Quality - Lost S3!!

Now the real question is. Are you going to open every one of them or will you be trading/selling some. I would try trading the ones you don't like for the blu-rays you really want.

you lucky bastard

the contest was fixed,I should of won,at least thats what my magic 8 ball said and that thing never lies.

Yeah, I'm jealous.

Okay, so I missed it.

The retail value of each prize is only $3000. He'll still have to pay 30-40% of that though.

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.

I've read stories about the old Wheel of Fortune "winners" from the 80's (non-cash) version of the show. People may remember, you had to pick out the prizes after each round, and you'd end up with a $400 dalmatian statue, and other junk. After the show ended, the people would have to sell off almost all of their winnings just to pay the taxes on the prizes themselves.

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.

I dunno about this contest, but ALL game show prizes are taxable, no matter how small. I was on Price is Right. I never got out of contestant's row, so I only won a Nutrition Center (a friggin blender with a cook book, valued at over $300), a set of his and hers watches, and 2 phones cards valued at $100 but it was only like 60 minutes of talk time. I had to pay taxes on that. I really don't remember how much I paid. But they sent me a 1099 or whatever to include when I did my taxes.

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...

What year were you on a game show, and did they ask for your SS#? I was on Price is Right in 1997, and they got my SS# for my small crappy prizes.

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.

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.

Nice variety of flix!

If you do, I'd recommend a cross-post to this thread as well.... if you want to move them faster, that is.

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.

IMMEDIATELY (run, don't walk) figure out the actual cost to purchase these discs and the player yourself right now (called Fair Market Value by the IRS). Find the best prices, perhaps with DVD Price Search or similar, and calculate the costs yourself. Once you come up with a FMV cost, contact Amazon and have them adjust the value they plan to document on the 1099 to you. If Amazon will not adjust it, then keep the documentation and use it to lower your tax burden in April. The IRS will take a FMV value over the reported value if you have documentation.

If you do sell some discs, I'd sock away all the proceeds to help offset taxes.

-beebs

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.

Better late than never. Here's my FS thread:
http://forum.dvdtalk.com/showthread....33#post8814233

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.

You don't pay taxes on the proceeds, you are already paying taxes on the full retail price. But you can lower your tax burden if you show that the prize only fetched $ when they reported $$$ as the value.

-beebs

Not a tax consultant or CPA, please consult a tax professional for the right answer for you.