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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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[–] 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.