Could you pay the taxes involved for winning a big prize (Car, House, etc)

[Grant]

For those who don't know, winning big prizes isn't always a good idea. The main reason why is a lot of the time for winning a big prize, there is taxes involved. Lets say you win a brand new car, worth like $25,000 new. The US government see you winning said prize, and equate that to monetary value, as in that $25,000 car, will cost you taxes based on that sticker price.

I don't know how much it is, but I assume it works like any money you would make at a job, so it's taxed similarly. So, lets say you owe $5000 of that $25,000. Now you're forced to pay that fee, or not collect your brand new car. Now lets say you win a $150,000+ house, the same will happen where you will be forced to pay taxes on the amount the house is estimated to be worth. You will be stuck with that fee if you want the house.

So it's tough to enter giveaways as they don't guarantee you anything. Unless it's a small giveaway for a small item.

There are some giveaways that pay the taxes for you, which is awesome, but I don't think most contests do that. So in that case, I'd rather win money than a house or car.

 

[Ja sa bong]

If I win a brand new car which is worth like $25,000, and I don't have the means to pay off the tax the US government imposed on it, I will sell the car and pay the tax, then go my way. US government and taxes are inseparable, it's why they tax on everything. I'm looking forward to when they would like to tax on the air we breath.

 

[Heatman]

Well, I don't think that I would be worried about winning big prizes not always going to be good idea but let me win them first. As long as the prize is big enough, I'm very sure that paying whatever taxes the government levy on it won't be bigger than what I'm going to have left after paying the tax. The most difficult aspect is winning the big prize first.

 

[Frank]

For those who don't know, winning big prizes isn't always a good idea. The main reason why is a lot of the time for winning a big prize, there is taxes involved. Lets say you win a brand new car, worth like $25,000 new. The US government see you winning said prize, and equate that to monetary value, as in that $25,000 car, will cost you taxes based on that sticker price.

I don't know how much it is, but I assume it works like any money you would make at a job, so it's taxed similarly. So, lets say you owe $5000 of that $25,000. Now you're forced to pay that fee, or not collect your brand new car. Now lets say you win a $150,000+ house, the same will happen where you will be forced to pay taxes on the amount the house is estimated to be worth. You will be stuck with that fee if you want the house.

So it's tough to enter giveaways as they don't guarantee you anything. Unless it's a small giveaway for a small item.

There are some giveaways that pay the taxes for you, which is awesome, but I don't think most contests do that. So in that case, I'd rather win money than a house or car.

I have not won a big prize in a lottery in the past, but I am surprised to be reading that one can be taxed for winning a huge prize. So, in essence, when you are unable to pay the tax,you won't claim the item that you won? This is unbelievable, though, and I hope the law makes it easier for the lucky ones.

 

[Kane]

My current financial situation does not allow me to pay high taxes for the big prize I win. I will have to sell other assets or even get a loan to pay taxes. In my home country, gifts are taxed at 40 percent, and a house cost around $200K, I cannot pay $80K in taxes but since the property has more value, I might sell my assets or get a loan to pay for taxes.

 

[MrDawn1]

If I win a brand new car which is worth like $25,000, and I don't have the means to pay off the tax the US government imposed on it, I will sell the car and pay the tax, then go my way. US government and taxes are inseparable, it's why they tax on everything. I'm looking forward to when they would like to tax on the air we breath.

Exactly what I would do. I feel like property tax is absurdly high. They literally punish you for having a low paying job when it comes to having nice assets. I feel like that's not fair.

 

[Heatman]

I have not won a big prize in a lottery in the past, but I am surprised to be reading that one can be taxed for winning a huge prize. So, in essence, when you are unable to pay the tax,you won't claim the item that you won? This is unbelievable, though, and I hope the law makes it easier for the lucky ones.

The government is always going to be looking for where they are going to take. It's being in their nature from the beginning and I don't think they are ever going to change or stop it. They are ready to tax you to death for any property they you managed to get. It's been the order of the day for years.

 

[MrDawn1]

They are ready to tax you to death for any property they you managed to get. It's been the order of the day for years.

No wonder why some people only rent. Property tax is no different. If you don't pay it, the property is seized. You're basically being charged yearly rent by the government. I figured if you owned something, you should only pay for it once.

 

[Heatman]

No wonder why some people only rent. Property tax is no different. If you don't pay it, the property is seized. You're basically being charged yearly rent by the government. I figured if you owned something, you should only pay for it once.

Exactly! I feel the same way too. The payment should be made once because you shouldn't be forced to pay for the same thing over and over again for years..what for when they are taxing you in so many other things like your earning and all.

 

[MrDawn1]

Exactly! I feel the same way too. The payment should be made once because you shouldn't be forced to pay for the same thing over and over again for years..what for when they are taxing you in so many other things like your earning and all.

They say it helps the community. I don't believe that. The government doesn't need property tax when they have sales tax and strive on the prisoner parole fees and recompense fines through the justice system. They could fund the police force and public school systems with that alone instead of ripping people off on a yearly basis.

 

[Heatman]

They say it helps the community. I don't believe that. The government doesn't need property tax when they have sales tax and strive on the prisoner parole fees and recompense fines through the justice system. They could fund the police force and public school systems with that alone instead of ripping people off on a yearly basis.

Seriously, as far as I'm concerned, the government is the most corrupt body. They steal from the people legally and there's nothing that you can do about. They just use the tax payers money for irrelevant things that's never going to benefit the tax payers. Take a look at US involvement in the war in Ukraine-Russia. Billion of dollars of tax payers money went into that war. How does that benefit American citizens?

 

[MrDawn1]

How does that benefit American citizens?

It doesn't benefit anyone. It just takes away from people who need the money so greedy politicians can line their pockets.

 

[Heatman]

It doesn't benefit anyone. It just takes away from people who need the money so greedy politicians can line their pockets.

Seriously, it's really a thing of shame. Where it gets on my nerve is how they jump from one office to another just to avoid being persecuted for their embezzlement of public funds. It's a patten with our politicians down here. They are willing to die in office than leave office and get persecuted.

 

[Ja sa bong]

Exactly what I would do. I feel like property tax is absurdly high. They literally punish you for having a low paying job when it comes to having nice assets. I feel like that's not fair.

Life is not fair, I've known this since I was old enough to know right from wrong. The world have being the survival of the fittest for decades. Taxes are not meant to help the poor people, it's to drain them. The rich people don't feel it too much because they can afford to pay for those taxes.

 

[Heatman]

My current financial situation does not allow me to pay high taxes for the big prize I win. I will have to sell other assets or even get a loan to pay taxes. In my home country, gifts are taxed at 40 percent, and a house cost around $200K, I cannot pay $80K in taxes but since the property has more value, I might sell my assets or get a loan to pay for taxes.

Personally, I wouldn't put myself in a situation where I would have do get a loan to pay for my property taxes. From where would I get the money to pay back the loan with the interest it comes with? This is never going to be feasible for me, hence why it's going to be the best to sell off the prize.