Old  February 12th, 2020, 6:29pm     #1
Rookiesweeper is offline
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Fair Market Value on Bud Light Getaway
This is the not so fun time of the year for sweepstake winners. Tax time.
Any Bud Light Getaway winners hear? I am curious if you thought the 1099 Misc amount for the trip was high.
Mine was almost $4900. That is for airline tickets and the cruise. I suppose they can tack on any amount they want for the concert, but it just seems pretty high.
I don't think there is an easy way to figure out FMV
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  Old  February 12th, 2020, 6:51pm     #2
sdadolf is offline
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This week a friend on the same Bud Light cruise received his 1099 at $5750.00
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  Old  February 12th, 2020, 7:21pm     #3
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If you can show the IRS that the trip had a lower value, then you can use the lower number on your taxes. A number of years ago, I won a 3 day trip to Florida. The 1099 value was going to be too high, I knew, since it included air from anywhere in the US and I live where airfares to Florida are cheap. Also, the hotel included had different rates for different seasons and I was not going in high season. So, as soon as I won and the date of the trip was set, I searched for airfares and hotel cost,and if there were any packages for the air and hotel. I used the same airline that the prize used, the same dates, etc, and found that I could pay $2000 less than the sponsor said, taxes included. I printed screen shots and wrote a letter of explanation, which I included with my tax forms. My information was accepted.

For you, it may be late to search for fares in the past, but you may be able to show that you can buy the same trip for less now and use that for your argument.

Good luck!

AJPeabody

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  Old  February 12th, 2020, 8:37pm     #4
viclen1954 is offline
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Donít send documentation with your return. Save it for proof if asked. Adjust your ARV, TurboTax asks for any adjustment.

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  Old  February 12th, 2020, 8:51pm     #5
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Quote:
Originally Posted by Rookiesweeper View Post
This is the not so fun time of the year for sweepstake winners. Tax time.
Any Bud Light Getaway winners hear? I am curious if you thought the 1099 Misc amount for the trip was high.
Mine was almost $4900. That is for airline tickets and the cruise. I suppose they can tack on any amount they want for the concert, but it just seems pretty high.
I don't think there is an easy way to figure out FMV

Airfares fluctuate daily, and sometimes hour to hour. You can try printing off documentation for the airfare and cruise cost, now, (but I don't think it will reflect the actual cost of what it was back then - and the IRS may not accept it.) and then go online and see if you can get documentation of the actual cruise event package. I don't know if it was open to sales to the public or not, but worth a try via googling. If not - then yeah, you are most likely gonna have to just accept whatever value they have assigned for that portion of the prize.
Tip for the future - if you win any trips, go online the very same day as when your arrangements are made. Go directly to each entity's website and print off the actual cost (hotel (for the exact room), airfare (for the exact flight) and any other portion of the prize that you can get documentation for.
If the 1099 you get does not match up to your documentation of actual costs, you can request the issuing company to send an amended one, or at the least, ask for a breakdown of how they arrived at that particular ARV. However, they may or may not comply with your request, and if they don't - then you have your own documentation - should the IRS question the difference.


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  Old  February 12th, 2020, 9:05pm     #6
davisesq212 is offline
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Quote:
Originally Posted by sdadolf View Post
This week a friend on the same Bud Light cruise received his 1099 at $5750.00
That price different might be because different airline ticket prices and cruise category price.

Curious, how was it determined who got inside rooms and who received balcony or suite type rooms?

My HOF Trip Wins: European Cruise, Brazil Coffee Plantation, Bulgaria Wine, Mexico All Inclusive, Universal Orlando x2, Las Vegas New Years Eve and San Diego Wine and Food Festival.
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  Old  February 13th, 2020, 10:38am     #7
SL8591 is offline
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For my trip wins, I always research airfare and hotel costs as soon as the win is confirmed and dates set. I print out airfare and hotel that matches the itinerary and use that as my fair market value adjustment on my taxes. Never had an issue with the IRS with that yet.
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  Old  February 13th, 2020, 9:40pm     #8
judyv01510 is offline
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Quote:
Originally Posted by Rookiesweeper View Post
This is the not so fun time of the year for sweepstake winners. Tax time.
Any Bud Light Getaway winners hear? I am curious if you thought the 1099 Misc amount for the trip was high.
Mine was almost $4900. That is for airline tickets and the cruise. I suppose they can tack on any amount they want for the concert, but it just seems pretty high.
I don't think there is an easy way to figure out FMV
The time to question the ARV is before you enter..
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  Old  February 13th, 2020, 10:48pm     #9
davisesq212 is offline
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Quote:
Originally Posted by judyv01510 View Post
The time to question the ARV is before you enter..
thatís simply not true. As long as you have backup showing what it actually costs for the items, you will be fine. Asking beforehand sometimes brings trouble. I asked on two occasions and both times I had a feeling that the sponsor thought I was ungrateful and also, both time, the sponsor said, thatís the cost (basically it is what it is).

My HOF Trip Wins: European Cruise, Brazil Coffee Plantation, Bulgaria Wine, Mexico All Inclusive, Universal Orlando x2, Las Vegas New Years Eve and San Diego Wine and Food Festival.
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  Old  February 14th, 2020, 10:39am     #10
allycat is offline
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I one time won a designer dress valued at $1800. I was able to find a store that sold it for $200 and I printed the info with pictures. This was back when we did paper forms and I mailed them everything. I adjusted the value on my tax return and it was fine, no problems. Like they say, just save everything if you can find lower values on the date you traveled. Good luck!!

allycat
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