Marshall Veteran Posted December 31, 2013 Veteran Share Posted December 31, 2013 Topics Merged Link to comment Share on other sites More sharing options...
Hum Posted December 31, 2013 Author Share Posted December 31, 2013 I laughed at the 'gas money' won -- it won't even begin to cover the taxes. And good luck on paying the Insurances and car theft. :p Link to comment Share on other sites More sharing options...
redvamp128 Posted December 31, 2013 Share Posted December 31, 2013 You know you could sell that car for under market value and, even after paying taxes and fees, still come out with 6 figures (or close to it), right? The only problem is that you have to pay that before you can "OWN" it to sell it. Though I was told once that game shows usually have a prize clause where they can sell the prize back for about 1/2 the value. That way the show can re-prize the car at a later date. Link to comment Share on other sites More sharing options...
Dane Posted December 31, 2013 Share Posted December 31, 2013 Eh. If I won it, as fantastic as that car would be, I'd just sell it and take a boatload of cash. I wonder if you could just take the cash value of it instead? Link to comment Share on other sites More sharing options...
Hum Posted December 31, 2013 Author Share Posted December 31, 2013 I wonder if you could just take the cash value of it instead? ^ No -- you have to take the car. They did have a clause where you can pick up the car in your state. Some info here: http://money.msn.com/tax-planning/win-a-game-show-thatll-cost-you-gina-roberts-grey Link to comment Share on other sites More sharing options...
cooky560 Veteran Posted January 2, 2014 Veteran Share Posted January 2, 2014 wow us car taxes suck. Here you just pay a cpl hundred a year to tax a car. Link to comment Share on other sites More sharing options...
francescob Posted January 2, 2014 Share Posted January 2, 2014 Prizes are considered income instead of gifts. It's "your" messed up tax code. AFAIK in the EU the prizes are tax-free as well and you can also chose to get the item value in money instead (and there are shows that actually play on this, offering some ridiculous 'white elephant' gifts, much funnier). I don't know if the show actually pays for the taxes (VAT, etc) though. Link to comment Share on other sites More sharing options...
cooky560 Veteran Posted January 2, 2014 Veteran Share Posted January 2, 2014 AFAIK in the EU the prizes are tax-free as well and you can also chose to get the item value in money instead (and there are shows that actually play on this, offering some ridiculous 'white elephant' gifts, much funnier). I don't know if the show actually pays for the taxes (VAT, etc) though. The show pays taxes on the prizes when it buys them. The winner pays no taxes because the item was a gift. Link to comment Share on other sites More sharing options...
riahc3 Posted January 3, 2014 Share Posted January 3, 2014 Hello, This thread smells funny. I think I smelled it once on a perfume. It was called "Envy". Don't know who made it though, sorry. Link to comment Share on other sites More sharing options...
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