Man Wins Free Dream Home, Can't Afford Sales Tax

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[chance33_98]

Man Wins Free Dream Home, Can't Afford Sales Tax
Winner Hopes To At Least Spend A Week In Home

POSTED: 11:22 a.m. EDT July 5, 2002

SHERWOOD, Md. -- There's no such thing as a free lunch or a free house.

That's what Milton O'Bryant is learning. He's won $1 million designer beach house on the Maryland shore, in a promotion for the House and Garden TV cable channel. But while the house hasn't cost him a cent, O'Bryant owes taxes on his lucky break.

He said he would have to take out a $500,000 mortgage just to pay the state and federal tax bills. Instead, the Texas police supervisor will put the dream home up for sale.

O'Bryant hopes his family will at least spend a vacation week in the house before the new owner takes over.

[fporretto]

Were you aware that, backstage at TV game shows such as "Jeopardy" and "Wheel Of Fortune," an IRS agent awaits anyone who's won a cash prize? He's there with forms he'll try to coerce them to sign, which voluntarily agree that their prizes are "income" and that authorize the show's producers to pay 20% withholding tax to the IRA. Those who don't sign get subsequent attention in the form of audit notices and, now and then, visits to their homes by IRS agents with pads of blank subpoenas.

Behind every curtain, around every corner, under every cushion waits the State's indispensable Taxman. There is nothing beyond his reach. This is natural, for there is no privilege the State guards more jealously than the power to take what is yours by right and turn it to its own use. They fear a real, grass-roots tax revolt more than the deepest pits of Hell.

Something to think about over your Wheaties.

Freedom, Wealth, and Peace,
Francis W. Porretto
Visit the Palace Of Reason: http://palaceofreason.com

[mewzilla]

Well, duh. What did this guy think was gonna happen? That the tax fairy was going to come along and take his new McMansion off the tax rolls for him? Sheesh, just sell the place, bud, and pocket what's left after taxes. And use your head the next time you think you want to enter a contest.

[cajun-jack]

there was an episode of the Andy Griffith show back in the B&W era and aunt Bea won a bunch of appliances on a quiz show...she had to sell them to pay the irs...tax man came to mayberry....this has been going on for way too long.

[VA Advogado]

Not when some 20 yo journalism student writes the headline.

Regardless, it still said SALES TAX in the headline. Are you really that blind?

[justlurking]

Income tax? I'm talking about that insane tax they put on things you've won. I think it's like over half.

No, just income tax on winnings. For lottery winnings, you get a W-2G ("G" for gambling). There's no other federal tax, but maybe your state has some sort of "luxury" tax. Mine doesn't.

Are you thinking of the gift/estate tax? It's as high as 55% (for gifts and estates over $3 million). But, that doesn't apply to prizes.

[cinFLA]

Regardless, it still said SALES TAX in the headline. Are you really that blind?

Huh?

[VA Advogado]

Huh?

Short attention span or ADD?

[headsonpikes]

I see you've taken the 'Basil Fawlty Course in Human Relations'.

[goldstategop]

The only people who can afford a million dollar home are the mega wealthy. Most of us have to settle for homes priced in the $150,000-250,000 range in most of the country. Remember, its not just the mortgage and insurance - its the property taxes.

(No more Olmert! No more Kadima! No more Oslo! )

[goldstategop]

The P.J O'Rourke classic fits here: "If you think its expensive now, just wait til its free." How true!

(No more Olmert! No more Kadima! No more Oslo! )