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Author: garyfender Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Deleted Message Date: 12/27/2004 12:31 PM
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 74959 of 121585
Subject: Re: Price is Right Date: 12/27/2004 12:41 PM
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I was curious on whether people who win prices on game shows like the Price is Right must pay any kind of taxes on them?

Oh yeah. In addition, if they're not California residents and win over $1,000 they also pay California tax in addition to Federal and home-state tax.

Phil

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 74960 of 121585
Subject: Re: Price is Right Date: 12/27/2004 12:42 PM
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P.S. The taxable income is the fair market value of the prize.

Phil

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 74965 of 121585
Subject: Re: Price is Right Date: 12/27/2004 5:25 PM
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Just because they won a prize does not mean that they have to accept the prize. Many non-cash prizes are not claimed because the taxes would be higher than the value the receipt placed on the item.

Debra

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