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In reply to the discussion: That Time Oprah Gave 276 People 'Free' Cars That Actually Cost Them $6,000 In Taxes [View all]Indykatie
(3,691 posts)14. It Must Be a Slow News Week Over at MSN. This is What I Call a Click Bait Story.
Why is this even a story in 2019? The tax situation should have been raised and addressed when 2005 taxes were filed.
Gifts Like This Are Problematic B/C of the tax implications. Even if Oprah had grossed up the gift to cover the taxes on the cars then that money would also be taxable. Folks have a choice to pay the additional taxes at tax time or sell the car. They would have been made aware of the Tax situation at the time of the gift. A friend won a special edition Camaro from a Casino promotion valued at $50,000. They gave her the option though of taking the car and the ensuing tax liability or $30,000 in cash. She took the money and ran.
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That Time Oprah Gave 276 People 'Free' Cars That Actually Cost Them $6,000 In Taxes [View all]
Yo_Mama_Been_Loggin
Sep 2019
OP
You have a 20k asset that you didn't have. you can cash it out and make a 14k profit. For sitting
dem4decades
Sep 2019
#7
If the taxes were a problem, sell the car, pay the taxes, and pocket around $15,000.
Hoyt
Sep 2019
#8
Absolutely man...some people see the glass as half empty, vs. half full. $6000 for a new car ...
SWBTATTReg
Sep 2019
#9
And if you can't afford that much in taxes, presumably you can sell the car for more than $6,000.
LisaL
Sep 2019
#20
It Must Be a Slow News Week Over at MSN. This is What I Call a Click Bait Story.
Indykatie
Sep 2019
#14
Yea, exactly. The story is absurd. If somebody gifts you something expensive, over a certain amount,
LisaL
Sep 2019
#22
I had a friend with a similar situation. They won something at a fair and then found out they had to
LisaL
Sep 2019
#26
Okay, that's the legal excuse. But nothing prevented Oprah from making the tax payments herself,
pnwmom
Sep 2019
#49
Oh ffs. You get stuff you pay taxes. I'm sick of people complaining about taxes
unblock
Sep 2019
#43