Game Shows and Taxes

Always wondered a bout this. lets say you won a car, a TV, an Arcade Game, and a Spa on the price is right. How much would that be in taxes?

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Plenty.

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Quite a lot, and as I understand it, people have had to decline the prizes at times when they can’t pay the taxes on them.

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When Oprah gave her whole audience cars, she gave her whole audience a tax burden.

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It’s reported for tax purposes on a 1099-MISC as ordinary income at the cash value of the prizes.

As an accountant, I’d tell people to expect to pay 40% of the value of the prizes in taxes between federal and state.

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now that I have heard of. I always thought it unfaird, and think that game show stuff should be free. it’s the benefit of random chance and play.

A more important question, why in the world did hosts kiss the lady contestants on the lips in old game shows? And how were they able to get by with being so creepy in their sexual jokes?

Because boys will be boys.

Of course.

Seriously, sexual harassment was just something women had to tolerate or be berated, name called, or fired.

I’m eternally grateful to Anita Hill, myself.

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