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12-05-2006, 03:32 PM #11A Cut Above the Rest
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well i hope he does really well, i am sure he will be fine even if he wins a couple of quid then its better than a kick in the teath.
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12-06-2006, 09:44 PM #12Senior Member
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we think he did well but he isnt allowed to say anything about how he did or how much he wont until the show airs in mid May. It certainly sounds like he had a good time though!
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12-06-2006, 10:34 PM #13Cheapskate Honer
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How does that work. I mean for taxes, he won this year but doesn't get to say till next, or doesn't he get the cash till the show airs?
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12-06-2006, 11:59 PM #14Senior Member
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He doesnt get any money until 30 days after the show airs...as far as taxes Im sure they government will give him some vasaline and tell him to bend over....oh wait...no they wont....they are not kind enough to supply the vasaline.
Originally Posted by Wildtim
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12-07-2006, 12:35 AM #15No Blood, No Glory
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Man, that's awesome. Too bad capital gains taxes are a bitch...but hey, it's (relatively) free money, so it's still pretty nice
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12-07-2006, 02:08 AM #16Senior Member
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You don't pay capital gains taxes on something like that. It's garden-variety income. (Actually, capital gains are better, becasue they're taxed at a lower rate than income).
Sorry, they made us take tax law in law school.
I hope he did well, Josh. Congratulations to him.
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12-07-2006, 02:35 AM #17Senior Member
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- Apr 2006
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has got to be the best millionaire clip everheh, I love lottery winnings in Canada. If you win a $20 million jackpot, you get all $20 million.
Also, this
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12-07-2006, 03:18 PM
#18
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thats a real pain in the bum, you do all the hard work and win all that money and then they keep it for months whilst gaining all the intrest on it, dam i would ask for my money plus any intrest they have made. Dam Goverment. Rant over, Phew.....
Anyway hope he won loads and enjoyed it,
12-08-2006, 02:42 PM
#19
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That's crazy. You win up to a million dollars as prize money, but don't get it for 6 to 8 months. So you can't mention it to your wife, your kids, your banker, your lawyer, your accountant?? You just walk around, trying not to think about the $10,000 or $100,000 or whatever that's coming? I hate waiting for the bus! Waiting for mail kills me! Waiting for my million bucks? That's just wrong.
12-15-2006, 02:52 AM
#20
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[QUOTE=JerseyLawyer;73248]You don't pay capital gains taxes on something like that. It's garden-variety income. (Actually, capital gains are better, becasue they're taxed at a lower rate than income).[QUOTE]
I see...you can tell I have never won any money anywhere...
What kind of taxes apply to when you make a pile of money off the market? I was under the (obviously false) impression that this was what capital gains was, and then incorrectly assumed it would apply to gameshow winnings as well. My aunt made around 500k over the course of 15-20 years, and when she sold out she only walked away with 330ish or so. Broker's fees maybe? I dunno. Still a nice side profit.
