Ranger on price is right

[Jmarler]

They showed a 2021 ranger black stx 4x4 on price is right. Looked fantastic. Contestant didn't win it though. They combined the price with a home office set totally 37k. She guessed 33k.

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[VTRanger]

They showed a 2021 ranger black stx 4x4 on price is right. Looked fantastic. Contestant didn't win it though. They combined the price with a home office set totally 37k. She guessed 33k.

$33k?, someone hasn't shopped for a new vehicle lately

 

[OC4095]

My wife won a car on "lets make a deal". It was a Chevy Aveo with a prize tag of $15,000. You don't take possession until the show airs and if it does. After 6 months we picked up the car from a dealer and hour away. When we got there they had a voucher for $12k that could take the Aveo home or apply to another car. We had just purchased a car before she went on the show so we didn't need it. I had to wait a month to receive the pink slip, so it sat in the garage till then. As soon as i had title i took it to Carmax and they gave me $9k. Now the fun part, come tax season i get the docs that say i owe tax on $15k because that was the prize! I went to HR block and they were able to argue that i only owed on $9k and guaranteed it. So my question is who's pocket has that missing $3k?

To recap:
Prize = $15,000
Actual Prize = $12,000
In Pocket Prize = $9,000
Tax Liability = $15,000

God help you if you win a Motorhome!

 

[Jason B]

About 20 years ago when I lived in Dallas, there was a raffle for a $450,000 house to raise money for a charity. One stipulation is that if you won, you had to pay the taxes. Another is that you could not sell the house for two years. I'm not sure what the sales taxes and property taxes for two years on a $450,000 house near Dallas would be. A lot more than I and many people could come up with, so why bother even entering. My guess it was to keep the 'right' people in that neighborhood.

 

[VTRanger]

My wife won a car on "lets make a deal". It was a Chevy Aveo with a prize tag of $15,000. You don't take possession until the show airs and if it does. After 6 months we picked up the car from a dealer and hour away. When we got there they had a voucher for $12k that could take the Aveo home or apply to another car. We had just purchased a car before she went on the show so we didn't need it. I had to wait a month to receive the pink slip, so it sat in the garage till then. As soon as i had title i took it to Carmax and they gave me $9k. Now the fun part, come tax season i get the docs that say i owe tax on $15k because that was the prize! I went to HR block and they were able to argue that i only owed on $9k and guaranteed it. So my question is who's pocket has that missing $3k?

To recap:
Prize = $15,000
Actual Prize = $12,000
In Pocket Prize = $9,000
Tax Liability = $15,000

God help you if you win a Motorhome!

I always wondered how that worked.

 

[VTRanger]

About 20 years ago when I lived in Dallas, there was a raffle for a $450,000 house to raise money for a charity. One stipulation is that if you won, you had to pay the taxes. Another is that you could not sell the house for two years. I'm not sure what the sales taxes and property taxes for two years on a $450,000 house near Dallas would be. A lot more than I and many people could come up with, so why bother even entering. My guess it was to keep the 'right' people in that neighborhood.

The 2 years might have been to avoid capital gains tax, which would be even worse.

 

[jsphlynch]

About 20 years ago when I lived in Dallas, there was a raffle for a $450,000 house to raise money for a charity. One stipulation is that if you won, you had to pay the taxes. Another is that you could not sell the house for two years. I'm not sure what the sales taxes and property taxes for two years on a $450,000 house near Dallas would be. A lot more than I and many people could come up with, so why bother even entering. My guess it was to keep the 'right' people in that neighborhood.

Shouldn't be any sales tax, but the IRS would count the house as income for that year, which is even worse. If I've done my math right, based on federal income tax rates of 20 years ago the income the tax bill would be a little shy of $150k. And that's assuming the winner is married and filing jointly with their spouse!

 

[Ron L.]

isnt that how that show worked...i forget the name...where some deserving mom with a soup kitchen helping local homeless kids, would get her old home renovated (basically bulldozed) and a giant mansion would be built.
which would end up being way out of the "lucky" homeowners budget and the taxes, plus the utilities killed them anyways a few months down the road when it was time to pay up

That show was Extreme Makeover. I worked on one of those houses and if I remember correctly, as you said, I think the family wound up losing that house as the taxes wound up being killer,

 

[Hounddog409]

Shouldn't be any sales tax, but the IRS would count the house as income for that year, which is even worse. If I've done my math right, based on federal income tax rates of 20 years ago the income the tax bill would be a little shy of $150k. And that's assuming the winner is married and filing jointly with their spouse!

Married filed jointly is far worse than filing single.

They stick it to married folks.

 

[KJRR]

My car winning story, think is was in 2000. Entered a contest put on by an anti-virus company, prize was a New Beetle. (Bug - antivirus ) Had a marketing firm trying to contact me and kept ignoring them since I thought it was just some sales thing. They finally left a message saying I won the contest and to contact them. I had to pick out the car at a local dealership up to $18k in value. I had just bought a car the year before and didn't need another so I had my mother pick out what she wanted and she paid the taxes and paid off my existing car. We both made out on that deal.

 

[halligan1201]

My buddy won a Durango on the Price is Right in the late 90s. Had the option of a voucher to redeem at a local dealer or to take cash. He took the cash. What was interesting is that they interview everyone coming to that day's tapings and select who will be "coming on down" ahead of time, and then coach them on how to act surprised that they got called.

 

[Joeiconic]

My wife won a car on "lets make a deal". It was a Chevy Aveo with a prize tag of $15,000. You don't take possession until the show airs and if it does. After 6 months we picked up the car from a dealer and hour away. When we got there they had a voucher for $12k that could take the Aveo home or apply to another car. We had just purchased a car before she went on the show so we didn't need it. I had to wait a month to receive the pink slip, so it sat in the garage till then. As soon as i had title i took it to Carmax and they gave me $9k. Now the fun part, come tax season i get the docs that say i owe tax on $15k because that was the prize! I went to HR block and they were able to argue that i only owed on $9k and guaranteed it. So my question is who's pocket has that missing $3k?

To recap:
Prize = $15,000
Actual Prize = $12,000
In Pocket Prize = $9,000
Tax Liability = $15,000

God help you if you win a Motorhome!

Winnings are simply taxed as ordinary income, so maybe the HR Block has the other $3k.

 

[BrassSlinger]

My wife won a car on "lets make a deal". It was a Chevy Aveo with a prize tag of $15,000. You don't take possession until the show airs and if it does. After 6 months we picked up the car from a dealer and hour away. When we got there they had a voucher for $12k that could take the Aveo home or apply to another car. We had just purchased a car before she went on the show so we didn't need it. I had to wait a month to receive the pink slip, so it sat in the garage till then. As soon as i had title i took it to Carmax and they gave me $9k. Now the fun part, come tax season i get the docs that say i owe tax on $15k because that was the prize! I went to HR block and they were able to argue that i only owed on $9k and guaranteed it. So my question is who's pocket has that missing $3k?

To recap:
Prize = $15,000
Actual Prize = $12,000
In Pocket Prize = $9,000
Tax Liability = $15,000

God help you if you win a Motorhome!

I read somewhere that a high % of winners on the Price is Right never claim their prizes due to the taxes due. Thanks for sharing your experience

 

[VTRanger]

Married filed jointly is far worse than filing single.

They stick it to married folks.

I found that out a few years ago when I got married, unless you have kids, you get completely screwed.

 

[SILK]

I found that out a few years ago when I got married, unless you have kids, you get completely screwed.

As a guy about to get married with no immediate plans for kids and time to make a run for it...can you expand on your comment

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