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GReedDiamond

(5,549 posts)

50. I knew one of the contestants on Project Runway, season 3...

Reply to Yo_Mama_Been_Loggin (Original post)

Sat Sep 14, 2019, 06:14 PM

Sep 2019

...Jeffrey, who ended up winning that year (2006).

One of his prizes was a brand new car. He ended up donating the car to a charity and got a substantial tax credit, because he did not want to pay the tax on it.

It worked out very well for him.

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Highlight:

That Time Oprah Gave 276 People 'Free' Cars That Actually Cost Them $6,000 In Taxes [View all] Yo_Mama_Been_Loggin Sep 2019 OP

I mean worst case qazplm135 Sep 2019 #1

Agreed Sherman A1 Sep 2019 #3

More of the story: StarfishSaver Sep 2019 #4

doesn't change my point qazplm135 Sep 2019 #12

I wasn't disagreeing with you StarfishSaver Sep 2019 #15

+1,000 n/t malaise Sep 2019 #38

Exactly MaryMagdaline Sep 2019 #66

Could almost make one refuse the gift. Almost. Sneederbunk Sep 2019 #2

I'd gladly pay 6k to save 25k. dem4decades Sep 2019 #5

If you have it... Wounded Bear Sep 2019 #6

You have a 20k asset that you didn't have. you can cash it out and make a 14k profit. For sitting dem4decades Sep 2019 #7

you do have it qazplm135 Sep 2019 #13

me too Demovictory9 Sep 2019 #45

If the taxes were a problem, sell the car, pay the taxes, and pocket around $15,000. Hoyt Sep 2019 #8

Absolutely man...some people see the glass as half empty, vs. half full. $6000 for a new car ... SWBTATTReg Sep 2019 #9

And if you can't afford that much in taxes, presumably you can sell the car for more than $6,000. LisaL Sep 2019 #20

All game shows have the same deal. Cartoonist Sep 2019 #10

Damned straight. A HERETIC I AM Sep 2019 #24

So if lucky me doesn't win anything at least I don't have to pay taxes on it. LisaL Sep 2019 #27

That's right!! A HERETIC I AM Sep 2019 #37

If you don't win, you've lost, right???? dixiegrrrrl Sep 2019 #68

Aunt Bee ran into that problem on the old Andy Griffith show. Gidney N Cloyd Sep 2019 #48

What is more fun than having a piss on a silver lining? Democratic Debates IADEMO2004 Sep 2019 #11

It Must Be a Slow News Week Over at MSN. This is What I Call a Click Bait Story. Indykatie Sep 2019 #14

Your friend did the right thing. A HERETIC I AM Sep 2019 #25

I bought a new car once when I was young and foolish. I'll never do that again. hunter Sep 2019 #16

what's wrong with a new car? Skittles Sep 2019 #36

My new car, which I bought before our children were born... hunter Sep 2019 #46

GA man wins $10 million lottery, costs hims $3.1 million! Cattledog Sep 2019 #17

Yea, exactly. The story is absurd. If somebody gifts you something expensive, over a certain amount, LisaL Sep 2019 #22

Couldn't they have just opted for cash value? nuxvomica Sep 2019 #18

Yes zipplewrath Sep 2019 #54

That's true of all gifts, though. LisaL Sep 2019 #19

It's actually not. Ms. Toad Sep 2019 #59

Those are absolutely intended consequences. LisaL Sep 2019 #21

Usually the giver pays the taxes, in my expiernce. Oprah had that option. n/t pnwmom Sep 2019 #23

I had a friend with a similar situation. They won something at a fair and then found out they had to LisaL Sep 2019 #26

The fair could have paid the tax and so could Oprah. That is the usual thing. pnwmom Sep 2019 #29

The cars were considered prizes, not gifts. LisaL Sep 2019 #39

Okay, that's the legal excuse. But nothing prevented Oprah from making the tax payments herself, pnwmom Sep 2019 #49

You don't look a gift horse in the mouth. LisaL Sep 2019 #52

If you win something it is not a gift. Ms. Toad Sep 2019 #60

I'm no accountant but isn't there a circular problem there? defacto7 Sep 2019 #31

Increasinng income to cover the anticipated taxes is pretty common. Ms. Toad Sep 2019 #61

That's not how taxes work moose65 Sep 2019 #67

That was a serious oversight sarisataka Sep 2019 #28

The knowledge of taxes on prizes has been around since TV defacto7 Sep 2019 #34

It's not a problem. You win stuff you pay taxes. unblock Sep 2019 #44

Take a tip from Aunt Bee aeromanKC Sep 2019 #30

I'd still rather have been one of the 11 people that got a car. Captain Stern Sep 2019 #32

Everybody in the audience got the car, not just 11 people. LisaL Sep 2019 #40

Then, I wish I'd been in the audience. n/t Captain Stern Sep 2019 #72

Sell the car and take the cash. GeorgeGist Sep 2019 #33

Exactly. LisaL Sep 2019 #41

I think when the show was over the producer should have told them, defacto7 Sep 2019 #35

$28K new car for $6K? I'll take ten, please and thank you. TeamPooka Sep 2019 #42

Oh ffs. You get stuff you pay taxes. I'm sick of people complaining about taxes unblock Sep 2019 #43

Really, it's tax law 101. Initech Sep 2019 #57

Unfortunately, you just failed tax law 101 Ms. Toad Sep 2019 #62

I think I fell asleep during that part of the lecture. I'll show myself out. Initech Sep 2019 #69

It's a very, very, very common mistake. Ms. Toad Sep 2019 #71

Yeah, people forget about the taxes owed on stuff they win or are given. elocs Sep 2019 #47

I knew one of the contestants on Project Runway, season 3... GReedDiamond Sep 2019 #50

This message was self-deleted by its author Chin music Sep 2019 #51

Like a lot in life, it's just math nt VarryOn Sep 2019 #53

I was under the impression General Motors gave those cars away blueinredohio Sep 2019 #55

That's why I only took the "free"conference fees nitpicker Sep 2019 #56

This is easily one of the most petty, ridiculous things to complain about. cbdo2007 Sep 2019 #58

+1 obamanut2012 Sep 2019 #63

Hey if they don't want it, I'll take it! Initech Sep 2019 #70

Gifts like that need to be tax protected to the reciever. Blue_true Sep 2019 #64

Put the car up for collateral for a loan Ilsa Sep 2019 #65