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Posted: 10/21/2016 9:48:23 AM EDT
[#1]
Without government, who would tax stupid people out of free houses?
Edit: OP, fix your title, it reads like you had a stroke. |
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Posted: 10/21/2016 9:48:30 AM EDT
[#2]
Get a home equity loan, pay off the credit card, pay the taxes and sell the damn house.
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Posted: 10/21/2016 9:51:19 AM EDT
[#3]
Colorado: Wanted maxes out credit carb buying raffle tickets, can't afford taxes on prize I'm only here to comment on the thread title (good job, Florida!) |
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Posted: 10/21/2016 9:51:59 AM EDT
[#4]
LOL
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Posted: 10/21/2016 9:52:37 AM EDT
[#5]
Quote HistoryQuoted:
Without government, who would tax stupid people out of free houses? Edit: OP, fix your title, it reads like you had a stroke. I was walking my dog while typing this. fixed. |
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Posted: 10/21/2016 9:53:47 AM EDT
[#6]
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Posted: 10/21/2016 9:59:44 AM EDT
[#7]
That makes no sense. If the house is free, then she just needs to take a mortgage out to cover the tax payment.
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Posted: 10/21/2016 10:00:36 AM EDT
[#8]
Quote HistoryQuoted:
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. |
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Posted: 10/21/2016 10:01:40 AM EDT
[#9]
I was not warned about the potential for Triggering associated with this thread. 
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Posted: 10/21/2016 10:03:12 AM EDT
[#10]
Winning or lottery taxes are bullshit.
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Posted: 10/21/2016 10:04:47 AM EDT
[#11]
Quote HistoryQuoted:
Probably doesn't qualify for the mortgage because she's retarded. Quote HistoryQuoted:
Quoted:
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. Oh come on. We all know she'll end up establishing a GoFundMe account and be tossed the full sales tax amount plus another $50k for property taxes. |
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Posted: 10/21/2016 10:10:07 AM EDT
[#12]
Interesting that you can buy raffle tickets on a credit card. There must not be a control against that. When I worked in Lawful Gambling in MN they changed the policy so you couldn't buy pulltabs with a check or credit card to save people from themselves. (People would speculate on the number of tabs left in the bin vs. the redeemed prizes, kite a check, find out someone didn't redeem a prize yet or the operator wasn't marking off awarded prizes.)
Not that that would help in this case, that is a pretty decent tax sum a lot of people may not anticipate. |
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Posted: 10/21/2016 10:15:35 AM EDT
[#13]
Quote HistoryQuoted: Get a home equity loan, pay off the credit card, pay the taxes and sell the damn house. |
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Posted: 10/21/2016 10:18:31 AM EDT
[#14]
One of the ARFCOM billionaires in Colorado should offer her a reverse mortgage to cover the $180k, she dies from happiness,profit!
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Posted: 10/21/2016 10:19:19 AM EDT
[#15]
Quote HistoryQuoted:
That makes no sense. If the house is free, then she just needs to take a mortgage out to cover the tax payment. Says because she's on disability she can't qualify. Probably also an Obama welfare baby. Still, I'd try to work with the charity to allow me to get title with the understanding I would use it to get a loan to pay the taxes. After all, it's the IRS - not the charity - who collects the tax. It's a real pisser for the charity to offer something like this with the attached string that you have to puke up $180,000 to get the prize. How many people can do that? |
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Posted: 10/21/2016 10:21:05 AM EDT
[#16]
Who puts a raffle ticket on a credit card? Never heard of such a thing or even think it would be possible.
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Posted: 10/21/2016 10:22:24 AM EDT
[#17]
I wonder what she would have done had she lost the raffle.
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Posted: 10/21/2016 10:23:56 AM EDT
[#18]
Quote HistoryQuoted:
Probably doesn't qualify for the mortgage because she's retarded. Quote HistoryQuoted:
Quoted:
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 and she's on disability income. |
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Posted: 10/21/2016 10:24:24 AM EDT
[#19]
Quote HistoryQuoted:
Without government, who would tax stupid people out of free houses? Edit: OP, fix your title, it reads like you had a stroke. Quantity vs quality When you make 20 threads a day, some are better than others. |
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Posted: 10/21/2016 10:25:20 AM EDT
[#20]
At a minimum, she should be able to find someone with the cash to provide a bridge loan to pay the taxes.
The deal would be that she would have to sell the house after taking possession, and pony-up some of the profit to the investor. At least she would make some money after the dust settled. |
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Posted: 10/21/2016 10:25:47 AM EDT
[#21]
Quote HistoryQuoted:
I wonder what she would have done had she lost the raffle. Time for a new card! |
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Posted: 10/21/2016 10:29:28 AM EDT
[#22]
I used to work for a tv network that gave away a Ford Explorer once in some on-air sweepstakes. The winner could not come up with the tax cash, so the network threw in the amount for taxes. It was not cheap, and they didn't have to. They were good people.
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Posted: 10/21/2016 10:31:33 AM EDT
[#23]
...
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Posted: 10/21/2016 10:32:00 AM EDT
[#24]
She needs a better tax accountant.
Posted Via AR15.Com Mobile |
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Posted: 10/21/2016 10:34:38 AM EDT
[#25]
Wow. This is massively stupid. I hate the IRS and this country's overburdensome tax system.
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Posted: 10/21/2016 10:35:13 AM EDT
[#26]
First World Problems
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Posted: 10/21/2016 10:35:56 AM EDT
[#27]
Quote HistoryQuoted:
Probably doesn't qualify for the mortgage because she's retarded. Quote HistoryQuoted:
Quoted:
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. if I was a loan occifer, I would make that shit happen....when she defaults, PROFIT! |
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Posted: 10/21/2016 10:36:34 AM EDT
[#28]
She could find a private lender for a 180k loan on a house appraised for 550
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Posted: 10/21/2016 10:39:02 AM EDT
[#29]
Quote HistoryQuoted: Probably doesn't qualify for the mortgage because she's retarded. Quote HistoryQuoted: Quoted: 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. |
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Posted: 10/21/2016 10:39:16 AM EDT
[#30]
$180,000 in Taxes
 
32% , how the fuck does that work?
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Posted: 10/21/2016 10:41:08 AM EDT
[#31]
Quote HistoryQuoted:
That makes no sense. If the house is free, then she just needs to take a mortgage out to cover the tax payment. She has a MAX revolving credit of $5000 as stated in that story. And her revolving credit is MAXED! And she doesn't have the income to pay the credit card bill of $5000... But you (as a lender) would give her a loan for $180,000? Who do you work for? JP Morgan? Common, let us know! 
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Posted: 10/21/2016 10:42:30 AM EDT
[#32]
Fucking taxes are bullshit.
If she cannot afford the tax on this 1099 windfall, she will certainly not be able to afford the yearly tax owed to her overlords. She can easily sell the place, pay the tax and buy a cheaper house. She is still in the positive $300K-ish. |
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Posted: 10/21/2016 10:44:15 AM EDT
[#33]
Would make a wise investment for some local with the cash. Done properly on paper of course.
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Posted: 10/21/2016 10:44:27 AM EDT
[#34]
Quote HistoryQuoted:
$180,000 in Taxes That house value will be considered income, no different than if she earned $550K. She gets a 1099 for $550K. |
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Posted: 10/21/2016 10:44:42 AM EDT
[#35]
Quote HistoryQuoted:
$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. |
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Posted: 10/21/2016 10:47:10 AM EDT
[#36]
Back in the 90s there was a story in a car mag about the guy who won a Lamborghini in a drawing from a stereo company, I think that it was Alpine.
It wound up ruining his life. The EPA paperwork had a typo so he had to get the car recertified. He lost his job because he took off one too many days to deal with his prize. He couldn't get insurance for the car. He finally sold it to pay the taxes. |
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Posted: 10/21/2016 10:50:34 AM EDT
[#37]
Quote HistoryQuoted:
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. Quote HistoryQuoted:
Quoted:
$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. Ahh, I overlooked it as taxable income |
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Posted: 10/21/2016 10:50:50 AM EDT
[#38]
Quote HistoryQuoted:
Fucking taxes are bullshit. If she cannot afford the tax on this 1099 windfall, she will certainly not be able to afford the yearly tax owed to her overlords. She can easily sell the place, pay the tax and buy a cheaper house. She is still in the positive $300K-ish. I was wondering the same. Someone will surely contact her and explain this. |
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Posted: 10/21/2016 10:50:58 AM EDT
[#39]
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?
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Posted: 10/21/2016 10:55:28 AM EDT
[#40]
Does she have until April 2017 to pay these taxes as part of her 2016 income?
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Posted: 10/21/2016 10:58:57 AM EDT
[#41]
Quote HistoryQuoted:
She has a MAX revolving credit of $5000 as stated in that story. And her revolving credit is MAXED! And she doesn't have the income to pay the credit card bill of $5000... But you (as a lender) would give her a loan for $180,000? Who do you work for? JP Morgan? Common, let us know! Quote HistoryQuoted:
Quoted:
That makes no sense. If the house is free, then she just needs to take a mortgage out to cover the tax payment. She has a MAX revolving credit of $5000 as stated in that story. And her revolving credit is MAXED! And she doesn't have the income to pay the credit card bill of $5000... But you (as a lender) would give her a loan for $180,000? Who do you work for? JP Morgan? Common, let us know! A $180k loan secured by $550k worth of collateral? Yea, I'd make that loan. Even though repossessing the house would get you tarred and feathered in the media. |
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Posted: 10/21/2016 10:59:13 AM EDT
[#42]
The fucking poster child for "Play stupid games, win stupid prizes."
If you're on a disability income and think putting $5,000 worth of raffle tickets on a credit card to win a $550,000 house is a good idea, you're a moron. Even if she weren't liable for the income taxes, she'd still have property taxes, homeowner's insurance, utilities, upkeep, and other expenses; not to mention a $5,000 credit card bill-with interest accumulating on it. |
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Posted: 10/21/2016 11:01:12 AM EDT
[#43]
She's a fool for buying tickets on a card but it's still ironic and sad that a handicapped woman wins a house from St Jude and then gets stuck with the immense tax bill.
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Posted: 10/21/2016 11:02:43 AM EDT
[#44]
IIRC that would be a short term capital gain, which is taxed at the same rate as ordinary earned income.
What she would want to do is roll the net profit from the sale of the first house into ANOTHER house that she CAN afford. Then there would be no taxes. |
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Posted: 10/21/2016 11:06:20 AM EDT
[#45]
Quote HistoryQuoted:
She's a fool for buying tickets on a card but it's still ironic and sad that a handicapped woman wins a house from St Jude and then gets stuck with the immense tax bill. I would certainly not recommend buying lottery tickets with a credit card, but I certainly wouldn't call her a fool. She earned $550K this year.......what have you earned ? |
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Posted: 10/21/2016 11:07:26 AM EDT
[#46]
Quote HistoryQuoted:
Probably doesn't qualify for the mortgage because she's retarded. Quote HistoryQuoted:
Quoted:
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. Don't worry, scrote. There are plenty of 'tards out there living really kick-ass lives. My first wife was 'tarded. She's a pilot now.
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Posted: 10/21/2016 11:07:48 AM EDT
[#47]
Double click
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Posted: 10/21/2016 11:08:51 AM EDT
[#48]
Quote HistoryQuoted:
I would certainly not recommend buying lottery tickets with a credit card, but I certainly wouldn't call her a fool. She earned $550K this year.......what have you earned ? Quote HistoryQuoted:
Quoted:
She's a fool for buying tickets on a card but it's still ironic and sad that a handicapped woman wins a house from St Jude and then gets stuck with the immense tax bill. I would certainly not recommend buying lottery tickets with a credit card, but I certainly wouldn't call her a fool. She earned $550K this year.......what have you earned ? Pfft...this is arfcom. He probably earned $550K so far this morning alone...and is taking the afternoon off. |
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Posted: 10/21/2016 11:09:45 AM EDT
[#49]
Kind of shitty that St Jude would do that in the first place. They're raffling away a home designed for persons with disabilities knowing the likely recipient is not going to be able to afford even the initial taxes on the home.
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Posted: 10/21/2016 11:10:50 AM EDT
[#50]
How many here have 180k just laying around? |
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