St Jude Dream Home Raffle (Boise/Treasure Valley)

Reply #4

justxploring — Sun, 24 Feb 2008 06:35:12 GMT

Coin Toss, I can't remember when it was, but it's a vague memory that comes up when I think of game shows contests. A long time ago there was an ad in the paper when a couple won a top prize in a McDonald's contest. They couldn't pay the taxes.

The IRS tax question has come up a lot on LP, so I checked out what happens when you win money or prizes in Feb 08, for example, and then file in April 09. I used to think you'd just invest the money and pay any additional taxes the following year, bu... [ More ]

Reply #3

Coin Toss — Sun, 24 Feb 2008 04:49:15 GMT

People who have won a lot of prizes on game shows have got into serious tax binds.

Not sure if this is true, but I read an article by a former contestant that said the IRS actually has people that watch the game shows and tracks how much people win. when it's over a certain amount, here they come...

Reply #2

LuckyLilly — Sun, 24 Feb 2008 01:22:30 GMT

If it is a requirement, then wouldn't you assume they'd have to adhere to it?

Well that would make sense, wouldn't it? But remember the guy who won Survivor who is now in prison for tax evasion? CBS didn't take taxes out of his prize even tho it was a cash prize. I can't find the articles right now, but I'm pretty sure HGTV turns their dream home over to the winner without taxes being paid. I'm sure I read some of the people who keep the HGTV home take out a mortgage to pay the IRS and you ca... [ More ]

Reply #1

justxploring — Sun, 24 Feb 2008 00:28:48 GMT

Does anyone know if St. Jude's actually adheres to this IRS requirement?

If it is a requirement, then wouldn't you assume they'd have to adhere to it? I know that in FL when you win the lottery, any prize of $5,000 or more is taxed 25% before it is paid. You still need to collect $600 or more at a lottery office, but you can choose whether or not to have the taxes deducted after completing the required forms.

I know for a fact other companies award prizes of greater than $5,000 without... [ More ]

St Jude Dream Home Raffle (Boise/Treasure Valley)

LuckyLilly — Sat, 23 Feb 2008 23:45:25 GMT

Advance tickets have gone on sale for this year's St. Jude's Dream Home Raffle. Only 7,777 tickets will be sold for a chance at a $400,000 4br/2.5bath home in the Yellowstone subdivision in Star, ID. There will also be 15 other prizes valued at $1,000 or more giving ticket holders a 1 in 500 chance of winning something. Tickets will be available to the general public starting March 4.

On the back of the flyer they sent, it says The IRS requires that taxes on prizes valued greater than $5,000... [ More ]