Since you asked, yes - but first, congratulations!
Make sure there are no "conditions" associated with accepting the prize - no upfront fee (immediate scam alert), as someone stated above no timeshare presentation...
Now, the taxes. Research, research, research! When you book your airfare, print out the actual price of the fare for the flights you select. Ditto for the hotel; print out the reservations page for various room levels for the nights you'll be there. Print out thu USF three day ticket pricing. Add it all up, multiply times two. Add $500. Is your total less than the stated ARV? If it is, it's the amount on which you should be paying tax - but you need proof for the IRS!