MovieChat Forums > The New Price Is Right (1972) Discussion > I doubt most of the contestants even kee...

I doubt most of the contestants even keep the prizes

posted 9 years ago by jackrabbit83
8 replies | jump to latest

I heard the taxes are super expensive.

[–] oCBx 9 years ago

A lot of the prizes are crap! Who wants a boat?! Most people don't know how to operate a boat and don't want to pay for lessons. Plus if you even live near the water, you have to have a place to store it!

[–] gamer_12 8 years ago

Yeah, they give away a fair number of sailboats. Who wants a sailboat? I wouldn't know how to use one nor would I particularly care to learn.

[–] tbone382001 8 years ago

It's ridiculous having to pay taxes on game show prizes. You win a car and can't even keep it because you can't afford the taxes. Some of the prizes are so over priced they aren't worth what you would pay in taxes.

[–] engle_james 8 years ago

I just figured most people who won boats would sell them, to pat the taxes on all their prizes and make a small profit. If I won a sailboat worth $15,000, I'd try to sell it for, say, $7,000 and come out ahead.

[–] winterview 8 years ago

Is it true you have to pay tax on (using the above example) the $15,000 value of the boat, not the actual $7,000 you get if you sell it ??

I could see people wind up owing money because they (supposedly) were a winner on the show.

[–] mitzi21 8 years ago

I have a couple friends that have been to the show. One got called down (but never got on stage) and the other was never called. Anyway, both said that before they start the show that they do give you the option of just taking the cash value of the prize. So if you win a pool table and you don't have the room or you just don't want it, you can take the $900 (or how ever much the pool table costs). Of course you still have to pay the taxes on it.

[–] gamer_12 8 years ago

I assume they just take the taxes out of the $900 upfront so it's like winning the lottery. Also, it is cool that they offer the cash option because when people win a backyard barbecue or similar prizes, what if they live in an apartment with no place to use said item?

[–] MustacheUmbrella 8 years ago

Taxes run about 50% of the cash value. So if you take the cash value of a car worth 24,000 you only get $12,000 after taxes. If you keep the car, you would pay about 15% of taxes so you are better off to take the prize!