I just won a trip!

[Wall-e]

I just had to share.....I can't get a hold of hubby to tell him. I just won a trip for 4 to Disneyland! It includes 4 thre day Park Hoppers and 2 nights at one of the Disney Resort hotels! I think we will take the kids during Christmas to see all of the decorations!

[VWL Mom]

That's great!

[NotaGeek]

WOW. How awesome! How did you win?

[Wall-e]

Thanks! I won through a local radio station. You had to write a brief description of what you would celebrate. I am still not sure if it was a random drawing or if the winner was choosen based on what they wrote.

[1EeyoreFan]

Wow! Congrats to you and your family!

[Melanie]

That is very cool!

[faline]

Congrats!

[BigRedDad]

Congratulations!!!!

Now to be a little of a party pooper, but it is in your best interest. Who did you win it through? The reason I ask, is many places give away trips. However, those are given out at extremely high MSRP. The company giving it will take a huge write-off, but you are stuck paying Federal and State income taxes on the insane MSRP. My SIL won a trip for two to a resort in Arizona. They went, all expenses paid. Then, at tax time, they received another statement that they owe taxes on a $15k, 2-day trip. The trip out of pocket would have been only $1500, 10% of the MSRP. They had to pay $4.5k in taxes for the "free" trip.

Just be careful.

[Tinkerfreak]

Congratulations!!!!

Now to be a little of a party pooper, but it is in your best interest. Who did you win it through? The reason I ask, is many places give away trips. However, those are given out at extremely high MSRP. The company giving it will take a huge write-off, but you are stuck paying Federal and State income taxes on the insane MSRP. My SIL won a trip for two to a resort in Arizona. They went, all expenses paid. Then, at tax time, they received another statement that they owe taxes on a $15k, 2-day trip. The trip out of pocket would have been only $1500, 10% of the MSRP. They had to pay $4.5k in taxes for the "free" trip.

Just be careful.

Wow thanks for that info. We can all benefit from it. I would never have even thought about something like that. It is nice to know just in case I ever win a trip.

[wildernesslady]

I had a friend win a trip to Aruba. All they had to do was "plan" the exact trip to get the actual cost. I think you need to document it. They also won luggage at the cost of $1200.00. They declined that portion so they would not have to pay taxes on it. The mark up is usually very high so just be careful and document everything you research. Their price difference was over $10,000. Congrats and have a great time.

[Wall-e]

Thanks for all of the info about different tax issues that could arise. This actually seems pretty straight forward. They sent me forms to fill out stating the prize value of $1,296 which makes perfect sense for 4 Park Hoppers and 2 nights at the Disneyland Hotel. There was no airfare included, but we are only about a 4.5 hour drive away. Our trip is all booked, we will be there 12/2 - 12/5!

[TinkerbellT421]

First of all, Congratulations, thats so awesome!

Congratulations!!!!

Now to be a little of a party pooper, but it is in your best interest. Who did you win it through? The reason I ask, is many places give away trips. However, those are given out at extremely high MSRP. The company giving it will take a huge write-off, but you are stuck paying Federal and State income taxes on the insane MSRP. My SIL won a trip for two to a resort in Arizona. They went, all expenses paid. Then, at tax time, they received another statement that they owe taxes on a $15k, 2-day trip. The trip out of pocket would have been only $1500, 10% of the MSRP. They had to pay $4.5k in taxes for the "free" trip.

Just be careful.

Same thing happened to my cousin, she won a trip through a local radio station, all expense paid trip to Las Vegas including some "spending" money. Lets just say $8,000.00 later at tax time she was not happy. And didn't have the $8,000.00....she was soooo upset. So hopefully that doesnt happen to you.