VFR1200 given away today on The Price is Right

They gave away a 2010 VFR1200 today on The Price is Right in the Showcase Showdown. The one girl passed on her showcase :crazy:, so a guy got the Viffer showcase. He bid a little low, but did well. She way overbid her showcase, so he won and walked out with a new VFR1200 and some other stuff. Pretty cool.

The giveaway bike was a red manual-tranny without hardbags. :VFR1200F: Nice prize for the game show where they often give away stripper models (like Sportster 883, etc.) of popular brands. And a nice little bit of publicity for Honda's new look.

 

sweet, just wonder if he will keep it or fleabay it.

 

he probably won't even take delivery of it.....truth of it is they keep alot of the "prizes" because the folks that win all that stuff can't afford the sales tax....now if he won some green backs along with it...then he better pay the sales tax.....

 

[video=youtube;noggIParXOA]http://www.youtube.com/watch?v=noggIParXOA&feature=related[/video]

 

I don't think it is the sales tax people usually have a problem with (not even sure they pay sales tax, don't know, but would think not since there is no "sale." But I am sure we have a tax person on here somewhere) it is the income tax that people get hit with that they have problems with. If you win a prize worth say $50,000, before you can take delivery you have to pay the income tax on that $50,000 of "income" you just got. Just like when it is taken out of your paycheck before it goes to you.

 

sales tax gift tax...if the winner is from cali he is gonna pay ...call it what you will... but there are a lot of cars and vehicles that are won that are sitting at the lot still...... its the same tax you would pay on lotto winnings, in a roundabout sorta way....

 

all you gotta do to see the bouncing boobies is shrink the video ....

 

you pay taxes on everything you make (or should)

DIRECTLY OFF THE IRS WEBSITE:

Reporting Miscellaneous Income


FS-2007-26, November 2007

While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income, such as:

* cash earned from side jobs,
* barter exchanges of goods or services,
* awards, prizes, contest winnings and
* gambling proceeds.

This fact sheet, the 18th in the Tax Gap series, will help taxpayers better understand miscellaneous income and what they are required to report as taxable on their Form 1040.

The tax gap, or the amount of taxes that go unpaid each year, results from taxpayers underreporting their taxable income. Fortunately most people want to pay their fair share of taxes and many simply need a better understanding of their obligations.

What is Taxable?

Taxpayers must report all income from any source and any country unless it is explicitly exempt under the U.S. tax code. There may be taxable income from certain transactions even if no money changes hands.

Generally, the IRS considers all income received in the form of money, property or services to be taxable income unless the law specifically provides an exemption. This document discusses a few types of reportable income. Information on how to report other types of income can be found in Publication 525, Taxable and Nontaxable Income.

Prizes and awards

Subject to certain exceptions, the cash value of prizes or awards won in a drawing, quiz show program, beauty contest, or other event, must be included on the tax return as taxable income.

Taxpayers must also report the fair market value of merchandise or products won as a prize or award, as taxable income.

 

'Price Is Right' for piano, but the tax bill is too steep

 

I don't think the "gift" tax applies either, could be wrong. But it isn't a gift per se. The gift tax is really there to prevent wealthy people from gifting their estates to thier children before they die, and thus avoid the estate tax -- as I understand it anyway. Really not a tax person.

 

BIG difference between sales tax (state only) and income tax which is Federal and sometimes, like in CA, also state. The rate, and thus the dollar amount of taxes you pay with the income taxes would make you wish that you were only paying the state sales tax. What is the highest sales tax in CA? 8.75%? (for those not in CA, the sales tax changes by county here). The Federal tax rate goes from what? Like 10% to like 30+%?? Depending on the prize and and your total earnings in that year. Plus you then have the State income tax, and I have no idea what the state income tax rate is. So it would add up to a whole lot more money than mere sales tax.

This actually screwed up a lot of people in the early stages of that show where they redo people's houses, what was it like Extreme Home Makeover or something like that? Anyway because of how the show was set up in the first season or two, it was a contest and thus the cost of the remodel was taxeable income. Some of those people could not pay the income taxes at the end of the year -- most were caught unaware; and thus lost their houses. Or had to borrow the $$. They then changed the way the show is set up and the contracts so that the items they use are "donated" by companies and are not considered winnings; and thus not taxable.

I don't know how many cars are sitting around on dealer lots waiting for their winners. The winner, unless they have horrible credit, would be able to get a loan to pay the taxes. The car would have to be worth more than the tax bill, so it wouldn't be a 100% loan. Or barring that, they could have the dealer sell the car, pay the tax bill, and then give the winner the difference. Also even if the person didn't do either of those, when you see those contests you usually, if not never, win a specific car you win a model and a trim level. So you may win say a BMW 325i, but you don't win a BMW 325i in Artic Blue with VIN # 123456789BN. Thus the dealer could sell the car they had on display, as long as they could supply another 325I to the winner as long as it was equiped similarly or better.

Also the income tax would also apply in the same way to any lotto winnings, but not a sales tax.

 

Correct, every citizen is obligated to report all (well, nearly all) income they receive during the year, no matter how much or how received. Although having worked in banking and seen a lot of people's tax returns I would disagree strongly with your assessment that most people declare all income and want to pay their fair share. Most of us with a "salary" job where everything shows up on a paycheck and W2 declare all income. But from what I have seen a lot of people with rentals, or self employed (particuarly if it is a cash heavy business), people who get tips, or funny enough priests do not declare all of their income. Over half the people I have dealt with freely admit to gross inaccuracies on the tax form. Way way more than 50%.

 

Ahh...scrambled porn.



Pretty cool about the VFR too.

 

Gota laugh, is that the only way Honda can get the new VFR out in the market? Gay on the Boobie thing. Nice thought though

 

We don't pay income tax on winnings here. Suck it up my American friends. Have I pissed you off yet?

But we pay taxes on just about everything else. The term "we"is used loosely here. There are special interest groups here that pay fuck all but reap the benifits of my tax dollors.