Woman wins R8 Spyder on "Price is Right"

[brucesvt]

Back in 2001 I won my 2000 R on a raffle ticket.

It costs me $21,500 in tax, $17,000 federal and $3,500 state.

It's as if someone handed me a check for $60,000.

Fortunately I had the money to pay it, and still have the car to this day.

Total bs if you ask me. You won the car, but i get the whole thing that its earned income but come on. Now the lady from the Price is Right should just sell the car asap lol

 

[truefiveo]

WTF $157K???

That had better been the V10 Plus engine option.

 

[Blown 89]

They should only tax you if you sell the car. It's not income until money is in my hands IMO. I've always thought that was bullshit

 

[da5deuce]

WOW, some real eye opening info in here.

 

[9cobra4]

Surely any bank/credit union would loan her 33% of the cars total value against the car to pay the taxes.

 

[nickf2005]

Surely any bank/credit union would loan her 33% of the cars total value against the car to pay the taxes.

I'm sure they would... but a normal lady attending Price is Right more than likely can't afford the "car" payment of $52,000. 60 months, 4%, $5,000 down and that equals a $865 a month.

 

[CobraBob]

I wonder how many contestants who participate understand the tax consequences if they win prizes, especially large prizes. And are ALL prizes taxed, or is it over a certain dollar value?

 

[nickf2005]

I wonder how many contestants who participate understand the tax consequences if they win prizes, especially large prizes. And are ALL prizes taxed, or is it over a certain dollar value?

All prizes are taxed Bob. So, that license plate frame ya won... better claim it to Uncle Sam. :banana:

 

[scott9050]

Some insight:

The Price Is Right ... and the Taxes Are High

 

[MGC]

My brother won $1500 at a casino last weekend, it spit out a W4 for him to claim it. My buddy's dad won a car from a casino and just took the cash value, I wonder if you could do that in this situation? Then just pay taxes on the cash.

 

[Devious_Snake]

I was just about to say you can take the cash value, but I heard its somewhere around 60 percent of the actual value. Guy at a local dealer told me " if you win a car, example a ford that we provide, take it and bring it here and sell it back to us. You will get more for it than just taking the cash value option."

 

[kaz109]

WTF $157K???

That had better been the V10 Plus engine option.

Lol..you can't be serious. That is V8 money there , V10 is in the 180's

 

[Mach828]

She will have to get a loan to pay the taxes, go sell it to whoever she can unload it on the fastest for 3/4s of the price its worth, use that money to pay off the loan. And come out in the end with a couple grand ahead. What a joke, Uncle Sam always has to stick it to us.

 

[RustyRodder]

and the producer is screaming in the back like"this game is impossible to win, noone can win that car"

Doubt it- producer was bummed earlier this year when the Ferrari wasnt won.



Suddenly why a lot of raffles now are giving "win XX car plus 50k cash!" out.

 

[kaz109]

Lol@ppl bitching about still having to pay 1/3 of the price. Go to any dealer and ask if they have a special sale that marks off 2/3 of the price. I don't understand the mind set of ppl sometimes.

 

[truefiveo]

Lol..you can't be serious. That is V8 money there , V10 is in the 180's

Ouch!

 

[pho_phizzat]

Back in 2001 I won my 2000 R on a raffle ticket.

It costs me $21,500 in tax, $17,000 federal and $3,500 state.

It's as if someone handed me a check for $60,000.

Fortunately I had the money to pay it, and still have the car to this day.

That is awesome!

 

[Sladester2]

https://www.youtube.com/watch?v=pR1Mmxr2Cb4 This isnt near the biggest winning on Price is right. There have been a few $1000000 winners

 

[Serpent]

Damn that is good to know, win a free car and tax is about 1/3 of the price. So much for hoping to win a Veyron, pay $300,000+ in taxes!!!

 

[Serpent]

Lol..you can't be serious. That is V8 money there , V10 is in the 180's

I've seen used v8 R8's go for 70's. I would just settle for that and spend on a turbo kit. IMO R8's are rare enough to be considered exotic, still not fast for the price though. (reference to price + awd + v10 = still slower then some rwd cars).