I'm a Grand Prize Winner!

[scootr5 Senior Member Find all posts View Profile Close scootr5]

And I can't use the prize.

I got a call this morning that the ONE text entry (out of a possible one per day for a 53 day period) I made for a Bacardi sweepstakes was selected as the Grand Prize Winner. The prize:

A pair of VIP 3 day wristbands for Lollapalooza this weekend in Chicago:
*Unlimited access to Lolla Lounge North and South
*Access to VIP golf cart shuttles for transport between Lolla Lounge North and South
*Viewing platforms with premium sightlines
*Beer, wine and specialty libations all day
*Catered food servings daily
*Mini-Spa Treatments throughout the weeekend
*Reserved Lolla Lounge air conditioned restrooms
*Shaded and relaxed lounge seating

Retail value $2,100.

I leave for Myrtle Beach on Friday afternoon for vacation....

[Ryne08 Senior Member Find all posts View Profile Close Ryne08]

Enjoy your prize !!!

[Ridewithme38 Senior Member Find all posts View Profile Close Ridewithme38]

Can you sell it? Or give it to your favorite forum member?

[scootr5 Senior Member Find all posts View Profile Close scootr5]

It's not technically transferable, but once I get the wristbands in hand (if accept the prize) I can do whatever I want with them. On the other hand, I'd have to pay about $525 in taxes next year when I file.

[Ridewithme38 Senior Member Find all posts View Profile Close Ridewithme38]

It's not technically transferable, but once I get the wristbands in hand (if accept the prize) I can do whatever I want with them. On the other hand, I'd have to pay about $525 in taxes next year when I file.

Wesley snipes taught me that we don't really have to pay taxes

[scootr5 Senior Member Find all posts View Profile Close scootr5]

Wesley snipes taught me that we don't really have to pay taxes

Did you miss the rest of the lesson where he's still in jail until next summer?

[Ryne08 Senior Member Find all posts View Profile Close Ryne08]

Did you miss the rest of the lesson where he's still in jail until next summer?

Wow !!! Everyone pays some taxes in the good old USA !!!

[mikey0531 Senior Member Find all posts View Profile Close mikey0531]

I saw that some people sold VIP wrist bands on eBay. One set of 3 wristbands sold for $800.

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

I saw that some people sold VIP wrist bands on eBay. One set of 3 wristbands sold for $800.

That is $267/wrist band, so that is $534 for two. Given that the OP would have to claim the full value of $2100 on his taxes if he accepts the prize, it is doubtful he would even break even selling the wrist bands.

BTW, $525 in taxes seems low. That is only 25%, and this will be taxed at your marginal rate. Are you including state income tax as well?

Kurt

[scootr5 Senior Member Find all posts View Profile Close scootr5]

That is $267/wrist band, so that is $534 for two. Given that the OP would have to claim the full value of $2100 on his taxes if he accepts the prize, it is doubtful he would even break even selling the wrist bands.

BTW, $525 in taxes seems low. That is only 25%, and this will be taxed at your marginal rate. Are you including state income tax as well?

Kurt

Doh! My marginal rate last year was 25%, but I forgot to include the state taxes

[scootr5 Senior Member Find all posts View Profile Close scootr5]

Thanks for reminding me about the state taxes Kurt. Someone from my office decided to take them in exchange for reimbursing me the amount of the taxes. I sent the forms in, and Bacardi is sending the wristbands overnight.

If I had a bit more time, I probably would have gone the eBay route. I saw a couple of completed listings for the same package I won that sold for around $2000.

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

That was sure nice of you, Scott. I'm sure they will have a good time. You hate to see a nice prize like that go unused!

Kurt

[mikey0531 Senior Member Find all posts View Profile Close mikey0531]

That is $267/wrist band, so that is $534 for two. Given that the OP would have to claim the full value of $2100 on his taxes if he accepts the prize, it is doubtful he would even break even selling the wrist bands.

BTW, $525 in taxes seems low. That is only 25%, and this will be taxed at your marginal rate. Are you including state income tax as well?

Kurt

I understood that he won 6 wristbands. Enough wristbands for two people, for all 3 days.

[mikey0531 Senior Member Find all posts View Profile Close mikey0531]

Thanks for reminding me about the state taxes Kurt. Someone from my office decided to take them in exchange for reimbursing me the amount of the taxes. I sent the forms in, and Bacardi is sending the wristbands overnight.

If I had a bit more time, I probably would have gone the eBay route. I saw a couple of completed listings for the same package I won that sold for around $2000.

This is really nice of you I'm sure you made someone very happy.

Debi

[scootr5 Senior Member Find all posts View Profile Close scootr5]

I understood that he won 6 wristbands. Enough wristbands for two people, for all 3 days.

That's correct - two for each day. Cost to purchase them on the website was $1050.00 each.