Even if you get a free car, the government will stick it to you for taxes on that free car. Just ask these winners. You've gotta love the U.S. tax scheme...
Posted by Vengeful Cynic at September 23, 2004 02:33 PM | TrackBackIt's a shame Oprah didn't consider what us poor people have known all along: gifts are taxed. For an example, I have "owned" two cars now. I use the quotes because although I paid for the vehicles, I "sold" them to my parents for $1. That way, the cars can be on their insurance, but they won't have to worry about gift income. If Oprah or her company was a bit more in touch with the monetary realities of the average American's existence, then the gift should actually have been declared a $1/car sale, limit one per selected customer. The company would possibly even be able to claim the lost profit against their taxes.
Posted by: ryoga at September 24, 2004 11:09 AM