It’s easy to be envious of folks that go on game shows and win big prizes, isn’t it? Well, that envy probably fades away pretty quickly when one comes to realize that the only big winner on The Price is Right is the state of California, since despite the nice prizes and the excitement that comes with it, the winning contestant is going to a lot less excited to realize that whatever they’ve won, be it money, a car, or a boat, they’re going to be paying a pretty big chunk of taxes on it. The fact is that anything won on a game show is still treated as earned income, which means that the taxman is going to have his due. Winning a boat on The Price is Right means that a contestant might have a shiny, pretty new toy that’s going to sink them when it comes to their finances. One of the best ways to describe a boat, without disrespect to boaters, is that it’s a big hole in the water that one throws money into. The problem with this line of thinking is that it’s pretty accurate since a boat requires quite a bit to run unless it’s a simple little fishing boat that doesn’t cost much apart from its motor.
Even the simplest fishing boat in the world, the type that one sees on the big rivers during the season and sometimes further out to shore from the coastline, is still going to cost a good deal of money to maintain and keep running. Now think of the type of boats that game shows love to give away and realize how much more these will pull down in taxes and maintenance over the years. On top of that, a person has to have somewhere to put the boat, which can be troubling for contestants that don’t have a big enough space or live in an apartment. So yes, having a boat means money will begin trickling out of one’s bank account without pause, but when it comes to taxes, that money will pour out like a flood, to begin with.
There is a way around this of course since the winner can choose to sell the grand prize back to the dealership that it came from and then pay the taxes that way, while perhaps even having something left over when all is said and done. But with all this in mind, one has to wonder why anyone would go on a game show after realizing that they’d be expected to pay taxes on winnings. There’s no getting away from it either as anything that’s won on the show will often be heavily taxed, which is why trading in big prizes for a cash payout or sending them back to the dealership is usually a better idea. Those that can afford this kind of thing might not see the big deal in having to pay taxes on a boat when winning, but the average person is going to have a hard decision to make, and it’s likely that most people will want to take the money and enjoy their win since otherwise, the headache of having to deal with something they may or may not use and the costs that will be incurred just won’t be worth it.
The experience of going on a game show is good enough for a lot of people, even though most that do make their way to these shows want to win. The Price is Right has been on the air for decades now and has been known to have some of the biggest and best prizes available, which is a big temptation for a lot of willing contestants since guessing the price of various items is, to some people, kind of easy. Quite a few contestants have come to the show with the intention of winning the whole thing, and a few have done just that. But of those winners, one has to wonder just how many went home and tried to pay the taxes on big-ticket items and how many went the smart route and took the money. Considering that selling off a boat to anyone but the dealership would be kind of tough, it’s fair to say that a lot of people that have made the choice have taken the money.
It’s easy to say that these game shows are going to remain popular for a while to come since they’re fun to watch and apparently they’re fun to play as well. But more and more people are hopefully educating themselves before they sign up for the shows since those that think they’re going to be walking out with an armload of cash and perhaps even a new boat definitely need to know what’s up to avoid any unwanted surprises.