Archive > Big Brother 7: All Stars
My 15 cent Opinion--"Splitting the winnings"
TX GAL:
I keep reading that people are/were talking about "splitting" the winnings,
but being an accountant/bookkeeper sort, I do have a problem with that!
I am only playing the role of the "Devil's Advocate". :sera: :flirt:
The winner of money or prizes have to pay the Income Tax on the entire
amount, so how do they "split" the money?
Since there is a limit on "giving" money to someone "Tax free" ($11,000.00 per year
per person) the Income Tax on any more than that would be due by both parties.
Sounds good "In theory or in strategy", and I'm sorry to rain on anyone's parade,
but there are downsides to that kind of agreement, LOL!
THANKS FOR ALL THE ENTERTAINMENT, ESPECIALLY TO THE LIVE FEED UPDATERS! :woohoo: :jumpy:
:meow:
TexasLady:
Good point! I can't see the winner paying taxes on the whole amount to give it away! I was offended by all the talk of splitting the money, it doesn't seem right to me. They also discussed having people come in and doing a short time consultation and paying them for that. (Way around splitting the money.) I didn't like that either. :jam:
Texas_kimmie:
Maybe they are talking about splitting the money left over after taxes, with the other person taking less for their part of the taxes. But more than likely it just sounded good and they didn't think about the details.
Anyway, I know Boogie won't share his part with Erika.
Vernie:
She will be happy :luvu: with her 50K so I dont think she will complain too much.
Texas_kimmie:
Probably will be around 35K or less after taxes. I think there is a HUGE tax on game show winnings. This is considered a game show isn't it? Where you compete for a prize?
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