Contests and Sweepstakes Winnings
Many people like to enter Contests and Sweepstakes because they know that they will never have to worry about reporting their winnings on their annual tax forms. It is not that they want to be dishonest about their income totals on their taxes, its just that the Contests and Sweepstakes winnings, always seem to be under the reporting limit required by Law.
The Contest and Sweepstakes winnings might be wonderful things, but people that win them never have to use them as any type of income, if they keep within the Contest and Sweepstakes winnings limit required by Law. Some of the Contests and Sweepstakes winnings will be a certain amount of cash, and people approach claiming this amount very carefully.
People will review the Contest and Sweepstakes rules several times before they will go and sign on the dotted line to claim their prize, or invest any money into getting affidavits and notary stamps on their signature if they reply by mail. They make sure that they are not setting themselves up for a lot of paperwork, because winnings that are over a certain dollar limit, have to be reported as income to the Internal Revenue Service.
Even if the Contests and Sweepstakes winnings are not in monetary form, the winners will still reconsider their option of claiming their prize. Sometimes, they did not give thought to where they could place their prize, and are especially horrified if that item is a swimming pool or Jacuzzi whirlpool bath. These items are difficult to place, because most winners live in apartments and rarely a house.
There are Contests and Sweepstakes winnings that people can have a lot of fun with too. They win birthday parties, and a day at a water park for perhaps, thirty or so of their friends. On these types of Contests and Sweepstakes winnings, everybody that comes turns out to be a winner. Of course, the people who forget their sunscreen might have to differ on that opinion just a bit.
People enter these Contests and Sweepstakes all of the time. They do them at restaurants at the end of their meals, and fill a form out at the check-out machine. Most of these Contests and Sweepstakes winnings will be something that might fit a athletic girls dreams, because the winner gets a luxury condominium for a year, and it is probably located in a resort town, where it snows all year.
by Melissa.Brown 19 years ago