In some cases, it might be better to decline contest winnings [free WSJ article] than to accept the prize. The income tax due on winnings might be more than what it would cost to buy the prize outside of the contest. In the article, a man declines free American Airlines flights.
Updated February 6, 2012 and originally published July 5, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.