Price is Right - you'll never guess what happened

[You Need a Thneed]

Originally Posted by Neeper

That was awesome! Isn't there tax on prizes in the US? Too bad he'll have to use his $26,000 to pay off his tax bill!

better than having to sell the cars off to pay the tax bill on them.

[Locke]

Originally Posted by Neeper

That was awesome! Isn't there tax on prizes in the US? Too bad he'll have to use his $26,000 to pay off his tax bill!

Yeah, but he won almost $80K worth of stuff, including 2 brand new cars. He's still walking away with over $50K in free stuff.

[iggypop]

Doesn't practically everyone on the show just take half the value of their prizes in cash? I always thought that's how it worked; no one really takes home their actually prizes.

Is that actually the case?

[Chewy]

Originally Posted by dobbles

yeah, that lady got jipped! i would be willing to bet that getting within $500 would win the showcase like 95% of the time, if not even higher.

More like 99.9% of the time

[Neeper]

Originally Posted by Locke

Yeah, but he won almost $80K worth of stuff, including 2 brand new cars. He's still walking away with over $50K in free stuff.

No I totally agree its awesome. I still think it's dumb there's tax on prizes. if it was here, WHOO HOO!

[chris lindberg]

I remember watching all the Price is Right highlights a few year's back, one of the funniest was when a woman lost her tube top running down to contestants row.

[Lightspeed]

The lady who lost her tube top's name is Yolanda!

[krazycanuck]

Originally Posted by iggypop

Doesn't practically everyone on the show just take half the value of their prizes in cash? I always thought that's how it worked; no one really takes home their actually prizes.

Is that actually the case?

I was actually a contestant on the price is right back in 2005. (Yes, i wore a Flames Jersey on the show)

I only won a 1200 dollar Armoire and some little rink-a-dink 20 dollar prizes. I had no cash option on the Armoire. I was told in some cases you can take cash on some of the bigger prizes. For example, if you win a car worth 20,000 dollars the network doesn't pay 20,000 for the car...they pay X number of dollars. You can choose to take that cash instead of the car. In most cases of smaller prizes, the company's basically give CBS the prize for the advertising.

But yes, before you get any prizes you do have to pay a 35% tax on totals less than 10,000 I think it was, and it was 44% or something in that range for a total win of more than 10,000. If Canadians win, you can typically get your % tax back minus some administration fees.