BREAKING NEWS
Anytime you enter a contest to win something there's an important question you need to ask yourself
Copyright 2010 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 05/06/2010
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By: Michelle Lowry
Tulsa - CPAs say if you can't immediately turn around and sell the item to pay taxes it could be a big financial burden.
Often you have to pay taxes, up front, to claim an item so be certain to read all the contest rules before making up your mind to enter to win.
Also consider whether you can afford insurance for the big, fancy, item you're hoping to win.
In the case of a home you think you'll live in can you afford the property taxes and utilities?
The dream of winning is always fun. The financial realities can be too much to handle.
If you're unsure, the Oklahoma Society of CPAs offers a free service called Ask-a-CPA through their Web site. www.KnowWhatCounts.org
Copyright 2010 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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