I think the show should still be liable for gifts given out on this show.?

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I think the show should still be liable for gifts given out on this show.?

2007-12-19 10:54:22 · 2 answers · asked by missthang 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

The show cannot make gifts. It can award prizes.

Prizes are taxable.

The people who won cars on Oprah, generally had to sell them to pay the taxes, but the money left over was worth it.

2007-12-19 10:59:01 · answer #1 · answered by Anonymous · 2⤊ 0⤋

Sorry, but those are not gifts. Gifts can only be given between individuals AND the donor may not receive ANYTHING in return. The show gets publicity and advertising dollars, so it can't be a gift. And if it isn't a gift, it's taxable income to the recipient.

Read the fine print that scrolls off the screen -- winners are responsible for all taxes and fees associated with any prizes.

2007-12-19 19:41:21 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋