Lori Posted September 23, 2004 Share Posted September 23, 2004 You are right Lori! Just look at what happened to the Blues Brothers when they attempted to pay a tax bill! 43377[/snapback] GREAT movie. B) Link to comment Share on other sites More sharing options...
stevestojan Posted September 23, 2004 Share Posted September 23, 2004 Just to clarify - the cars were not a gift. AFAIK, gifts for tax rules can only be given by individuals. The gift taxes and related exemptions that people are talking about in this thread, are taxes levied on the donors, not the receipients. The reason is that the IRS doesn't want to lose out on the inheritance(death) taxes and doesn't allow people to trickle their estates away while they're still alive. Thus, they set a $12K/yr tax free amounts. Real gifts are always tax free to the receipients. The Oprah thing is not a gift from the IRS standpoint, but a marketing promotion by Pontiac, thus is fully taxable to the receipients. Of course as others have clearly pointed out, anytime you have to pay $7,000 for something that's worth $21,000, you are a winner. I can buy a hell of a lot of $14,000 cars that will run for another 100,000 miles. Quit crying. 43384[/snapback] Buuuuuut, if Pontiac didnt want any of this backlash (that they are obviously receiving), they should have given away a $17,000 car, AND paid the taxes on them.. They look GREAT (because now these people can actually DRIVE their car, and not have to go through the hassle of selling it, and then buying another car. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 23, 2004 Share Posted September 23, 2004 A few misconceptions: 1. Pontiac provided the cars, not Oprah. 2. Pontiac paid the sales tax and registration, which could be as high as $2240 at an *% sales tax. The "winners" didn't have to cough up this. 3. The cars are considered prizes and need to be reported on each of their income tax. They do not need to come up with the money until April 15, 2005. Therefore, they could sell the car, buy a lesser car and have the cash available to pay the income tax. 4. This is how all prizes work, whether on Let's make a deal, Survivor, or whatever show. 5. Nice publicity stunt, but too fuggin bad that they have to pay the tax. They still each got an after tax gift of at least $15,000 depending on what they sell the car for. I love the part about some of the people may just forfeit the car instead of paying the taxes. This is like throwing away 15,000 and the people should be sterilized for being this stupid. 43371[/snapback] That is all fine and dandy... I totally understand and agree. Who is not saying that when tax time comes and you figure out what you owe because of the gift... That somebody actually cuts the check for you to pay the bill... Now that would be a nice "gift". I am not up on the laws but, if say I do my taxes next year and find out I OWE 4K, and my father cuts a check to the IRS... Is that a "gift"? Pontiac or Oprah to the winners: "Just send us a copy of your 1040, we will send them the check." ???? Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 23, 2004 Share Posted September 23, 2004 Just to clarify - the cars were not a gift. AFAIK, gifts for tax rules can only be given by individuals. The gift taxes and related exemptions that people are talking about in this thread, are taxes levied on the donors, not the receipients. The reason is that the IRS doesn't want to lose out on the inheritance(death) taxes and doesn't allow people to trickle their estates away while they're still alive. Thus, they set a $12K/yr tax free amounts. Real gifts are always tax free to the receipients. The Oprah thing is not a gift from the IRS standpoint, but a marketing promotion by Pontiac, thus is fully taxable to the receipients. Of course as others have clearly pointed out, anytime you have to pay $7,000 for something that's worth $21,000, you are a winner. I can buy a hell of a lot of $14,000 cars that will run for another 100,000 miles. Quit crying. 43384[/snapback] Exactly... That is why they have one year to file and pay the taxes... Thus save up. If they can't come up with it before April... Then claim the car on Jan 1. If they still can't save, and are working, can't they just claim more on their W-4... Say zero... More will be held from their pay and defray some of the cost?? There would be no way somebody should give up the car if they are working! Too sweet of a deal! Link to comment Share on other sites More sharing options...
GG Posted September 23, 2004 Share Posted September 23, 2004 Buuuuuut, if Pontiac didnt want any of this backlash (that they are obviously receiving), they should have given away a $17,000 car, AND paid the taxes on them.. They look GREAT (because now these people can actually DRIVE their car, and not have to go through the hassle of selling it, and then buying another car. 43392[/snapback] The only reason they're getting the backlash is because of idiots who look at the proverbial gift horse in the mouth. If you don't want the tax burden, turn down the car. Or take some responsibility and pay the friggin tax on your own. Are you saying that these poor people need to have Pontiac pay their taxes, because they're too feeble to do that on their own? Or will this turn into the obliagtory hate the corporate America thread because GM is saddling the downtrodden with undue taxes? Link to comment Share on other sites More sharing options...
stevestojan Posted September 23, 2004 Share Posted September 23, 2004 The only reason they're getting the backlash is because of idiots who look at the proverbial gift horse in the mouth. If you don't want the tax burden, turn down the car. Or take some responsibility and pay the friggin tax on your own. Are you saying that these poor people need to have Pontiac pay their taxes, because they're too feeble to do that on their own? Or will this turn into the obliagtory hate the corporate America thread because GM is saddling the downtrodden with undue taxes? 43425[/snapback] hmmm... good post. I think you actually changed my mind with it.... especially: "The only reason they're getting the backlash is because of idiots who look at the proverbial gift horse in the mouth" Its true. You are right. I mean, if they hadnt gone to the show, they got nothing. Now they have a $27k car, easily sellable (is sellable a word?) for $23000, and then but a nice $15-$17K car +tax and be all set. You're right! Link to comment Share on other sites More sharing options...
Live&DieBillsFootball Posted September 23, 2004 Share Posted September 23, 2004 hmmm... good post. I think you actually changed my mind with it.... especially: "The only reason they're getting the backlash is because of idiots who look at the proverbial gift horse in the mouth" Its true. You are right. I mean, if they hadnt gone to the show, they got nothing. Now they have a $27k car, easily sellable (is sellable a word?) for $23000, and then but a nice $15-$17K car +tax and be all set. You're right! 43433[/snapback] If you get it, those simpletons on the Oprah show should be able to figure it out too. B) Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 23, 2004 Share Posted September 23, 2004 hmmm... good post. I think you actually changed my mind with it.... especially: "The only reason they're getting the backlash is because of idiots who look at the proverbial gift horse in the mouth" Its true. You are right. I mean, if they hadnt gone to the show, they got nothing. Now they have a $27k car, easily sellable (is sellable a word?) for $23000, and then but a nice $15-$17K car +tax and be all set. You're right! 43433[/snapback] Waaaa! I want a 27k car!!!! Does a cheaper car come with a moonroof? ONLY KIDDING... what a bunch of snapperheads! Link to comment Share on other sites More sharing options...
Fake-Fat Sunny Posted September 23, 2004 Share Posted September 23, 2004 If you get it, those simpletons on the Oprah show should be able to figure it out too. B) 43448[/snapback] From what I read and see everyne involved with the Oprah show from tproducers and Oprah on down (economically) to the car recipients do have this figured out. Oprah and show get the benefit of a great promotion for the show and her "wikdest dreams" season. They also get the joy of seeing how excited folks were when they got the keys and realized they had been given this "gift." The folks who received this gift got the joy of getting this substantial gift. In shirt order I;m sure they came to realize that this gift wasn't an outright simple gift where they had nothing to do but drive, but any consideration of these issues comes down to a bootomline that they still are receiving $20K for coming to a show and they need to make a choice about whether to take this $20K gift in the form of a $28K car with several thousand dollars in taxes to be paid for receiving this gift (most likely something like $4000 or less depending upon their tax bracket rather than the theoretically true $7K tax for someone in the highest tax bracket). A gift is a gift and a $29K gift is a $20 K gift. Eveyine involved in the Oprah show be they audience or producers is making out great on this. Reporters who selectively report the racts surrounding this case are also making out well on this. The only folks who seem to be rubes here are anyone who thinks that someone who received a $20K gift is being ripped off and a still surprising number of people to me who seem to gain their tax knowledge from the folks in Hollywood from movies. No one involved is getting ripped off here. Link to comment Share on other sites More sharing options...
stevestojan Posted September 23, 2004 Share Posted September 23, 2004 If you get it, those simpletons on the Oprah show should be able to figure it out too. B) 43448[/snapback] Blow me. Signed, Mr 1410 on his SATs. Link to comment Share on other sites More sharing options...
Guest Oprah Love Liberals Posted September 23, 2004 Share Posted September 23, 2004 She is liberal and there is a HIGH TAX involved?? OH WHAT A SHOCK!!! She probably loves it!!! Link to comment Share on other sites More sharing options...
KD in CA Posted September 23, 2004 Share Posted September 23, 2004 Blow me. Signed, Mr 1410 on his SATs. :w00t: 43619[/snapback] Oh good Lord, please tell me we are not going all the way down to the "what I got on my SATs" level....... Link to comment Share on other sites More sharing options...
stevestojan Posted September 23, 2004 Share Posted September 23, 2004 Oh good Lord, please tell me we are not going all the way down to the "what I got on my SATs" level....... 43635[/snapback] HEllllooooooooooo ... the wink AND the smiley... both clearly present.. (but i do find the only people who dont find that number important are people that did poorly) ;) :w00t: <-- that enough this time? Link to comment Share on other sites More sharing options...
GG Posted September 23, 2004 Share Posted September 23, 2004 Blow me. Signed, Mr 1410 on his SATs. 43619[/snapback] Is that cumulative after the obligatory 3 tries? Link to comment Share on other sites More sharing options...
KD in CA Posted September 23, 2004 Share Posted September 23, 2004 HEllllooooooooooo ... the wink AND the smiley... both clearly present.. (but i do find the only people who dont find that number important are people that did poorly) :w00t: <-- that enough this time? 43637[/snapback] And what are you doing these days to live up to such a lofty score?? Link to comment Share on other sites More sharing options...
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