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NestmanJ

NestmanJ

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Cambridge, Ontario, Canada
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Hey guys i did not know what thread to post this in but this looks like a good one

I was wondering if anyone has won this? I got an email the other day saying that i had won the possibility of winning free golf for a year, so i responded to the email with my contact information and today went to fedex to pick up and read over the contract. There is one monthly winner to enter for the grand prize but after reading the contract over and over again i found that i have to summit an IRS application and will be taxed for my winnings and the overall prize is worth $20,000 USD and could be taxed up to 30% I really can not afford that and i have 4 days to send this back in before it becomes void and they choose another winner for the month. I am in a lock of what to do and i have never won anything with the possibility of this amount of money or anything for that matter from the states as i am in canada, oh and it is non transferable either
 
When you won vs when you be taxed on it would be of importance I would think.

Free golf for a year, one could probably save up a ton of money to pay for the tax burden. Also keep in mind, it didn't say you won it, just that you could win it
 
Mward said:
When you won vs when you be taxed on it would be of importance I would think.

Free golf for a year, one could probably save up a ton of money to pay for the tax burden. Also keep in mind, it didn't say you won it, just that you could win it
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yeah that is the thing that i could win it but the tax thing is what really has me pondering what to do
 
NestmanJ said:
yeah that is the thing that i could win it but the tax thing is what really has me pondering what to do
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Play the nicest courses every round out and put away 6k for taxes haha
 
Is it just free golf for yourself or for a foursome? I wouldn't pay 6k for just myself. I would pass.
 
Wake said:
Is it just free golf for yourself or for a foursome? I wouldn't pay 6k for just myself. I would pass.
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1-4 players with cart but its pretty steep for them to play for what is "free"
 
I would proceed with caution. However, if you decide to do it, I wish you good luck and hope you win.
 
GenErr said:
I would proceed with caution. Have you done any research on the organization offering this "free" golf. Asking people to submit an IRS application, prior to even winning, sends up a red flag to me.

However, if you decide to do it, I wish you good luck and hope you win.
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yes it is sending a bunch of red flags up in my mind so i just emailed them back seeing why they need all that information
 
30% taxes would work out to roughly $6000 as has been stated in here, that works out to $500 a month. I know for a fact that I dont spend that much on golf each month. If it guarenteed that I could play all top notch courses where the green fees were $75+ then I might be able to consider it a little, but I know alot of the country clubs in my area cost less than $500 a month. Personally...it sounds great but I would be telling them, thanks but no thanks.
 
This is all kind of strange to me. I am no accountant nor do I know much about being taxed on prizes. I believe I understand if one wins a car, or some expensive item they have to pay tax on the worth of the item. And that tax would differ depending on the state of course. Basically its sales tax on the item. For large money winnings uncle sam wants his tax share of your income (which the large sum of money now becomes) and then also the state in addition wants its share too. But what they are doing here with you doesn't make sense to me.
Its not an actual item you are winning like a car and its not sales tax money they seem to be telling you about. the30% is much just like what uncle sam would want if that 20,000 was given to you in money form so it seems its being treated as income. I just don't get that part. If that's the case then the state would also want its taxes on top of the 30% too. So you could be in for even more taxes. However you are in Canada and I don't know how all that would work there.

I'm just trying to understand why it's thought of as cash income vs just a sales tax. When we pay to golf imo we are basically renting the golf course or buying time to use the golf course and I assume we pay a sales tax on that just like anything. I've honestly never looked at a receipt (lol) but I assume the sales tax is added into the greens fee even if not listed as such. So I am very curious why its not just the sales tax you would pay. Why is this being treated as income? A car is not treated as income. I know none of this helps your issue except for the part about to "beware of state taxes too". But I am curious to understand what is going on.
 
niteowl03 said:
30% taxes would work out to roughly $6000 as has been stated in here, that works out to $500 a month. I know for a fact that I dont spend that much on golf each month. If it guarenteed that I could play all top notch courses where the green fees were $75+ then I might be able to consider it a little, but I know alot of the country clubs in my area cost less than $500 a month. Personally...it sounds great but I would be telling them, thanks but no thanks.
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This is exactly my thought as well. It's hard to see myself playing $500 worth of golf a month. I'd pass.
 
rollin said:
This is all kind of strange to me. I am no accountant nor do I know much about being taxed on prizes. I believe I understand if one wins a car, or some expensive item they have to pay tax on the worth of the item. And that tax would differ depending on the state of course. Basically its sales tax on the item. For large money winnings uncle sam wants his tax share of your income (which the large sum of money now becomes) and then also the state in addition wants its share too. But what they are doing here with you doesn't make sense to me.
Its not an actual item you are winning like a car and its not sales tax money they seem to be telling you about. the30% is much just like what uncle sam would want if that 20,000 was given to you in money form so it seems its being treated as income. I just don't get that part. If that's the case then the state would also want its taxes on top of the 30% too. So you could be in for even more taxes. However you are in Canada and I don't know how all that would work there.

I'm just trying to understand why it's thought of as cash income vs just a sales tax. When we pay to golf imo we are basically renting the golf course or buying time to use the golf course and I assume we pay a sales tax on that just like anything. I've honestly never looked at a receipt (lol) but I assume the sales tax is added into the greens fee even if not listed as such. So I am very curious why its not just the sales tax you would pay. Why is this being treated as income? A car is not treated as income. I know none of this helps your issue except for the part about to "beware of state taxes too". But I am curious to understand what is going on.
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It is something of value therefore it's income. It doesn't have to be a tangible product like a car, just has to have value.
 
tequila4kapp said:
It is something of value therefore it's income. It doesn't have to be a tangible product like a car, just has to have value.
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Yea, I can understand it has value. But so does a car. If you won a car (which could be 20 or 30thousand or more) you would pay the sales tax, not an amount based on income tax. Why should this prize (golf for a year) be treated as income?. Remember (like winning a car) he is not getting cash, he is getting an item or a service? perhaps, IDK what to call it.
 
I hate Uncle Sam with a passion!!
 
tequila4kapp said:
This is exactly my thought as well. It's hard to see myself playing $500 worth of golf a month. I'd pass.
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9 after work, 18 on weekends... I could totally add up 500 pretty quickly without any real hard effort. 50 bucks a round, 10 rounds. If you get a free foursome though? Looks like your friends better bring cash with them at whatever negotiated rates you have.

Then again, I do have a bit of schedule flexibility more than most. I could make that year of golf work pretty well.
 
rollin said:
Yea, I can understand it has value. But so does a car. If you won a car (which could be 20 or 30thousand or more) you would pay the sales tax, not an amount based on income tax. Why should this prize (golf for a year) be treated as income?. Remember (like winning a car) he is not getting cash, he is getting an item or a service? perhaps, IDK what to call it.
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I don't think that is right, I think you have to pay income tax on the cars value.
 
Wake said:
I don't think that is right, I think you have to pay income tax on the cars value.
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You know you may be right and my initial thoughts wrong. I been trying to browse info for this and much of it that I've read can be contradicting to be exact. Trying to find the info via the irs website and local state/city websites is like a needle in a haystack lol. But from some things I have found through general browsing I am now starting to believe there may actually indeed be both taxes and more :(
Both sales and income tax. Income tax to uncle sam and also to the state and then also sales tax to the state as well. Boy oh boy winning a big prize can be very costly :(
 
Wake said:
I don't think that is right, I think you have to pay income tax on the cars value.
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I believe you're correct Wake. Same as if you go to Vegas and win $50,000. It's going to get taxed as income.
 
thank you all for your responses i ended up email the company and giving up my spot
 
Kinda sucks to read a thread like this because of all the fine print you don't think about.
 
I guess Golf Now advert on TV with the green leprechaun getting irate has been edited...In the ending of the commercial, when he is so upset that rainbow colored steam is exiting his ears has been edited out, I'd hate to see him miss a 3 footer!...too funny!
I thought Leprechauns enjoy practical jokes?

Here is the original version https://www.youtube.com/watch?v=cLVzdQ5srw4
 
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