Here's a free car. Now give me $7000.

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yeah, why game shows are gay. i bet most of the vehicles won on games like price is right, wheel of fortune, etc get forfeited because people cant pay the taxes.
 
i would just sell the car, pay the 7000 dollar tax and keep the rest. say you sell the car for 20 thousand, you pay 7g's for the tax...you just made 13g's for what? going to watch oprah...sounds good to me.
 
Whatever happened to taking the cash-equivalent when you win a vehicle?
 
these vehicles weren't really won

they were gifts...

and these were not random people that went to see oprah, these were people deemed needy or special, so they were invited to this special show...

and oprah sucks ass anyway...
she should go eat a twinkie and stay out of everyone else's lives...
and take that fucktard dr. phil with her
 
/DrPhil

Now, that was a very hateful comment! Son, do you have any issues with your childhood? Did your daddy touch you in strange places?

/DrPhil

I hate that balding bastard.
 
Originally posted by Battle Pope@Oct 13 2004, 09:09 AM
/DrPhil

Now, that was a very hateful comment! Son, do you have any issues with your childhood? Did your daddy touch you in strange places?

/DrPhil

I hate that balding bastard.
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:bo:

All he does is cater to the fat, insecure women that rely on Oprah to boost their self-esteem. "Oh, it's not your fault that your fat!" Bullshit! These cows need to listen to Jimmy Kimmel and The Man Show: "Stop eating so damn much!"

Also, should those heffers really be listening to weight loss advice from a fat pig of a man? Christ!
 
Originally posted by reckedracing@Oct 13 2004, 10:33 AM
these vehicles weren't really won

they were gifts...

and these were not random people that went to see oprah, these were people deemed needy or special, so they were invited to this special show...

and oprah sucks ass anyway...
she should go eat a twinkie and stay out of everyone else's lives...
and take that fucktard dr. phil with her
[post=402093]Quoted post[/post]​
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Question - what if the game worked like this . . . . the people won a chance to buy the car for $1. Then, taxes would only be $.05 here in MA . . . . .


could that legally be done?
 
tyrone for the dave shapell show would sell it and buy th ebigges crack rock he could
 
Question - what if the game worked like this . . . . the people won a chance to buy the car for $1. Then, taxes would only be $.05 here in MA . . . . .


could that legally be done?
Click to expand...


ahhh young one...
not so fast...

the IRS has rules on buying something that is grossly underpriced for the sake of avoiding taxes... if you buy something that is blatently underpriced you should expect to pay tax on the diffrence between fair market value and purchase price at your current income tax rate...

DMV would also hit you on the sales tax with the same principal...
grossly underpriced = fair market value - purchase price = income...
 
either way you look @ it that is still a win/win situation. if you wanna keep it, finance 7g's. don't like it...sell it and keep the profit after taxes. everybody wins
 
Originally posted by reckedracing@Oct 13 2004, 01:09 PM
Question - what if the game worked like this . . . . the people won a chance to buy the car for $1. Then, taxes would only be $.05 here in MA . . . . .


could that legally be done?
Click to expand...


ahhh young one...
not so fast...

the IRS has rules on buying something that is grossly underpriced for the sake of avoiding taxes... if you buy something that is blatently underpriced you should expect to pay tax on the diffrence between fair market value and purchase price at your current income tax rate...

DMV would also hit you on the sales tax with the same principal...
grossly underpriced = fair market value - purchase price = income...
[post=402175]Quoted post[/post]​
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lol, the force is not that strong with me yet.

Even if this underhanded idea does work in the private sector, there is no way a NATIONAL tv host could get away with it on the air.
 
this is a tax on income, not a sales tax...

gifts of over 10K are considered taxable income...

thus the fair market value of the cars are recognized as taxable income according to the IRS...

and the tax is up to 7K depending on the taxpayers current income level, which determines their tax rate...

i assume most will not be in such a high income bracket as to pay 7K on the cars...
 
Ah, that's right. Regardless, of Oprah is a billionaire, she should just pay the gift tax for them. :)
 
Originally posted by reckedracing@Oct 13 2004, 03:57 PM
this is a tax on income, not a sales tax...

gifts of over 10K are considered taxable income...

thus the fair market value of the cars are recognized as taxable income according to the IRS...

and the tax is up to 7K depending on the taxpayers current income level, which determines their tax rate...

i assume most will not be in such a high income bracket as to pay 7K on the cars...
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Are you sure on this, my accountant said it was on gifts over 17k.
 
thats bullcrap thats not wining if you have to pay the tax on them
 
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