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Tax first... for the Price is Right

August 13th, 2014 at 10:19 pm

Text is I found this article rather amusing and Link is http://www.accountingweb.com/article/can-you-afford-free-taxes-spoil-game-show-win/222376
I found this article rather amusing. Apparently, in CA, when you win something, like on the Price is Right, you have to pay the taxes on it right then and there before you can cart off your prizes.

Here's the kicker. Say, for example, you don't really need the extra sofa set and the pool table, but you win it anyways, well you would still have to pay the taxes for it. You're almost better off refusing some of the prizes....

I'm just waiting for some constant to say, "How much in taxes is that?" on the air.

1 Responses to “Tax first... for the Price is Right”

  1. Bob B. Says:
    1407968301

    DW and I saw Drew Carey in concert last fall. He said basically the same thing. Plus, if you win a hot tub, you just win the hot tub. Not the installation, maintenance, etc. if the fridge you win is bigger than your space, too bad.

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