Author Topic: Win 1,000,000 Marriott Points  (Read 8318 times)

Offline bem684

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Re: Win 1,000,000 Marriott Points
« Reply #30 on: December 14, 2011, 02:03:22 PM »
If that's true, then it's ridiculous.  You could argue every valuation.

Offline Dan

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Re: Win 1,000,000 Marriott Points
« Reply #31 on: December 14, 2011, 02:08:36 PM »
If that's true, then it's ridiculous.  You could argue every valuation.
They will send a 1099 to the IRS for their valuation.  I'm sure you can dispute it, but it may not be fun.
Don't like it? Don't enter contests for anything where the prize isn't cash.

I always feel bad for people on game shows that win a vacation "worth $30,000."
Enjoy that 1099 suckers!
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Offline bem684

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Re: Win 1,000,000 Marriott Points
« Reply #32 on: December 14, 2011, 02:31:04 PM »
Oprah gave away 276 Pontiacs to people in the audience of her show.  The key here is that this particular audience was hand-picked because their friends said they badly needed a new car but couldn't afford it.  The ironic thing is that if they are really having money problems, the $7,000 tax bill will be beyond them anyways.  My professor spoke at length about this in class.  The first article just talks about the giveaway.  The second article discusses the tax consequences.

http://today.msnbc.msn.com/id/5989964/ns/today-entertainment/t/surprise-oprah-gives-entire-audience-new-cars/#.Tuj4vPJkja8

http://money.cnn.com/2004/09/22/news/newsmakers/oprah_car_tax/

Offline Dan

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Re: Win 1,000,000 Marriott Points
« Reply #33 on: December 14, 2011, 03:43:03 PM »
Oprah gave away 276 Pontiacs to people in the audience of her show.  The key here is that this particular audience was hand-picked because their friends said they badly needed a new car but couldn't afford it.  The ironic thing is that if they are really having money problems, the $7,000 tax bill will be beyond them anyways.  My professor spoke at length about this in class.  The first article just talks about the giveaway.  The second article discusses the tax consequences.

http://today.msnbc.msn.com/id/5989964/ns/today-entertainment/t/surprise-oprah-gives-entire-audience-new-cars/#.Tuj4vPJkja8

http://money.cnn.com/2004/09/22/news/newsmakers/oprah_car_tax/
At least there they could sell the car though.  A $30K vacation would be impossible to sell.
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Offline Spiffster

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Re: Win 1,000,000 Marriott Points
« Reply #34 on: December 14, 2011, 03:52:33 PM »
Well, taxes are due on what the FMV of the prize is, not the ARV and it's the FMV when you actually take possession, not when the contest started   So, if you actually do win something, you should do your own research and see what the FMV of the prize is/will be.  A vacation priced at 30K is going to be full Y fares, rack room rate, etc..., i.e., the company is lazy.   You'd never actually pay that and doing 10 minutes of research would most likely find the same prize for, say, 10K or less.  I never let an inflated ARV keep me from spending 30 seconds to enter one of these sweepstakes.  If you do the research and decide you don't want the prize, you can always decline it later without any liability.

What do then if you actually want the prize?   Ask the sweepstakes promoter to adjust the ARV to the actual FMV (that you researched) and 1099 for that amount.  And/or file a 1099 incorrect form (forget the form# offhand).  Or you could adjust it yourself on your tax forms and report the diff. as negative income.

it's important to do these things before you actually accept the prize.  And while some sweepstakes require you to accept the prize within a certain timeframe, you can use this to your advantage.  Say, you win a car, if you can wait until the next model year's models come out, your prize's FMV will be lower.


Offline Dan

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Re: Win 1,000,000 Marriott Points
« Reply #35 on: December 14, 2011, 03:55:44 PM »
How do you decide on a FMV for miles?
They can be worth 0.1cpm, they can be worth 50cpm.

If a company values miles at 2.5cpm it may be hard to dispute.  Wouldn't want to fight the IRS on that.
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Offline Red

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Re: Win 1,000,000 Marriott Points
« Reply #36 on: August 15, 2012, 06:06:32 PM »
I just got an email from marriott offering me to increase my balance to 65k with up to 55k points (a credit card offer). The funny thing is that as far as I knew I had no point balance in my account, after logging in I found this:
Quote
02/29/2012
FACEBOOK MR POINTS SWEEPS - MI
10,000 points
Apparently I won 10k points from this sweepstakes and had no idea.
So what are these points worth, anything substantial?

Offline AsherO

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Re: Win 1,000,000 Marriott Points
« Reply #37 on: August 15, 2012, 06:27:07 PM »
I just got an email from marriott offering me to increase my balance to 65k with up to 55k points (a credit card offer). The funny thing is that as far as I knew I had no point balance in my account, after logging in I found this:  Apparently I won 10k points from this sweepstakes and had no idea.
So what are these points worth, anything substantial?

10k is worth (much?) less than $100. 70k offer linky is still up, might still work, though there are much better Chase offers to go for.
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Offline Red

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Re: Win 1,000,000 Marriott Points
« Reply #38 on: August 16, 2012, 07:47:10 AM »
10k is worth (much?) less than $100. 70k offer linky is still up, might still work, though there are much better Chase offers to go for.

I'm not planning on getting the CC, I was just curious what the points are worth.