Current Sweeps

Make Your Own Luck One Sweepstake At A Time

Taxes

In the majority of cases, you should never pay taxes directly to the sweepstakes sponsor. If a sweepstakes sponsor asks for money for taxes before sending a prize is a clear sign of sweepstakes fraud. A REAL win will not require any payment. Your taxes on your prizes won will be something that you discus with your tax preparer. You will claim them on your tax forms similar to how you would claim income.

The exceptions to this rule would be a vacation sweepstakes and or a car sweepstakes, in these cases the taxes are paid upfront.

Vacation Sweepstakes will sometimes collect the hotel, airport, and port fees upfront.

With a car sweepstakes it would be similar to when you purchase a car;Tax Title and License maybe be fees that you would be responsible for. Many sweepstakes will state in their Official rules if they cover these expenses so be sure to skim over the rules of all sweepstakes you enter.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: