Off Topic: How much home can you afford-not what you think

[livinincali]

[quote=flu]This really isn’t any different than people who win all those big prizes on the Price is Right… They lady who recently won then Audi R8 convertible is most likely going to take the cash prize instead of the actual car… I seriously doubt she has the finances to pay for the income taxes, registration,etc for a $150k+ new car…

http://www.autoblog.com/2013/12/30/woman-wins-audi-r8-price-is-right-biggest-prize-ever/%5B/quote%5D

There is no option for a cash prize on the price is right. You can either take the prize and pay income taxes on the full retail amount or you can forfeit the prize. For a specialty item or something non transferable like a trip that would be hard to sell on craigslist for something at least 50% of full retail it might be better to just forfeit prize.

[scaredyclassic]

Who pays actual retail? Seems punitive to tax on full retail

[Coronita]

[quote=livinincali][quote=flu]This really isn’t any different than people who win all those big prizes on the Price is Right… They lady who recently won then Audi R8 convertible is most likely going to take the cash prize instead of the actual car… I seriously doubt she has the finances to pay for the income taxes, registration,etc for a $150k+ new car…

http://www.autoblog.com/2013/12/30/woman-wins-audi-r8-price-is-right-biggest-prize-ever/%5B/quote%5D

There is no option for a cash prize on the price is right. You can either take the prize and pay income taxes on the full retail amount or you can forfeit the prize. For a specialty item or something non transferable like a trip that would be hard to sell on craigslist for something at least 50% of full retail it might be better to just forfeit prize.[/quote]

Well maybe not anymore, but at about 10 years ago, a friend of a friend who mentioned they won showcase on TPIR mentioned that they were offered cash in lieu of the prizes at the end… It was kinda a random meeting awhile ago…. We got on the topic of gameshows, because my friend was on going to be on Jeopardy, so one of his friends started talking about TPIR, because she mentioned about winning the showcase, and we were all thinking how did you pay for the taxes on it….

Some of it had to do with if the items were already shipped yet or not….(technicalities)…

[pencilneck]

If I recall correctly, a few years ago (2009?) they failed to make the reserve to have the grand prize drawing. They nearly certainly won’t have the same problem this year, but I’m still not overly fond of this sort of raffle.

“A minimum of 61,375 tickets must be sold by 11:59 p.m., May 2, 2014 for the Grand Prize winner to have a choice of the House or the $2,100,000 annuity or a onetime $1,400,000 cash payment. If fewer than 61,375 tickets are sold by 11:59 p.m. Friday May 2, 2014, the raffle will be held as scheduled, and prizes will be awarded as advertised with the exception that the Grand Prize winner will receive a choice between a sum equal to 50% of the Net Raffle Proceeds paid as an annuity over 20 years, not to exceed $1,300,000 or a onetime cash payment of 70% of the annuity value, not to exceed $900,000.”

[UCGal]

[quote=spdrun]

The actual winner has a choice between getting that home (which most likely they won’t take it because they wouldn’t be able to afford the income taxes on the home + property tax + other costs of upkeeping the home)

Arrange a loan at 50% LTV (easy enough to do, regardless of income) to cover taxes and other expenses till the home is sold.[/quote]

The HGTV house grand prize includes $250k cash – presumably to pay taxes and have enough left over to fill the tank of the gas hog car that comes with it.

(The GM SUV fits in the garage with literally just centimeters to spare… Why not build a slightly deeper garage if you’re giving away a car that is so oversized?)

[Coronita]

So… Why not have a pigg group buy in?

[Coronita]

….On second thought….This isn’t going to go well. I can see that if someone actually does win, there will be a legal fight in which ticket was part of the group buy in and which ticket was an “individual purchase”…

Plus, with scardey involved, we know we are really screwed…Since in disputes like this, lawyers always win…….

Never mind… Bad idea…..

If you have your raffle ticket, you can keep them… Period…..

[joec]

[quote=pencilneck]If I recall correctly, a few years ago (2009?) they failed to make the reserve to have the grand prize drawing. They nearly certainly won’t have the same problem this year, but I’m still not overly fond of this sort of raffle.

“A minimum of 61,375 tickets must be sold by 11:59 p.m., May 2, 2014 for the Grand Prize winner to have a choice of the House or the $2,100,000 annuity or a onetime $1,400,000 cash payment. If fewer than 61,375 tickets are sold by 11:59 p.m. Friday May 2, 2014, the raffle will be held as scheduled, and prizes will be awarded as advertised with the exception that the Grand Prize winner will receive a choice between a sum equal to 50% of the Net Raffle Proceeds paid as an annuity over 20 years, not to exceed $1,300,000 or a onetime cash payment of 70% of the annuity value, not to exceed $900,000.”[/quote]

Every year I see this raffle/ad, I am tempted to buy. But after looking at the price of $150. I always figure I can get the same dream/high with a $1-2 mega millions or power ball ticket…

I end up not winning neither

You also need to spend $400 or something on this to get entered in the bonus drawings probably to make it worthwhile since the odds of the grand prize is less likely I’d guess…

[scaredyclassic]

Please no group buy in. I hate lotteries. But when there’s a group buy in I feel compelled to buy in because I’d feel so shitty if I lost and all of piggingtonia were gloating of their windfall. But I definitely don’t ever want to buy a lottery ticket or any portion thereof. I hate all gambling but esp lotteries. If I were a betting man which I’m not I’d bet on me.

Incidentally saw the hustler 1961 on netflix w Paul newman. Awesome flick. On the dangers of gambling, in part vis a vis your soul.

[spdrun]

The one time I bought a lottery ticket, I won … the price of the ticket.

[Hobie]

Better yet… have a Pigg House Lottery!

Same deal as the McHouse but we pick some house in SD, or better yet some pigg mansion, collect the $$, fail to meet the min number to let the house go, and run a small raffle for the $100 second and third price runner up ‘winners’. Have big party later!! Woo hoo!

[scaredyclassic]

There are definitely laws governing litteries. Don’t dabble in fraudulent lotteries. That us good advice right th etere.

[Coronita]

[quote=Hobie]Better yet… have a Pigg House Lottery!

Same deal as the McHouse but we pick some house in SD, or better yet some pigg mansion, collect the $$, fail to meet the min number to let the house go, and run a small raffle for the $100 second and third price runner up ‘winners’. Have big party later!! Woo hoo![/quote]

Cool…. I nominate someone that lives in Del Mar Mesa to donate their home…

[moneymaker]

Time to buy a lottery ticket? Odds of winning $329 Million in cash after taxes is 1 in 303 Million. Just hope you don’t have to share the winnings!

[TeCKis300]

[quote=scaredyclassic]i was just discussing with my kid how every time you acquire a possession it’s kind of got a n accompanying maintenance/insurance/care factor. there is nothing you can get that is not a pain in some way to keep. he kind of got it, although i suppose he is thinking more along the line of consumables which aren’t really keeping things.

what is there one can get that is not a chore to keep?

good health? not a “thing”…

we did yesteday buy some very old industrial style styeel and wood pallets from an old envelope factory, heavy and very beat up, for a coffee table, which ianticipate will have a very low maintenance factor.

kind of the opposite of the fancy new european car my wife acquired.

even a rental home just seem s like a pain in the ass[/quote]

What about the acquired wife? I assume the european car was maintenance for said wife.

Of course, I’m realizing this for my own situation…

[Author]

Posts