I Just Won A Blu-ray Player and 100 Movies!
#83
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Originally Posted by PerryD
I was thinking the same thing. If they report the fox titles at $40 value each to the IRS, then he'll be paying close to $12 for each title just in taxes, which is about $3 more than I paid for many of them during the Amazon Buy 1 Get 1 sale at the beginning of the year.
#84
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Originally Posted by gimmepilotwings
The retail value of each prize is only $3000. He'll still have to pay 30-40% of that though.
Yikes, I don't know if I'd want that honor.
#85
Political Exile
Originally Posted by Jray
Wait a minute... you're saying that he's going to have to pay possibly $1200 for his "prize"?!?!
Yikes, I don't know if I'd want that honor.
Yikes, I don't know if I'd want that honor.
#86
DVD Talk Reviewer & TOAT Winner
I didn't have to pay any taxes on the stuff I won. I thought you only had to do that if you won something really big, like a car or a house. The discs are probably marked as promo copies, a lot of the tapes from the contest I won were.
#87
DVD Talk Legend
Originally Posted by Alan Smithee
I didn't have to pay any taxes on the stuff I won. I thought you only had to do that if you won something really big, like a car or a house. The discs are probably marked as promo copies, a lot of the tapes from the contest I won were.
For this prize, if they don't ask for your SS#, you're in the clear. If they do, then expect a 1099 in the mail...
Casinos in Las Vegas only get your SS# and tax winnings of $1000 or more. So the rule can vary...
#88
DVD Talk Legend
Originally Posted by Alan Smithee
I didn't have to pay any taxes on the stuff I won. I thought you only had to do that if you won something really big, like a car or a house. The discs are probably marked as promo copies, a lot of the tapes from the contest I won were.
#89
DVD Talk Legend
Originally Posted by Alan Smithee
I didn't have to pay any taxes on the stuff I won. I thought you only had to do that if you won something really big, like a car or a house. The discs are probably marked as promo copies, a lot of the tapes from the contest I won were.
You're supposed to pay taxes on it. It may not have been reported, which then puts the onus on you to put it on your forms. But it is supposed to be taxed.
Of couse, lots of things are supposed to be taxed. If I pick-up a quarter in the street, that should be taxed too.
#90
DVD Talk Legend
Originally Posted by Jray
Wait a minute... you're saying that he's going to have to pay possibly $1200 for his "prize"?!?!
Yikes, I don't know if I'd want that honor.
Yikes, I don't know if I'd want that honor.
I don't think it will be that high, though I suppose it could be. A high federal bracket and state taxes can do that. But he may have other deductions/credits he can use to help offset that. It depends on a lot of factors.
#92
DVD Talk Legend
Originally Posted by RichardW
I will be posting a list in the For Sale section soon.
#93
DVD Talk Gold Edition
Thread Starter
Hi guys! I will be posting a sale thread soon and will also post it in this thread. Amazon did ask for my social, so I'll be paying taxes on this next year.
#94
DVD Talk Gold Edition
Originally Posted by RichardW
Hi guys! I will be posting a sale thread soon and will also post it in this thread. Amazon did ask for my social, so I'll be paying taxes on this next year.
If you do sell some discs, I'd sock away all the proceeds to help offset taxes.
-beebs
#95
DVD Talk Hero
Hey Richard, next time you're cruising down 75 into Tulsa, would you mind just tossing Lost: Season 3 out your window at 116th? I'll pick it up. Thanks!
Seriously, is that one you're going to sell? I'd be interested.
Seriously, is that one you're going to sell? I'd be interested.
#96
DVD Talk Gold Edition
Thread Starter
Better late than never. Here's my FS thread:
http://forum.dvdtalk.com/showthread....33#post8814233
http://forum.dvdtalk.com/showthread....33#post8814233
#97
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Join Date: Jun 2001
Location: Toronto.
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Originally Posted by beebs
If you do sell some discs, I'd sock away all the proceeds to help offset taxes.
-beebs
-beebs
It never ends!
I'm Canadian, so paying taxes on winnings is foreign to me.
Last edited by bub2000; 07-17-08 at 04:38 PM.
#98
DVD Talk Gold Edition
Originally Posted by bub2000
I have a question about that... you also have to pay taxes on the proceeds, right?
It never ends!
I'm Canadian, so paying taxes on winnings is foreign to me.
It never ends!
I'm Canadian, so paying taxes on winnings is foreign to me.
-beebs
Not a tax consultant or CPA, please consult a tax professional for the right answer for you.