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  1. #1
    Join Date
    Jun 2005
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    Default Has anyone been on a game show?

    I heard that there are warehouses full of unclaimed prizes people won on gameshows because they couldn't afford the tax on them. Is this true? Do you have to pay taxes on what you win right away in order the take the prizes home?

    Has anyone been on a game show that wants to share their experience?
    Maxwell Davis born 2.24.05 Riley Elizabeth born 8.11.07Daniel Dwight born at 21 weeks. Always in my heart. Gabriel Thomas born 1.2.11

  2. #2
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    Jun 2005
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    No, but I always wanted to play Plinko on Price Is Right.

  3. #3
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    I LOVE "The Price is Right"!
    Maxwell Davis born 2.24.05 Riley Elizabeth born 8.11.07Daniel Dwight born at 21 weeks. Always in my heart. Gabriel Thomas born 1.2.11

  4. #4
    Join Date
    Jun 2005
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    Southern Missouri
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    Default

    That's pretty interesting if they do have these warehouses.. Just imagine if you could get a new car just by paying the taxes on it..

  5. #5
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    Jun 2005
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    I've never been on a gameshow, but I am a tax accountant. Yes, prizes are includible in your gross income - you do have to pay tax on them!

    eta: One of the teachers from my HS was on Jeopardy
    Last edited by BethIrish; 07-26-2005 at 12:03 PM.

  6. #6
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    One of my friends was on Jeopardy and he won! I don't remember about the taxes but I do know that it took about 6 months for him to get his $$$$.

  7. #7
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    Jun 2005
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    I was on Jeopardy. I didn't win, but I got one of the consolation prizes. I had to pay taxes at the end of the year just like it was income. The value of my prize was about $1000. They sent me a form to use to do the income taxes. I think that perhaps with the bigger prizes that you do have to pay the taxes up front, but I don't know what the limit is.

  8. #8
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    Jun 2005
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    One of our grad students was on Who Wants to be a Millionaire and he won alot (not a million, but alot).

    Didn't Richard Hatch from the first Survivor get in trouble for not paying taxes on what he won?
    Married my Forever Love: June 30, 2001
    Ash 1990 A3 (Ham) 1997 Al 1998

  9. #9
    Join Date
    Jun 2005
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    A friend of mine in college was on The Price is Right and won a new car (he was there over spring break). He ended up selling the car to pay the tax money and his tuition.

  10. #10
    Join Date
    Jun 2005
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    My good friend was on Wheel of Fortune during "sibling week". He and his brother both won $14,000 or so. After taxes he said it was like half that.
    happily married ::: 4.24.04
    added a little bub ::: 3.22.07 ... and a little GIRL 10.27.2008

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