This Is What Really Happens When Someone Wins A Game Show
Original shared by: fashionbeans
We can’t all be winners, But the truth is, winning your favorite game show ain’t all it’s cracked up to be.
Jeopardy, Wheel of Fortune — heck, even Family Feud — all feel like tickets to prosperity when you’re watching from home. And the winnings are real. It’s just that those winnings come with some pretty hefty strings attached.
We’re not saying you should feel sorry for the lady who just won a Caribbean vacation with the spin of a wheel and some lucky guesswork. But before you quit school to travel the game show circuit, there are a few things you should know about the nitty gritty details behind the pageantry.
Here’s more from a woman who has been there, done that, and paid the taxes.
Aurora De Lucia, a TV editor and blogger in New York City, appeared on The Price Is Right in 2013.
Here’s what she learned from that not-quite life-changing experience, and what you have to expect if you plan to follow in her footsteps.
So, What All Did She Win?
De Lucia was pretty successful during her The Price Is Right appearance. She was well-prepared. As an avid fan, she had years of experience with the show. She even knew to check the prices on Goldbond Medicated Powder before taping.
And, unlike some contestants, she had zero qualms about using the handy “bet $1 more than the last contestant” strategy.
The result was that De Lucia won a bit of cash ($96, to be exact), a pair of fancy 3D camcorders, and — the big prize — a brand new Chevy Cruze LS sedan.
The Gift That Keeps On Taking
So, when you win a game show, you get taxed on the cash value of your prizes as if they were income. But you don’t have an option to take cash instead of the prize itself. If you want to liquidate a refrigerator you don’t need or a jet ski you’ll never use, you have to do it the old-fashioned way: by selling it.
And before you can even take ownership, you have to agree to pay the taxes. In De Lucia’s case, that turned out to be a serious burden.
Here Is The Awful Truth About What Really Happens When Someone Wins A Game Show.