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Old 03-29-2018, 03:59 AM   #1
Zack46


 
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They Gave Away A Camaro on Wheel Of Fortune Last Night!

I was watching the game show "Wheel of Fortune" on T.V. last night and the lady solved the final puzzle and WON a garnet red 2018 camaro....NICE! It was a 1LT MODEL...18" wheels..Not sure if it was a turbo or V6...

It was just nice to see the camaro get some descent exposure on T.V. for a change..

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Old 03-29-2018, 04:10 AM   #2
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Yah, saw that... very cool!
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Old 03-29-2018, 04:47 AM   #3
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And the winner looked so overwhelmingly happy! It was amazing!
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Old 03-29-2018, 06:44 AM   #4
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I'd be overwhelmingly happy too if someone gave me a free 335 HP 13.5 second car and I didnt have to pay a nickle for it or sit 6 hours at a car dealer trying to piece together a deal.
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Old 03-29-2018, 07:51 AM   #5
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I'd be overwhelmingly happy too if someone gave me a free 335 HP 13.5 second car and I didnt have to pay a nickle for it or sit 6 hours at a car dealer trying to piece together a deal.

Well, it won't be totally "Free".

The value of any prizes won on game shows is considered "income" for IRS tax purposes.
She will be paying Federal income taxes on that value.

Still much cheaper than most people driving away in a new car though.

I read a story about game show contestants once, and most of them end up having to leave without taking everything they won in order to pay the taxes on their winnings.
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Old 03-29-2018, 05:11 PM   #6
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Can't be possible. Everyone knows GM makes no effort to do any marketing for the Camaro. Can't be true. No way.
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Old 03-29-2018, 08:17 PM   #7
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try Jeopardy and actually learn something




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Old 03-29-2018, 08:24 PM   #8
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Well, it won't be totally "Free".

The value of any prizes won on game shows is considered "income" for IRS tax purposes.
She will be paying Federal income taxes on that value.

Still much cheaper than most people driving away in a new car though.

I read a story about game show contestants once, and most of them end up having to leave without taking everything they won in order to pay the taxes on their winnings.
It said the MSRP was $29k and change right? So depending on her current tax bracket could be around 25% so she'll owe the feds probably around $6500 if she keeps the car.

F'n rediculous to me. I can see paying state sales tax but not federal income tax on prizes. But on the other hand she can sell her current car to pay the tax. Provided its worth at least $6500.
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Old 03-29-2018, 08:39 PM   #9
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I was on my way to the car wash (wand type not drive through) a few weeks ago & ran into a guy with a HBM SS nearly identical to mine but 16 instead of 17.

Got to talking & turns out he won his car at a Cherokee casino, a week after he won someone else won a C7 vette.

He did say he has spent over a million dollars at the casino so maybe instead of being free his was really the most expensive 6th gen ever.
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Old 03-29-2018, 08:51 PM   #10
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I was on my way to the car wash (wand type not drive through) a few weeks ago & ran into a guy with a HBM SS nearly identical to mine but 16 instead of 17.

Got to talking & turns out he won his car at a Cherokee casino, a week after he won someone else won a C7 vette.

He did say he has spent over a million dollars at the casino so maybe instead of being free his was really the most expensive 6th gen ever.
If he's gambled a million dollars at casinos that brand new Camaro is his junker he probably uses to haul mulch from Home Depot
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Old 03-30-2018, 02:00 AM   #11
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If he's gambled a million dollars at casinos that brand new Camaro is his junker he probably uses to haul mulch from Home Depot
Lol
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Old 03-30-2018, 06:03 AM   #12
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the problem with that show in particular, is they make you pay the taxes on it before you can even take it home (on anything won, not just the cars). Most contestants leave stuff like that just because they don't have a few thousands laying around to do so.
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Old 03-30-2018, 07:04 AM   #13
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the problem with that show in particular, is they make you pay the taxes on it before you can even take it home (on anything won, not just the cars). Most contestants leave stuff like that just because they don't have a few thousands laying around to do so.
It is not just that show.
It is just the way the tax laws are. And your right it isn't just cars.
It is the total value of prizes won. Cash, trips, cars, etc.

If you were at a casino and win over $10,000, they will deduct your estimated federal tax before you collect.

I "won" a trip worth an estimated $15,000.
Guess what? That $15,000 is considered "income" and I payed taxes on that value when I filed my taxes that year.
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