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Posted: 10/21/2016 9:45:17 AM EDT
[Last Edit: 10/21/2016 9:52:57 AM EDT 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
Link Posted: 10/21/2016 9:48:23 AM EDT
[Last Edit: 10/21/2016 9:48:54 AM EDT by PantherArms762]
Without government, who would tax stupid people out of free houses?

Edit: OP, fix your title, it reads like you had a stroke.
Link Posted: 10/21/2016 9:48:30 AM EDT
Get a home equity loan, pay off the credit card, pay the taxes and sell the damn house.
Link Posted: 10/21/2016 9:51:19 AM EDT
[Last Edit: 10/21/2016 9:51:25 AM EDT by jonathan2421]

Colorado: Wanted maxes out credit carb buying raffle tickets, can't afford taxes on prize
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I'm only here to comment on the thread title (good job, Florida!)
Link Posted: 10/21/2016 9:51:59 AM EDT
LOL
Link Posted: 10/21/2016 9:52:37 AM EDT
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Originally Posted By PantherArms762:
Without government, who would tax stupid people out of free houses?

Edit: OP, fix your title, it reads like you had a stroke.
View Quote


I was walking my dog while typing this. fixed.
Link Posted: 10/21/2016 9:53:47 AM EDT
Link Posted: 10/21/2016 9:59:44 AM EDT
That makes no sense. If the house is free, then she just needs to take a mortgage out to cover the tax payment.
Link Posted: 10/21/2016 10:00:36 AM EDT
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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.
View Quote


Probably doesn't qualify for the mortgage because she's retarded.
Link Posted: 10/21/2016 10:01:40 AM EDT

I was not warned about the potential for Triggering associated with this thread.



Link Posted: 10/21/2016 10:03:12 AM EDT
Winning or lottery taxes are bullshit.
Link Posted: 10/21/2016 10:04:47 AM EDT
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Originally Posted By chibajoe:


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


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.

Link Posted: 10/21/2016 10:10:07 AM EDT
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.
Link Posted: 10/21/2016 10:15:35 AM EDT
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Originally Posted By 4v50:
Get a home equity loan, pay off the credit card, pay the taxes and sell the damn house.
View Quote
Exactly and only pay capital gains of 15% on the difference, big win for her.
Link Posted: 10/21/2016 10:18:31 AM EDT
One of the ARFCOM billionaires in Colorado should offer her a reverse mortgage to cover the $180k, she dies from happiness,profit!
Link Posted: 10/21/2016 10:19:19 AM EDT
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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.
View Quote


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?
Link Posted: 10/21/2016 10:21:05 AM EDT
Who puts a raffle ticket on a credit card? Never heard of such a thing or even think it would be possible.
Link Posted: 10/21/2016 10:22:24 AM EDT
I wonder what she would have done had she lost the raffle.
Link Posted: 10/21/2016 10:23:56 AM EDT
[Last Edit: 10/21/2016 10:24:11 AM EDT by criio1]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By chibajoe:


Probably doesn't qualify for the mortgage because she's retarded.
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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 and she's on disability income.
Link Posted: 10/21/2016 10:24:24 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By PantherArms762:
Without government, who would tax stupid people out of free houses?

Edit: OP, fix your title, it reads like you had a stroke.
View Quote


Quantity vs quality

When you make 20 threads a day, some are better than others.
Link Posted: 10/21/2016 10:25:20 AM EDT
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.
Link Posted: 10/21/2016 10:25:47 AM EDT
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Originally Posted By MadProfessor:
I wonder what she would have done had she lost the raffle.
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Time for a new card!
Link Posted: 10/21/2016 10:29:28 AM EDT
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.
Link Posted: 10/21/2016 10:31:33 AM EDT
[Last Edit: 10/21/2016 10:32:01 AM EDT by ScaryBlackGuns]
...
Link Posted: 10/21/2016 10:32:00 AM EDT
She needs a better tax accountant.

Posted Via AR15.Com Mobile
Link Posted: 10/21/2016 10:34:38 AM EDT
Wow. This is massively stupid. I hate the IRS and this country's overburdensome tax system.
Link Posted: 10/21/2016 10:35:13 AM EDT
First World Problems
Link Posted: 10/21/2016 10:35:56 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By chibajoe:


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


if I was a loan occifer, I would make that shit happen....when she defaults, PROFIT!

Link Posted: 10/21/2016 10:36:34 AM EDT
She could find a private lender for a 180k loan on a house appraised for 550
Link Posted: 10/21/2016 10:39:02 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By chibajoe:


Probably doesn't qualify for the mortgage because she's retarded.
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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.
There's money for that too...
Link Posted: 10/21/2016 10:39:16 AM EDT
[Last Edit: 10/21/2016 10:47:02 AM EDT by Firefoxammo]
$180,000 in Taxes

32% , how the fuck does that work?
Link Posted: 10/21/2016 10:41:08 AM EDT
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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.
View Quote


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!
Link Posted: 10/21/2016 10:42:30 AM EDT
[Last Edit: 10/21/2016 10:45:04 AM EDT by Drsalee]
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.
Link Posted: 10/21/2016 10:44:15 AM EDT
Would make a wise investment for some local with the cash. Done properly on paper of course.
Link Posted: 10/21/2016 10:44:27 AM EDT
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Originally Posted By Firefoxammo:
$180,000 in Taxes
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That house value will be considered income, no different than if she earned $550K. She gets a 1099 for $550K.

Link Posted: 10/21/2016 10:44:42 AM EDT
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Originally Posted By Firefoxammo:
$180,000 in Taxes
View Quote


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.
Link Posted: 10/21/2016 10:47:10 AM EDT
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.
Link Posted: 10/21/2016 10:50:34 AM EDT
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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.
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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.



Ahh, I overlooked it as taxable income
Link Posted: 10/21/2016 10:50:50 AM EDT
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Originally Posted By Drsalee:
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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I was wondering the same. Someone will surely contact her and explain this.
Link Posted: 10/21/2016 10:50:58 AM EDT
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?
Link Posted: 10/21/2016 10:55:28 AM EDT
Does she have until April 2017 to pay these taxes as part of her 2016 income?
Link Posted: 10/21/2016 10:58:57 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By dyezak:


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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Originally Posted By dyezak:
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.


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.
Link Posted: 10/21/2016 10:59:13 AM EDT
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.
Link Posted: 10/21/2016 11:01:12 AM EDT
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.
Link Posted: 10/21/2016 11:02:43 AM EDT
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.
Link Posted: 10/21/2016 11:06:20 AM EDT
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Originally Posted By 556therapy:
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.
View Quote



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 ?
Link Posted: 10/21/2016 11:07:26 AM EDT
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Originally Posted By chibajoe:


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



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.



Link Posted: 10/21/2016 11:07:48 AM EDT
[Last Edit: 10/21/2016 11:09:18 AM EDT by Drsalee]
Double click
Link Posted: 10/21/2016 11:08:51 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Drsalee:



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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Originally Posted By Drsalee:
Originally Posted By 556therapy:
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.
Link Posted: 10/21/2016 11:09:45 AM EDT
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.
Link Posted: 10/21/2016 11:10:50 AM EDT


How many here have 180k just laying around?



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