AAI & Mustang on Extreme Makeover Home Edition
Mach 1 Member
Joined: December 2, 2004
Posts: 576
Likes: 0
Originally posted by p61cbi@May 9, 2005, 9:52 AM
I want the large chrome/silver galloping horse that was placed on the wall over the kids bed. Anyone ever see one of these?
I want the large chrome/silver galloping horse that was placed on the wall over the kids bed. Anyone ever see one of these?
Thread Starter
Tasca Super Boss 429 Member
Joined: May 18, 2004
Posts: 3,657
Likes: 2
From: San Antonio, TX
I understand that the IRS takes their cut, I was just saying it's not 50%. Here is the IRS's tax brackets for this year:
0 - $7,300 - 10%
$7,300 - $29,700 - 15% of the amount over 7,300
$29,700 - $71,950 - 25% of the amount over 29,700
$71,950 - 150,150 - 28% of the amount over 71,950
$150,150 - $326,450 - 33% of the amount over 150,150
$326,450 - no limit - 35% of the amount over 326,450
So, say the total winnings were $500,000. The tax owed would be $155,470. Yes a sizable amount of money, but not 50%. There are ways to pay that, you could borrow against the value of your house (a home equity loan.) Since his previous mortgage was payed off and all the utilities are paid up for 10 years, if he handles the finances right. It may work out.
0 - $7,300 - 10%
$7,300 - $29,700 - 15% of the amount over 7,300
$29,700 - $71,950 - 25% of the amount over 29,700
$71,950 - 150,150 - 28% of the amount over 71,950
$150,150 - $326,450 - 33% of the amount over 150,150
$326,450 - no limit - 35% of the amount over 326,450
So, say the total winnings were $500,000. The tax owed would be $155,470. Yes a sizable amount of money, but not 50%. There are ways to pay that, you could borrow against the value of your house (a home equity loan.) Since his previous mortgage was payed off and all the utilities are paid up for 10 years, if he handles the finances right. It may work out.
Shelby GT500 Member
Joined: March 10, 2004
Posts: 2,586
Likes: 2
From: Sherman, TX
Originally posted by Altoid@May 9, 2005, 9:39 AM
Didn't they give away a V6 early on? Like December? Then they give away a convertible just before summer? Ford has perfect timing.
Didn't they give away a V6 early on? Like December? Then they give away a convertible just before summer? Ford has perfect timing.
Originally posted by dustindu4@May 9, 2005, 6:54 AM
Yeah what the show doesn't tell you is that these families get screwed over in taxes. The IRS collects all improvements to the house as prize money, meaning they have to pay 50% of it in taxes. I remember specifically reading 1 family getting slammed with a $600,000 IRS tax bill. Thanks Extreme Home Makeover. I don't watch this show anymore, it's a crock.
Yeah what the show doesn't tell you is that these families get screwed over in taxes. The IRS collects all improvements to the house as prize money, meaning they have to pay 50% of it in taxes. I remember specifically reading 1 family getting slammed with a $600,000 IRS tax bill. Thanks Extreme Home Makeover. I don't watch this show anymore, it's a crock.
Gee you're a positive peach now aren't you!
If you actually watch the show, pretty much all of the latest bunch of episodes, they pay off people's mortgages or give them cash to take care of maintinin the home or something like this. sure, it's not 'free', but blame the goverment, not the show.
That's why I love Canada - lottery/game show winnings are tax free. :moose: (still doesn't help with property assesment changes).
Kris
Mach 1 Member
Joined: August 27, 2004
Posts: 815
Likes: 0
From: Douglasville, GA
I've noticed on at least the last couple of shows that they're getting checks too. Enough to cover their old mortgage, and then some. So I think they're taking care of them. I generally can't stand non-sports TV shows but I'm actually getting hooked on this one. My wife is loving the fact that I'll actually watch a TV show with her 
Jason
Jason
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