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/biz/ - Business & Finance

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50757754 No.50757754 [Reply] [Original]

>win sweepstakes/lotto/game show
>car + cash for example
>total prize value is 120,000$ let's say
>get taxed before collecting cash prize portion
>lose a large majority
>have to pay tax on title, value, registration and license on vehicle
>have to pay tax on insurance
>have to pay tax on fuel
>have to pay tax on lodging on the way to collect said prize(s)
>after paying ALL these taxes and basically losing all your cash winnings
>the irs sends a 1099 for the total pre tax value of winnings
>you now owe 30,000$ in taxes since your winnings are taxable income
Holy FUCK how the FUCK is the fed always broke??? This is robbery Jesus christ

>> No.50759177

Bump

>> No.50759778

>>50757754
I used to automate scripts to win contests/sweepstakes but stopped after I got into crypto. Most people if they win a big prize like that just take the cash alternative and receive a 1099 tax form and just pay the taxes.

Ive won trips all over the US, will get back into sweeping after covid/monkepox/pollio/etc all goes away.

>> No.50759812

>>50759778
Is the cash option always better than say a car

>> No.50759928

>>50759778
>after covid/monkepox/pollio/etc all goes away.
cute.

>> No.50760053

>>50759812
Its always less than the value of the car. If you need a car or want the car, just take the car. Sell your current and take the tax hit. I very rarely saw sweepstakes with an alternative cash option but it usually existed for the car/house prizes. Not on the other prizes including trips because sweepstakes/contests because everyones aware most sweepstakes are won by stay at home moms and cat ladys who just enter in their free time daily so they want to force them to have to take the actual prizes. Theres even sweepstakes conventions where women talk about tips/tricks and try to scheme their way to win all the stuff.

>> No.50760069
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50760069

>>50757754
This calls for one of my favorite pictures

>> No.50760070

Play the lottery on gelotto. No taxes because no one will find out