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Employees of General Motors LLC (вЂњSponsorвЂќ), Jack Morton Worldwide, Inc., and their parent and affiliated companies (collectively, вЂњSweepstakes EntitiesвЂќ), and each of their respective employees, shareholders, officers, directors, agents, members, successors and assigns, as well as their respective immediate family members (spouse, parent, child, sibling, grandparent, and/or вЂњstepвЂќ) of each and those living in their same households (whether related or not) are NOT eligible to participate. residents residing in Connecticut (excluding Fairfield County) who are at least eighteen (18) years of age at the time of entry. ELIGIBILITY: The Sweepstakes is open only to legal U.S. BY ENTERING IN THE SWEEPSTAKES, ENTRANT AGREES TO BE BOUND BY THESE OFFICIAL RULES.ДЎ. A PURCHASE OF SPONSORвЂ™S PRODUCT WILL NOT INCREASE YOUR CHANCE OF WINNING. Special thanks to John Dean for sharing his story and the VHS capture of that memorable day.NO PURCHASE OR PAYMENT OF SPONSORвЂ™S PRODUCT IS NECESSARY TO ENTER OR WIN.

So yes, the taxes can be a pain, but for me, they were offset by the benefits of having the car itself. In fact, we still have several of those nice pieces in our current home, all these years later. And the car! When my wife and I were married in 1987, those prizes helped furnish our first apartment, and, by the way, we both had cars that were fully paid for.

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I kept everything, because, well, why not? For just $2,100 in taxes I got some very nice hand-crafted furniture, a stereo console TV (big stuff in the вЂ80s), a home gym set, and a whole bunch of things I never wouldвЂ™ve considered buying for myself. So if we didnвЂ™t want to deal with the taxes, or if we wanted to keep the tax bill down, weвЂ™d simply say we didnвЂ™t want the stuff.

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It was pretty surreal.Д«y the way, the game show producers gave us three full days to decline any prizes we didnвЂ™t want to keep. I walked out, loaded my bike into the back of the truck, and drove back home with my brand new car. I hopped on my bike and rode the three miles down to the Mazda dealer in Torrance, California, signed a couple of title papers, and within maybe 10 minutes, they handed me the keys. This lowered my overall total winnings to around $15,000, fair market value.ДЄbout a month after the show aired, I got a phone call from the local Mazda dealership saying my car was ready for delivery.

I then had to itemize the entire list with the prices I was given by the retailers. This was pre-internet, so I was calling around, talking to salespeople and retail managers. Game shows notoriously inflate a prizeвЂ™s value, so I spent a good week or two looking around for those same (or similar) items in stores and catalogs. YouвЂ™re allowed by IRS rules to use the fair market value of any prize you win instead of what the game show says itвЂ™s worth.

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And without any cash winnings, and with very little income, I had to figure out how to pay the tax bill. So from a tax standpoint, even though as a recent college graduate IвЂ™d only earned about $4,000 of actual W-2 wages for that year, my total income as far as the tax collectors were concerned was just shy of $28,000. My total take-home from all of the prizes I won (furniture, exercise equipment, console TV, cases of Rice-a-Roni, but no cash) was $23,321. Merv Griffin Productions reported its stated value of the car (and all of my other winnings) to both the California Franchise Tax Board and to the IRS. So what about the process was a pain? Very little, other than dealing with the taxes.

Chevy game time sweepstakes