700 the advertised value - or is this the amount they will report on a 1099? If they don't file a 1099, you may get away with not reporting it at all.

There's gotta be a way around paying tax on that crazy amount - like "selling" your prize at "fair market value" and keeping the reciept of the sale - you will only pay taxes on the sale amount as long as it is reasonbly within FMV. I would put a 3 day/2night stay for two in VT with food/lift tickets at around $1,200.

disclaimer:

I play an accountant in real life, but I did not stay at a Holiday Inn express last night, so please consult your own accountant before taking the advice of some blowhard on the interwebby.

[icedtea]

3 days in Vt is worth $3700 ???? WTF -I hope it includes lobsters, limos, and hookers.

Speaking of hookers.....where is the closest strip club to the KMART area?

[skialta]

White River Junction!!!!!!!

[icedtea]

Hell yea!!! Definitely going to have to make a trip up there soon.

[pcgrantham]

Earlier in the season, someone posted about getting free lift tix on stratton's website. I tried but didn't get any. At the same time I was entered in a 3 day stratton getaway. Apparently I won the contest.

My question is, do I redeem it and pay taxes on it or should I just blow it off. They are saying the contest is worth $3700.

What would you do?

Thanks

3 days in Vt is worth $3700 ???? WTF -I hope it includes lobsters, limos, and hookers.

Is $3700 the advertised value - or is this the amount they will report on a 1099? If they don't file a 1099, you may get away with not reporting it at all.

There's gotta be a way around paying tax on that crazy amount - like "selling" your prize at "fair market value" and keeping the reciept of the sale - you will only pay taxes on the sale amount as long as it is reasonbly within FMV. I would put a 3 day/2night stay for two in VT with food/lift tickets at around $1,200.

disclaimer:

I play an accountant in real life, but I did not stay at a Holiday Inn express last night, so please consult your own accountant before taking the advice of some blowhard on the interwebby.

The person on the phone told me that is the highest calculation depending on when I go and what is included in the package (i.e. rentals). I have a feeling they will in fact be filing a 1099, which is why I'm debating not doing it.

[Stache]

I'll buy your $3,700 Flatten trip for $300 and you can write off the $3,400 loss.

I'll even throw in my one day Flatten ticket that I won in that contest.

[Mister Moose]

I'll buy your $3,700 Flatten trip for $300 and you can write off the $3,400 loss.
I'll even throw in my one day Flatten ticket that I won in that contest.

Hobby loss rules. (Buzzer) Johnny, what do we have for a parting gift?

[Stache]

Like when I have to pay income tax on my $1750 annual ski instructor wages and then after deducting $1751 for PSIA dues and clinics, necessary clothing and "tools" the IRS tells me I don't have a professional career I have a "Hobby"?