Home Forums Article Discussions Article Discussions by Author Discuss content posted by Press Release IT staff would rather pocket $100k than blast off into space RE: IT staff would rather pocket $100k than blast off into space

  • November 18, 2011 at 10:50 am

    #1410076

    Eric M Russell (11/18/2011)

    LadyRuna (11/18/2011)

    Definitely the trip to space for me 🙂

    Taking the cash is a bad plan because the government will steal about 60% of it in the form of taxes. So the actual amount you receive is far less than the actual prize value. With cash, the Government "wins" the prize; with trip to space, *you* get to enjoy it fully.

    I don't know fore sure, but I think that even if you receive a non-cash prize or large gift, you owe taxes. For example, if you wish a new car as part of a door prize, you owe taxes on that.

    That's definitely a case of call your local tax expert. We could certainly get 1000 different correct answers on that matter!