Watch The Price Is Right -- But The Taxes Are Wrong
Oh, happy day! You're a contestant on a popular game show – "The Price Is Right," let's say. You spin the wheel, you make the winning bid, and suddenly – ka-ching! – you've won the Lexus or the dishwasher or the lifetime supply of nail clippers. Pretty swell, right? From a tax standpoint, maybe not. Consumerist.com gives the example of a "Price is Right" winner (name withheld) whose haul included a new truck, a washer and dryer, an Apple computer, a poker table and a trip to Washington, D.C. On the social news site, Reddit, the man fielded questions from people wanting to know if there was any downside to winning. There sure was: "I won $57,000-worth of items. I had to pay around $17,000 or $20,000 in taxes." Topic: your game show appearance. what did you win? how much did you have to pay in taxes?