User Panel
User Panel
User Panel
|
Posted: 10/21/2016 11:12:53 AM EDT
[#1]
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. |
|
|
|
Posted: 10/21/2016 11:13:01 AM EDT
[#2]
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's what equity is for. Me thinks she is looking for someone to give her some free money. |
|
|
|
Posted: 10/21/2016 11:13:54 AM EDT
[#3]
cover with a loan. Sell house for $500k.
Make potato |
|
|
|
Posted: 10/21/2016 11:16:34 AM EDT
[#4]
Quote HistoryQuoted: 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? 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  |
|
|
|
Posted: 10/21/2016 11:23:57 AM EDT
[#5]
Quote HistoryQuoted: How many here have 180k just laying around? I sure as fuck don't, but I could find someone to loan it to me for $550k collateral. |
|
|
|
Posted: 10/21/2016 11:25:57 AM EDT
[#6]
Sell the house, pay CCard and Taxes. Buy a more reasonable house with what's left.
|
|
|
|
Posted: 10/21/2016 11:32:40 AM EDT
[#7]
Dumb prize since few people could afford the taxes? But what does anyone care? She takes the house, let the IRS lien it and let the lien expire
|
|
|
|
Posted: 10/21/2016 11:33:13 AM EDT
[#8]
Quote HistoryQuoted: 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. |
|
|
|
Posted: 10/21/2016 11:34:04 AM EDT
[#9]
Quote HistoryQuoted:
Who puts a raffle ticket on a credit card? Never heard of such a thing or even think it would be possible. Just get a cash advance. |
|
|
|
Posted: 10/21/2016 11:36:00 AM EDT
[#10]
Quote HistoryQuoted:
Sell the house, pay CCard and Taxes. Buy a more reasonable house with what's left. 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. |
|
|
|
Posted: 10/21/2016 11:43:29 AM EDT
[#11]
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.
|
|
|
|
Posted: 10/21/2016 11:44:56 AM EDT
[#12]
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
|
|
|
|
Posted: 10/21/2016 11:48:07 AM EDT
[#13]
Quoted:
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 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! 
|
|
|
|
Posted: 10/21/2016 1:00:51 PM EDT
[#14]
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. |
|
|
|
Posted: 10/21/2016 1:08:13 PM 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. 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! |
|
|
|
Posted: 10/21/2016 1:10:53 PM EDT
[#16]
In before she opens a gofundme page
|
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
