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Didn't win a car from Oprah? Cheer up! (Winners pay extra $7,000 in taxes)

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UrbScotty Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-22-04 09:17 PM
Original message
Didn't win a car from Oprah? Cheer up! (Winners pay extra $7,000 in taxes)
http://money.cnn.com/2004/09/22/news/newsmakers/oprah_c...

NEW YORK (CNN/Money) - Leave it to Uncle Sam to spoil the party.

When Oprah Winfrey gave away 276 cars last week to the audience of her show, images of people laughing, jumping, crying -- some hysterically -- filled the airwaves and the give-away became stuff of legend. Late night talk show hosts and newspaper columnists are still talking about it.

But now some of those eager prize-winners have a choice: Fork over $7,000 or give up the car.

According to a spokeswomen for Harpo Productions Inc., Oprah's company, the recipients must pay a tax on the winnings, just like any prize.
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da_chimperor Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-22-04 09:20 PM
Response to Original message
1. That's awful!
Why couldn't they classify the cars as gifts instead of prizes?
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whistle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-22-04 09:22 PM
Response to Original message
2. That's the federal gift taxes, there are also state ....
...taxes for some people. Now let's see. The cars are valued by the IRS at full sticker retail of $28,000.00 and the gift tax is $7,000.00 or 25%. Does anyone ever pay full sticker price on a new automobile of that type? What if people can show that the typical year-end discount is $5,000 or $6,000? Would that be considered by the IRS? Just curious.
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BlackVelvetElvis Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-22-04 09:23 PM
Response to Original message
3. They need to trade their new cars in for an H2.
Maybe they could get a tax break.
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AndyP Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-22-04 09:24 PM
Response to Original message
4. hey I think those G-sixes kick ass
I would pay 7 grand for one!
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Deja Q Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-22-04 09:27 PM
Response to Original message
5. So Oprah spent $7,728,000?! How many Big Macs would that buy?
I'd fork the $7k, though $7.8 million would feed an awful lot of people for a while.

</bland moralizing>
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greatauntoftriplets Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-22-04 09:34 PM
Response to Reply #5
8. Pontiac actually paid for the cars.
It was all a publicity stunt and Pontiac enlisted Oprah's help.
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YellowRubberDuckie Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-22-04 09:29 PM
Response to Original message
6. I think that getting a $34,000 car for $7000 is a deal.
Quit bitchin'. If you can't pay for it, don't take it.
Duckie
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Bluebear Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-22-04 09:33 PM
Response to Original message
7. $7000. X 276 = Halliburton Iraq bill for 5 minutes
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