I hope ABC starts counseling contestants that they'll be sacked with a monster tax bill. That's why they have tax "lawyers" advising these people and not CPAs, because any CPA worth his salt would advice against the arguments set forth by ABCs lawyers.
Extreme makeover 450K free home, foreclosing?
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Originally Posted By: moribundman
Originally Posted By: CivicFan
I wonder if ABC has started disclosing and explaining the tax ramifications of the extreme makeover to the beneficiaries.
I thought this issue was settled after the first few shows and that ABC picked up the whole tab henceforth, including taxes owed?
That would be the sensible thing to do.
Originally Posted By: CivicFan
I wonder if ABC has started disclosing and explaining the tax ramifications of the extreme makeover to the beneficiaries.
I thought this issue was settled after the first few shows and that ABC picked up the whole tab henceforth, including taxes owed?
That would be the sensible thing to do.
Originally Posted By: moribundman
Originally Posted By: CivicFan
I wonder if ABC has started disclosing and explaining the tax ramifications of the extreme makeover to the beneficiaries.
I thought this issue was settled after the first few shows and that ABC picked up the whole tab henceforth, including taxes owed?
They can't. The more they give the more taxes are owned.
The IRS will continue to tax.
You'll never get out of the loop.
That is why most people who "win" things (not cash) sell the items and what is left AFTER TAXES is what they "won".
Bill
Originally Posted By: CivicFan
I wonder if ABC has started disclosing and explaining the tax ramifications of the extreme makeover to the beneficiaries.
I thought this issue was settled after the first few shows and that ABC picked up the whole tab henceforth, including taxes owed?
They can't. The more they give the more taxes are owned.
The IRS will continue to tax.
You'll never get out of the loop.
That is why most people who "win" things (not cash) sell the items and what is left AFTER TAXES is what they "won".
Bill
Originally Posted By: Bill in Utah
Originally Posted By: moribundman
Originally Posted By: CivicFan
I wonder if ABC has started disclosing and explaining the tax ramifications of the extreme makeover to the beneficiaries.
I thought this issue was settled after the first few shows and that ABC picked up the whole tab henceforth, including taxes owed?
They can't. The more they give the more taxes are owned.
The IRS will continue to tax.
You'll never get out of the loop.
That is why most people who "win" things (not cash) sell the items and what is left AFTER TAXES is what they "won".
Bill
Exactly Bill! The ABC lawyers probably make the argument that them paying the taxes is a gift (not taxable). The IRS would say the money is game show winnings and tax it. Never ending loop until you fully pay the taxes YOURSELF.
Originally Posted By: moribundman
Originally Posted By: CivicFan
I wonder if ABC has started disclosing and explaining the tax ramifications of the extreme makeover to the beneficiaries.
I thought this issue was settled after the first few shows and that ABC picked up the whole tab henceforth, including taxes owed?
They can't. The more they give the more taxes are owned.
The IRS will continue to tax.
You'll never get out of the loop.
That is why most people who "win" things (not cash) sell the items and what is left AFTER TAXES is what they "won".
Bill
Exactly Bill! The ABC lawyers probably make the argument that them paying the taxes is a gift (not taxable). The IRS would say the money is game show winnings and tax it. Never ending loop until you fully pay the taxes YOURSELF.
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Originally Posted By: Drew99GT
The IRS would say the money is game show winnings and tax it.
Game show? Where's any gaming component in that show?
The IRS would say the money is game show winnings and tax it.
Game show? Where's any gaming component in that show?
Originally Posted By: moribundman
Originally Posted By: Drew99GT
The IRS would say the money is game show winnings and tax it.
Game show? Where's any gaming component in that show?
Getting picked to be on the show is a game.
Once you are on it, you "win".
Originally Posted By: Drew99GT
The IRS would say the money is game show winnings and tax it.
Game show? Where's any gaming component in that show?
Getting picked to be on the show is a game.
Once you are on it, you "win".
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Ah...
Being on BITOG is still tax-free? I swear I'm here against my will! I reject my winnings -- all of them!
Being on BITOG is still tax-free? I swear I'm here against my will! I reject my winnings -- all of them!
Only if you pass the Jeopardy round with the IRS.
Isn't income tax a wonderful thing...
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The IRS doesn't have to have a law to tax you. They just "disallow" some of your deductions. You have to fight them ..typically to a higher cost than the taxes incurred due to the disallowance.
This is junk my parents taught me before I was ten. I think we were watching some garbage game show or something and I probably said sure would like that or whatever....and my dad said, at minimum you'll still need to pay taxes. Which opened up a longer conversation.....
I really think the problem here is really generational. People really think there is "something for nothing" out there. I even told my wife; "...nothing good really come of these free house shows...."
I really think the problem here is really generational. People really think there is "something for nothing" out there. I even told my wife; "...nothing good really come of these free house shows...."
How do you get all that handed to you and manage to burn through it? Taxes suck, but with $100,000 cash on top of the house, it seems like they should have been able to handle it.
I agree that a free house and a pile of cash usually isn't what these people really need. It is a short term bandaid for their living situation, not something that teaches them how to manage money and their lifestyles better.
I agree that a free house and a pile of cash usually isn't what these people really need. It is a short term bandaid for their living situation, not something that teaches them how to manage money and their lifestyles better.
Originally Posted By: 01rangerxl
How do you get all that handed to you and manage to burn through it? Taxes suck, but with $100,000 cash on top of the house, it seems like they should have been able to handle it.
I agree that a free house and a pile of cash usually isn't what these people really need. It is a short term bandaid for their living situation, not something that teaches them how to manage money and their lifestyles better.
They started a construction business, financed by a mortgage, that was not successful. A mortgage (with your house as the collateral), and any savings you have, usually are the first line of financing your venture.
Had they succeeded, it would have been a great story. But they didn't so we have three pages worth of criticism on this forum.
How do you get all that handed to you and manage to burn through it? Taxes suck, but with $100,000 cash on top of the house, it seems like they should have been able to handle it.
I agree that a free house and a pile of cash usually isn't what these people really need. It is a short term bandaid for their living situation, not something that teaches them how to manage money and their lifestyles better.
They started a construction business, financed by a mortgage, that was not successful. A mortgage (with your house as the collateral), and any savings you have, usually are the first line of financing your venture.
Had they succeeded, it would have been a great story. But they didn't so we have three pages worth of criticism on this forum.
I know quite a few contractors, some very successful, and most of them started from absolutely nothing. How they [censored] away that money still doesn't add up. With that much of a head start, it seems to me like they either badly mismanaged the construction business, or were just using the loan to go shopping.
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Probably went all in on a venture version of Texas Hold'em and drew a few bad hands.
Originally Posted By: ToyotaNSaturn
I'm sure ABC is proud of these folks.
I wojuld guess that the Folks that run ABC are the same brands of folks that think Welfare works.
I'm sure ABC is proud of these folks.
I wojuld guess that the Folks that run ABC are the same brands of folks that think Welfare works.
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