Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
Member Login

Site Notices
Page / 2
Next Page Arrow Left
Link Posted: 10/21/2016 11:12:53 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By dyezak:


Winnings from gambling is considered income. A raffle is gambling. She just had an income of $550,000 for FY2016. That means she is liable for the income taxes (federal, state, and local) for that income of $550k. Just federal will put her at 33%, which ends up being; drumroll please: $181,500! That tells me her current residence is in a location with 0% state and local income taxes.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By dyezak:
Originally Posted By Firefoxammo:
$180,000 in Taxes


Winnings from gambling is considered income. A raffle is gambling. She just had an income of $550,000 for FY2016. That means she is liable for the income taxes (federal, state, and local) for that income of $550k. Just federal will put her at 33%, which ends up being; drumroll please: $181,500! That tells me her current residence is in a location with 0% state and local income taxes.
like all the idiots on the price is right, most of them can't afford the taxes either.
Link Posted: 10/21/2016 11:13:01 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By chibajoe:


Probably doesn't qualify for the mortgage because she's retarded.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By chibajoe:
Originally Posted By SWIRE:
That makes no sense. If the house is free, then she just needs to take a mortgage out to cover the tax payment.


Probably doesn't qualify for the mortgage because she's retarded.

That's what equity is for. Me thinks she is looking for someone to give her some free money.
Link Posted: 10/21/2016 11:13:54 AM EDT
cover with a loan. Sell house for $500k.

Make potato
Link Posted: 10/21/2016 11:16:34 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By woodsie:
Here's a question. If she paid the $180k tax and then sold the home a few months later. What would her basis be for capital gains?
View Quote
reminds me of a stupid 1099 sales rep that worked for me, he made about $350k and didn't save one penny to pay for his year end taxes, got plenty of fines and penalties...

he was only 25 years old, good worker, but used it to buy a pre-owned Ferrari 458 and didn't even have a garage to store it in, had to park it on the street at his apartment complex
Link Posted: 10/21/2016 11:23:57 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Mr_Harry:


How many here have 180k just laying around?



View Quote

I sure as fuck don't, but I could find someone to loan it to me for $550k collateral.
Link Posted: 10/21/2016 11:25:57 AM EDT
Sell the house, pay CCard and Taxes. Buy a more reasonable house with what's left.
Link Posted: 10/21/2016 11:32:40 AM EDT
Link Posted: 10/21/2016 11:33:13 AM EDT
Link Posted: 10/21/2016 11:34:04 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 4thbreak:
Who puts a raffle ticket on a credit card? Never heard of such a thing or even think it would be possible.
View Quote


Just get a cash advance.
Link Posted: 10/21/2016 11:36:00 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By StewartTR:
Sell the house, pay CCard and Taxes. Buy a more reasonable house with what's left.
View Quote


From the sounds of it, St Judes won't turn the house over to her without her having the money for the taxes already. I can understand their desire to look out for her, so she doesn't end up on the hook to the IRS; but, that's not their job. She won the house, so they should hand over the deed, and let her worry about the tax bill come April 18th. She ought to be able to sell the house quickly enough to cover her tax bill and have enough to buy a house she can actually afford to maintain.
Link Posted: 10/21/2016 11:43:29 AM EDT
Smart way to do the raffle. They get to keep both the money people spent for tickets, AND get to keep the house. Few people read the fine print, or are able to come up with $180.000 for the taxes. I would ask a bank if they would give. Mortgage of $180,000 for the house.
Link Posted: 10/21/2016 11:44:56 AM EDT
someone will start a go fund me and someone will get her in the house. Morale of the story, if you dont have money to gamble, dont max out your credit cards
Link Posted: 10/21/2016 11:48:07 AM EDT
Originally Posted By Medicfrost:
She is not a wise consumer. If you're going to max out a credit card, do it buying .22.

http://www.wtsp.com/mb/news/a-550000-home-raffle-ends-with-an-unfortunate-fortune/339538738
View Quote




Every time you assholes post the MOBILE link to articles... I imagine a fat neckbeard, sitting on the shitter taking a massive dump, pecking out the copy/past shit and a post on a tiny iPhones screen, while you squint to be able to see shit.

Don't get me wrong, I read shit on my phone when I'm on the shitter (if I don't have my tablet handy), but I just can't see getting on a forum and posting shit. I think you guys are gonna go blind doing that shit!

Link Posted: 10/21/2016 1:00:51 PM EDT
This is someone looking for a handout or help, not a real story. This happens all the time, it's not like it's a new thing.

When you win property (car, house, abandoned warehouse, whatever) there is a simple decision to make: Can you afford to own a <thing> worth $X.

If I win a $200k car, my question is can I afford to drive a $200k car. I can't. So clearly I need to sell it.

This lady can't even come close to owning a $550k house. She, of course, needs to sell it. The income would be the value she sells at, not the made up $550k so she'd owe taxes on whatever she sells the house for and keep the rest.

Them even mentioning forfeiting it is retarded. I'm 99% sure taxes would be due next April if she takes the house now, plenty of time to sell it. Even if taxes were due immediately you take the house, tell the IRS to suck your dick and wait while it sells.
Link Posted: 10/21/2016 1:08:13 PM EDT
[Last Edit: 10/21/2016 1:17:49 PM EDT by BangStick1]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:
That makes no sense. If the house is free, then she just needs to take a mortgage out to cover the tax payment.





Silly boy! Gov't wants it cut of EVERYTHING!

Even when it is free!


Gotta have adequit income before getting the loan.
Which she probably cant get approved for a used camper trailer


Welcome to the New America where if you win.....you lose!
View Quote

Link Posted: 10/21/2016 1:10:53 PM EDT
In before she opens a gofundme page
Page / 2
Next Page Arrow Left
Top Top