If someone wins a prize but cannot really use it, what do you do?
Example, they live in an apartment and win a new kitchen.
2007-05-03 09:01:21 · 4 answers · asked by Millie 1 in Business & Finance ➔ Other - Business & Finance
People who win prizes that they don't want are under no obligation to actually accept the prize. I understand that refusing a prize isn't unusual.
Alternatively, donating the prize to a charity gives the winner a tax deduction that offsets the tax they would have to pay on their winnings.
Giving away the prize to someone other than a charity would not be wise, because the winner has to pay tax on the value of the winnings,
Selling the prize would work if you get enough to offset the tax bite.
2007-05-03 14:23:08 · answer #1 · answered by F. Frederick Skitty 7 · 0⤊ 0⤋
They can give it to someone or sell the voucher.
2007-05-03 09:08:31 · answer #2 · answered by ? 6 · 0⤊ 0⤋
Sell it.
2007-05-03 09:08:50 · answer #3 · answered by flowerchild 2 · 0⤊ 0⤋
Sell it on ebay!!!
2007-05-03 09:10:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋