Oprah car winners hit with hefty tax - Democratic Underground

Gothic Sponge

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Thu Sep-23-04 09:15 AM
Original message

Oprah car winners hit with hefty tax

Nothing is ever free in life.

http://money.cnn.com/2004/09/22/news/newsmakers/oprah_car_tax/index.htm?cnn=yes

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Gothic Sponge

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Thu Sep-23-04 09:17 AM
Response to Original message

1. Sorry, i see i made a duplicate.

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Maddy McCall

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Thu Sep-23-04 09:17 AM
Response to Original message

2. I'd pay the tax, sell the car, and pocket the profit.

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MallRat

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Thu Sep-23-04 09:36 AM
Response to Reply #2

6. In theory, would you have to pay the Oprah tax if you sold the car?

You wouldn't be the end-user. Therefore, you'd pay tax upon the sale of the car, not upon receiving it from Oprah.

I suppose, either way, Uncle Sam is getting a piece.

-MR

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dumpster_baby

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Thu Sep-23-04 09:24 AM
Response to Original message

3. more anti-tax propaganda...

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tjwash

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Thu Sep-23-04 10:09 AM
Response to Reply #3

8. Hear-Hear!!

Anyone with any common sense will sell the damn thing for a couple thousand under KBB, put the extra tax in savings for a year, and buy a cheaper used car outright, and still be a few thousand ahead.

That story just exists as anti-tax propaganda.

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BlueJazz

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Thu Sep-23-04 09:26 AM
Response to Original message

4. My only problem with the whole "Deal" is the Terminology used...

Edited on Thu Sep-23-04 09:32 AM by Radicalliberal

...in the show. When something is truly "Free"...it's free.
When a person has to pay taxes on the item then it's partially free.

On Edit: I mean, if I give you $20,000 dollars, I'm truly giving you 14,000 dollars and Uncle Sam 6 grand.....

Yeah..I'm nitpickin'...

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Surf Cowboy

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Thu Sep-23-04 10:03 AM
Response to Reply #4

7. Not really.

Edited on Thu Sep-23-04 10:03 AM by Surf Cowboy

Oprah gave them the car for free. They did not have to pay Oprah or Pontiac for the title.

They do, however, have to pay the government, as receiving a $27,000 car is akin to winning $27,000 in the lottery.

So the car was free, but it counts as income.

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rock

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Thu Sep-23-04 09:30 AM
Response to Original message

5. Now imagine that on top of that

they had to pay the full retail value as well.

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Thu May 02nd 2024, 03:34 PM
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