“… in this world, nothing is certain except death and taxes.
After all, what kind of monster would rain on someone’s big Showcase win?
The I.R.S., that’s who.
Custom image by Zanda Rice
A non-cash prize is considered to be income at the reported value.
In other words,your non-cash prize is treated as a cash prize.
Those taxes are thenclaimed as a creditin the contestant’s home state.
She “putt” Drew Carey in his place.
According to the winner, he was on the hook for around $17,000 or $20,000 in taxes.
Heil wonthe most expensive prizein the show’s history: a $157,300 Audi R8 Spyder.
The California state taxes alone were $12,000.
Estimates for the Washington taxes came in at $14,915.
The federal taxes, meanwhile, totaled $34,453.
Your Rating
Your comment has not been saved