ALL YOU CAN JET promotion
Dec 4, 2017, 6:16 pm
#16
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I would claim the value is less than the fare, since I'd be taking some flights that I wouldn't take if I had to pay for. But that's just the value to me, not the market value. Market value is the actual fare, presumably as of the date the ticket was booked. (That says to book early and often, since there's no cost to cancel.)
Dec 4, 2017, 10:20 pm
#17
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This is what I would use.
Dec 5, 2017, 8:22 am
#18
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The problem with using actual fares is that you don't know them. You win on 12/27/2017 so it's 2017 income, you don't know what you actually flew until 12/31/2018. I guess you could file an amended return.
Dec 10, 2017, 2:21 pm
#20
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[QUOTE=notthatdeadyet;29137792]I wonder if the winner gets a 2017 1099-MISC from JetBlue for $20K, has to pay tax on that, then gets the use of the tickets during 2018
no that’s not how it should work. If you get a free buffet you wouldn’t be taxed on the value of all the food in the joint when you eat it. You’re winning coupons which I suppose buried in the fine print says something that the prize is subject to their cancellation. Now you might get hit with something Based on estimated value but you could certainly contest the value if it was high.
no that’s not how it should work. If you get a free buffet you wouldn’t be taxed on the value of all the food in the joint when you eat it. You’re winning coupons which I suppose buried in the fine print says something that the prize is subject to their cancellation. Now you might get hit with something Based on estimated value but you could certainly contest the value if it was high.
Dec 10, 2017, 4:19 pm
#21
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Dec 11, 2017, 5:36 pm
#22
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Dec 11, 2017, 5:53 pm
#23
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[QUOTE=ucfjoe;29157561]
But will the IRS permit the taxpayer to rely on post-12/31/17 events to determine the taxable value of a prize won in 2017? I guess we need an accountant to weigh in on that one.
I wonder if the winner gets a 2017 1099-MISC from JetBlue for $20K, has to pay tax on that, then gets the use of the tickets during 2018
no that’s not how it should work. If you get a free buffet you wouldn’t be taxed on the value of all the food in the joint when you eat it. You’re winning coupons which I suppose buried in the fine print says something that the prize is subject to their cancellation. Now you might get hit with something Based on estimated value but you could certainly contest the value if it was high.
no that’s not how it should work. If you get a free buffet you wouldn’t be taxed on the value of all the food in the joint when you eat it. You’re winning coupons which I suppose buried in the fine print says something that the prize is subject to their cancellation. Now you might get hit with something Based on estimated value but you could certainly contest the value if it was high.
Dec 12, 2017, 11:30 am
#24
Join Date: Aug 2015
Location: NYC
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I'm not an accountant but I've won big ticket items before. I've always had to fill out a tax form before receiving the prize. My guess is if it's awarded in 2017, it applies to 2017.
Dec 12, 2017, 4:53 pm
#25
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All I can think of is that you would file the taxes this year with the declared amount, and each time you book your flight make note of the cheapest available coach ticket for that seat, and then file an amended return if you did not have an actual $20,000 worth of benefit?
Dec 13, 2017, 11:26 pm
#26
Join Date: Aug 2007
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2) MAIL-IN ENTRY METHOD: During the Sweepstakes Period, hand print your complete name, address including zip code, daytime and evening telephone numbers including area code and a valid e-mail address (optional) on a 3" x 5" piece of paper and mail it in an envelope with sufficient postage to: All You Can Jet Sweepstakes c/o Centra 360, 1400 Old Country Road, Suite 417, Westbury, NY 11590 ("Free Entry Method" or "Free Entries"). All Free Entries must be postmarked by 12/15/2017 and received by 12/22/2017. For all Free Entries: Limit one Entry per envelope, per day. Purchase Entries and Free Entries are individually defined as "Entry" and collectively defined as "Entries".
Dec 14, 2017, 11:01 am
#27
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I sent in one entry, which statistically should be about the same as one per day; I'll worry about the taxes when I win.
Dec 14, 2017, 3:52 pm
#28
Join Date: Jun 2012
Location: New England
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I'd imagine that anyone who wants to earn or retain status probably wouldn't want this prize. If the winner earns/retains status via credit card spend, then they can really make full use of this prize, since the flights are "free" and the benefits are the same.
Last edited by diburning; Dec 14, 2017 at 4:54 pm
Dec 14, 2017, 8:09 pm
#29
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If you choose to give up a year of flights at ~30% of face value just to maintain elite status or earn points I'd argue you've made a horrible mistake. I want to pay 2x+ for airfare just so I can have elite status is about as ridiculous an idea I've heard in a long time now.
Dec 15, 2017, 2:38 pm
#30
Join Date: May 2008
Location: new york
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I would take the 20K value as a challenge for me to book that much travel. Just going to Florida over February break would save me 800-1000 for 2 people on 1 flight. I might even get creative and try to fly from NYC-BOS via SFO or SJU or ... I would probably give up Mosaic Status for 2019 if I won this contest.