FPP porsche- taxable? - Page 3

Tappy Tibbons · #21 09-25-2007, 10:35 AM

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It's not considered a gift?

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Remember a few years ago when Oprah Winfrey gave everyone in her audience a free car? They all had to pay taxes on the value of the car. So, even if it is a gift, you still have to pay taxes on it.

jively · #22 09-25-2007, 12:34 PM

[ QUOTE ]
[ QUOTE ]
It's not considered a gift?

[/ QUOTE ]

Remember a few years ago when Oprah Winfrey gave everyone in her audience a free car? They all had to pay taxes on the value of the car. So, even if it is a gift, you still have to pay taxes on it.

[/ QUOTE ]
That article says it was a prize, not a gift. If Oprah gave the cars to them with her own money, it would be a gift and not taxable. It looks like they were awarded from a company--maybe the company that produces the show.

-Tom

DeadMoneyDad · #23 09-25-2007, 12:57 PM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
It's not considered a gift?

[/ QUOTE ]

Remember a few years ago when Oprah Winfrey gave everyone in her audience a free car? They all had to pay taxes on the value of the car. So, even if it is a gift, you still have to pay taxes on it.

[/ QUOTE ]
That article says it was a prize, not a gift. If Oprah gave the cars to them with her own money, it would be a gift and not taxable. It looks like they were awarded from a company--maybe the company that produces the show.

-Tom

[/ QUOTE ]

If Oprah really was so generous she would have made the cars gifts and paid the excess gift tax herself! The IRs would have come after her first!

http://www.irs.gov/publications/p950/ar01.html#d0e39

Making the gifts a "prize" her production company can write them off as an expense of the cost of production of the show. You don't amass her "bankroll" by being dumb. In this case everyone thinks she gave away the store when really her actual cost was likely very small if positive at all.

D$D

Quanah Parker · #24 09-25-2007, 01:16 PM

So, when will the Stars FFP store offer health care insurance?

DeadMoneyDad · #25 09-25-2007, 01:43 PM

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So, when will the Stars FFP store offer health care insurance?

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I've often thought that the acturial stats on most poker players is pretty good compared to the average population. While the PPA has way too many other things to do right now, a PPA version of AARP's health plans would be worth running the numbers on. Given the young age of many players, and the health of most of the pros, they all combine might carry my fat old ass.

But then just another way to make a buck! I know if could be run for a profit.....

D$D

popesc · #26 09-25-2007, 02:08 PM

Even if Oprah did make the cars gifts, there is a limit to the amount you can give as a gift without paying a gift tax. The limit is $12K/person/year. IRS website

crashjr · #27 09-25-2007, 03:40 PM

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Even if Oprah did make the cars gifts, there is a limit to the amount you can give as a gift without paying a gift tax. The limit is $12K/person/year. IRS website

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Not exactly. Anything over 12k/yr/individual requires an informational return and is charged against the giver's lifetime gift tax exemption.

spino1i · #28 09-25-2007, 04:12 PM

If you are smart, you have PokerStars make it a gift FROM a foreign entity. In that case, no gift tax applies. This special loophole is the cause of many tax breaks for rich tax-savvy people.

smartalecc5 · #29 09-25-2007, 04:29 PM

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If you are smart, you have PokerStars make it a gift FROM a foreign entity. In that case, no gift tax applies. This special loophole is the cause of many tax breaks for rich tax-savvy people.

[/ QUOTE ]

can someone confirm??

DeadMoneyDad · #30 09-25-2007, 04:39 PM

[ QUOTE ]
[ QUOTE ]
Even if Oprah did make the cars gifts, there is a limit to the amount you can give as a gift without paying a gift tax. The limit is $12K/person/year. IRS website

[/ QUOTE ]

Not exactly. Anything over 12k/yr/individual requires an informational return and is charged against the giver's lifetime gift tax exemption.

[/ QUOTE ]

Well it seems the cars we're NOT from Oprah: "During the show each member of the audience received a new G6 sedan; the 276 cars were donated by Pontiac as part of a publicity stunt" ref

Harpo Productions is an incorporated United States so getting them as a gift from Oprah would have been a little harder as Harpo would be involved. Well unless she had agreement from all the stockholders to utilize the individual gift exemption.

D$D