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[+]DavidHogg0 points1 point1 point
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[–]DavidHogg0 points
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They have to pay the taxes on the winnings. I went to school with a kid that won a car on that show. He went for his 18th birthday. He traded it in on a used z28 and used the leftover money to pay the taxes. They didn’t have to pay taxes upfront. You get a 1099 at tax time.
[–]17686947?0 points
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IRS rules would allow them to pay the taxes also, but that means they would have to pay out money and that ain't happening (and also pay taxes on the taxes). These prizes are given to them by companies for free in exchange for "promotional consideration", basically meaning they give them the prize to give away in exchange for the host describing it like it is a commercial for the item. It really is a neat racket that they treat it as if they never owned the item and so they don't have to claim anything on it for expenses or income.
Yep just dumps, your going to El Salvador! Following up with a trip to Tijiguanna and wrapping up (in a bodybag) wiith a vacation in urban downtown Chicago.
Can you get cash value on it? I heard most trips go unclaimed because there's a high tax on game show winnings, and unlike a car you can't easily resell it, and of course they jack up the price (you could find the same trip yourself for much cheaper online, the stated value of the trip is just to make the winnings sound more impressive) so you're paying 70% tax on a "$3000" trip that you didn't really want in the first place. You're basically winning a bill, so people just refuse it.
Correct. You absolutely cannot get cash for anything you win on price is right. You owe income tax on msrp of anything you win. With trips that’s probably 10X the cost anything you’d book yourself. With consumer goods it’s probably 30% high on average. Only thing you can turn into cash is a car, and after taxes and depreciation you’ll probably net 10% of what the show says it’s worth.
One time at work we won a trip to Mexico as a sales incentive. At the time you could find the package we got for about $300 airfare and everything included. The guy that booked it for the company paid $1000 per person. So we ended up paying more in tax than the trip would have cost us.
[–]17678665?0 points
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The guy that booked it for the company paid $1000 per person.
Company trips are always way more expensive than if we just did it ourselves. Last trip I took cost the company more using their preferred vendors. I had already went on to see how much it would cost if I decided to fly my wife out with me and her flight was about $500 less than mine and the hotel would have cost us about $10 less a night if we had gotten it ourselves. All in all, I could have taken both of us and paid about the same as they paid for just me.
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[–] sometaters 0 points 4 points 4 points (+4|-0) ago
Why go to Chicago? To be culturally enriched, of course.
[–] Wowbagger 0 points 2 points 2 points (+2|-0) ago
With lead?
[–] Wowbagger 0 points 3 points 3 points (+3|-0) ago
I miss Bob Barker. Drew is okay but he's not Bob.
[–] capnflummox [S] 0 points 1 point 1 point (+1|-0) ago
Correct.
[–] 17678588? 0 points 2 points 2 points (+2|-0) ago
More like, no fucking way I pay the taxes on the trip value and then still have to go there.
[–] Rotteuxx 0 points 1 point 1 point (+1|-0) ago
Isn't that how they keep the show cheap ? Winners have to pay the taxes upfront so a lot of them forfeit the big prizes ?
[–] DavidHogg 0 points 1 point 1 point (+1|-0) ago (edited ago)
They have to pay the taxes on the winnings. I went to school with a kid that won a car on that show. He went for his 18th birthday. He traded it in on a used z28 and used the leftover money to pay the taxes. They didn’t have to pay taxes upfront. You get a 1099 at tax time.
[–] 17686947? ago
IRS rules would allow them to pay the taxes also, but that means they would have to pay out money and that ain't happening (and also pay taxes on the taxes). These prizes are given to them by companies for free in exchange for "promotional consideration", basically meaning they give them the prize to give away in exchange for the host describing it like it is a commercial for the item. It really is a neat racket that they treat it as if they never owned the item and so they don't have to claim anything on it for expenses or income.
[–] silic0n 1 point 2 points 3 points (+3|-1) ago
A good friend of mine won a trip to Brazil on Price is Right and was mugged outside his hotel.
[–] BloatedVoatGoat 0 points 1 point 1 point (+1|-0) ago
Yep just dumps, your going to El Salvador! Following up with a trip to Tijiguanna and wrapping up (in a bodybag) wiith a vacation in urban downtown Chicago.
[–] calfahul 0 points 1 point 1 point (+1|-0) ago
Can you get cash value on it? I heard most trips go unclaimed because there's a high tax on game show winnings, and unlike a car you can't easily resell it, and of course they jack up the price (you could find the same trip yourself for much cheaper online, the stated value of the trip is just to make the winnings sound more impressive) so you're paying 70% tax on a "$3000" trip that you didn't really want in the first place. You're basically winning a bill, so people just refuse it.
[–] MaxVieuxlieu 0 points 2 points 2 points (+2|-0) ago
Correct. You absolutely cannot get cash for anything you win on price is right. You owe income tax on msrp of anything you win. With trips that’s probably 10X the cost anything you’d book yourself. With consumer goods it’s probably 30% high on average. Only thing you can turn into cash is a car, and after taxes and depreciation you’ll probably net 10% of what the show says it’s worth.
One time at work we won a trip to Mexico as a sales incentive. At the time you could find the package we got for about $300 airfare and everything included. The guy that booked it for the company paid $1000 per person. So we ended up paying more in tax than the trip would have cost us.
[–] 17678665? ago
Company trips are always way more expensive than if we just did it ourselves. Last trip I took cost the company more using their preferred vendors. I had already went on to see how much it would cost if I decided to fly my wife out with me and her flight was about $500 less than mine and the hotel would have cost us about $10 less a night if we had gotten it ourselves. All in all, I could have taken both of us and paid about the same as they paid for just me.
[–] CivNatisFullRetard 2 points 1 point 3 points (+3|-2) ago
Probably have a deal with some Jew in Chicago
[–] capnflummox [S] 1 point -1 points 0 points (+0|-1) ago
Who downvoted this? (((Who))) !?!?!?!?!?!
[–] CivNatisFullRetard 1 point 0 points 1 point (+1|-1) ago
It’s this hapas who I triggered the fuck out of that goes by the name of MGTOW refugee
[–] Drkadrka ago
Is it bring your own rope?