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December 31st, 2013
09:37 AM ET
'Price is Right' winner drives off with biggest prizeSheree L. Heil from Tacoma, Washington is set to have a great 2014. That's because on Monday she won the biggest prize ever awarded on "The Price is Right." Heil drove off with an Audi R8 V8 Spyder Quattro S Tronic worth more than $157,000. Playing a game called, "Gas Money," Heil hit it big. Needless to say she was pretty stoked as was the show's host, Drew Carey. Watch the winning moment here: |
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Until she has to pay the taxes and insurance on it. I doubt she can afford to keep it!
Unfortunately the fine for that nailpolish she's wearing is $160,000.
All of you idiots talking about taxes. STFU and go away you morons.
Worth $157k new. She will sell it as used for considerably less. Then she will pay 28% federal and 12% California income tax on the new value, or over $60k. In the end she will pocket not much more than $60 herself, maybe less. Still nothing to scoff at, but no where near the payout it is being reported as.
So how is that any different than when every media outlet reports the big lottery winners? They always headline the amount of the jackpot, not the actual payout after taxes, or often not even the payout in lump sum (instead of annual payments).
The difference is that the Lottery is as cash prize. You can take part of that cash, and pay your taxes.
Here, this lady will face a staggering tax bill, and will probably have to sell the car, to pay it.
sell it.get a new corrolla.keep moving.
Are people really complaining about the taxes? I'd rather win $157,000 that has taxes than win $80,000 untaxed. Math is hard.
That's all fine and good, but taxes are paid in cash, the prize was awarded in vehicles. So in order to keep the car, she would have to come up with enough cash to pay the taxes, or she'll just have to sell it in order to cover the taxes, then she can buy some other car.
The Maya is our friend. Do you screw the government?
In case of this car yes she will make a decent return, but in cases of other prizes it might be different. Consider you win a trip retailing for 6,000 that will cost you 2,000 in taxes to claim. However anyone can purchased the same trip for 3000, so in reality you actually just won 1000. Decision time, do you want to go on a trip. Selling it might not get you more than few hundred profit.
Put a for sale sign on it. Sell it at a discount, give the IRS their taxes, and keep a nice chunk of cash.
too bad she didnt win it in canada where taxes dont apply to winnings
Yeah. Man, the taxes. I'd rather just win a $3 can of soup.
Simple..Sell the car, pay the taxes, buy a reasonably priced car and still have plenty left over to take a vacation.
That's why you are eating soup and she's eating steak.
As my friend, Peerless Pat would say, that young lady now has cache.
Hi gonna watch
Law and order
I pegged you as more of a Matlock kinda guy. Or Murder She Wrote.
The car might not look so attractive once the following years excise or value tax bill comes in based on the value of the car. Take the money that way you only get hit once in the purse.
Herr derrrrrr....why, I wouldn't even accept that thar automobile on live TV cuz'a all them incomes tax theys have on 'em. No siree bob!
Just wait until she gets the Tax bill for it
OK, but there is something that everybody is forgetting about here. She's going to have to pay taxes on that thing!
Not only that, but she's going to have a huge tax bill! I wouldn't want a tax bill like that. I'd have to sell the car or take out a loan just to pay the tax bill.
THE TAX BILL!
Taxes will be 33% of the vehicles price tag. Around $52K in taxes. Unless the price is right will pay her taxes, she will have to refuse the vehicle. however, she can claim that this is a second hand car, because it was owned by the price is right first and then shave off a huge depreciation factor...either way she can't afford it....same thing happened on the Oprah winfrey show when she gave away a car to everyone.
There is nothing that says she has to keep it. Take the car (its worth $157 k), offer it for sale for $125k, pay the $52k in taxes and pocket $73 k. Who wouldn't do that?
U dont know her or her financial position or her wealthy relatives. Not everyone is like U!
If you look at my reply to Jared I am only stating that IF the lady cannot afford the taxes on the car, she can always sell the car, pay the taxes and pocket the difference. That would be a better option than refusing the car, as she would not gain any benefit from that course. If she has the financial ability to afford the taxes, then obviously she does not have to take the route of selling the car, unless she chooses to. I have no idea what her "wealthy relatives" may or may not do; likewise MY social and wealth (or lack thereof) standing has no relevance in this matter.
56 grand is the cost of a medium priced BMW, which many people can afford. So if she really wants the car, she can probably " buy " it for that. If not, which is MY case, she can do just as you said.
Where are sky and tracie
I think her real name is Angela Merkel
Knowing all the tax problems she is about to have and she won't really be able to keep this car, I would have just turned down the car flat out on national television. People go on these shows expecting to win but then come to reality of not being able to keep the prizes.
or....she could sell the car and keep the money...any free money is a good money
It used to be that you couldn't sell merchandise won on TV shows. No matter, I'd take that car in a heartbeat and sell what I'm driving now, for taxes. If you don't want to pay taxes on a prize you shouldn't go on a game show.
right taxes alone will clobber you. expense and upkeep. People dont think of these things. Woman should just sell it. I remember a guy won a $380,000.00 lamborghini a few years back and smashed it 6 hours later.
Has anybody stopped to think that maybe she can afford the taxes, etc., and wants to keep the car? I'm sure she will find a way to do what she needs to do to get the car and either sell it or keep it. Congrats to her for winning, which on TV shows isn't the easiest thing to do..
On the Price is Right, What you when is awarded just like you won the lottery. Depending on your income, that could be close to 50% of the price of the item won. In the case of a car, The Price is Right arranges for the vehicle to be available for pickup from a dealership in your state. However if you live in a remote area, or the only dealership for that car is on the other side of the state, your transportation costs could be a big factor. Finally, the vehicles are not released until you have satisfied the tax requirements. So you won't be allowed to pick it up, then advertise it and sell it and then pay your tax bill. So if she really wants this car, she'll either have to have the money for the tax bill, or get some sort of loan until she sells the car and is able to pay back the loan. The Price is Right does not offer any cash equivalent for their prizes. If you can't pick it up or pay the taxes on it, then you get nothing. That being said if she had the money for the taxes, she still could clear $50-70k after selling it. I wouldn't turn down that kind of money. Just a huge amount of hassle to get it.
She won't be so happy when the tax bill comes due for that car. Oh yes, folks: she has to pay income taxes on the value of that car. I'm guessing she will have to take the cash equivalent or sell the car in order to pay the tax bill.
Well, she can't take the cash equililant. You either take the prize or forfiet if you can't afford the taxes. Only rare time you can get the cash option is if the prize can't get delivered to the winner. Either way, she could get a loan for the tax amount, claim the car, then turn around and sell it. She'd still make a huge profit.
Sales tax
!
Vehicles are subject to sales tax regardless if it's won. Also, she will be subject to federal and state income taxes on the vehicle since it's a prize.
If she lives in Tacoma, she's subject to a 9.5% sales tax (roughly $15K on that car), and the $157K gets added to her taxable income. Her income tax bill this year will be upwards of $60K owed to Uncle Sam.
How can there be sales tax when nothing was sold. It was given away you IDIOTS. THERE IS NO SALES TAX. Don't any of you people have any education. I will teech you people something.
–
Has anyone even thought about the sales tax? I bet there will be sales tax. I wonder how much the sales tax will be. I bet she won't even be able to keep the car because of the sales tax. Also, sales tax.
To be clear, it is not sales tax that she will be paying. You pay sales tax when you buy something. This is something that she won, so the value of the car will be applied towards her income for 2013. She will pay additional sums as part of her income tax for 2013.
I don't think its fair that Chancellor of Germany even gets to play the Price Is RIght.
LOL
I too was wondering what Angela Merkel was doing on the Price is Right.
I as well was wondering what Angela Merkel was doing on the Price is Right. LOL x infinity!
'This video is not authorized for your location' Hmmm... what the...?
Wow I hope the sales tax is covered or she will be in for a big surprise!
re: Jeez. the sales tax IS important for the winner. at 5%, it's 7800$. yeah, kind of a big deal......
@Jeez – you are obviously ignorant of tax laws in the US and that any kind of prize and/or gift you get is considered income therefore you have to pay taxes on it. yep, that's right Jeez, unless the show pays this woman's taxes on the car she won she will be on the legal hook to pay taxes on it. you might want to read up on tax laws Jeez...
5%? It's like income, so it would be taxed much higher than that. She just "made" $157,000, so she is now in a high tax bracket and will pay more than $50K in taxes.
Can we talk more about the tax impact? Nobody seems to be talking about the taxes.
they have a number of videos with people winning 1 Million on the final showcase.... something about hitting the price close enough. Why are they calling this the biggest? Its ok CNN givem free publicity
They said biggest prize, not total winnings. For a single prize this was their biggest yet.
the gameshow should pay the taxes on prizes you win.
In Canada, there are no taxes on lottery or game winnings. Maybe the prize supplier pays the tax, I don't know. Quebec has different laws and many companies that offer random prizes exclude Quebec in their draws (the government laws and french language laws are not worth it).
Why should they pay the taxes? They gave you a car.
Then they wouldn't give away big prizes like this. Even with "normal" cars, the amount of extra cash the show would have to give away adds up. (Then again, they can just make the games harder – "For a new car, is the price $15,861, $15,862, $15,863, $15,864, or $15,865?")
As for the winner keeping the car, everybody mentions taxes, but nobody has mentioned the other problem with winning an expensive car – the expensive insurance that goes with it!
Good lord, what is wrong with this woman?! This is not a win...it's a huge loss to her. She will not be signing that paper acknowledging she has to pay taxes, on this car. She will not be taking this gem home to her home. She would have been better off with a washer and dryer than this car.
she has the money. Not every one is poor.
if you watched the whole episode she won another, 35k in cash so she clearly has the money.
. . . after she pays the tax on THAT it's only $20K, what a joke
You have to pay the taxes before you can take the car home.
The CA taxes alone will kill you! Hell the registration is $15k – good lord.
she didn't win it because now shes gotta pay taxes on it. my bet is the car wont be in her driveway anytime soon.
She probably doesn't even drive. When she ran over to get into the car, she got in on the passenger side. But she seems like a nice lady, so I hope she enjoys the car or makes some cash off of it.