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 Replies: 23 / Views: 3,557 |
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Pillar of the Community
United States
648 Posts |
I would personally go with gold. But what about you? What if you actually won and had that choice? Discovery is having a sweepstakes via Gold Rush. It just started tonight (10/26) and is running on a very limited time of 10/28/2012! Just thought I would post this to my fellow coin community members! Good Luck. The Code Word is: GLORY HOLELINK: http://discovery.promo.eprize.com/goldrush12/:b/INFO/FINE PRINT: Discovery Channel Gold Rush Strike Gold Sweepstakes ~ 10/26 - 10/28/12 Sweepstakes begins on October 26, 2012 at 9:00 p.m. Eastern Time ("ET") and ends on October 28, 2012 at 3:00 a.m. ET. Open only to legal residents of the fifty (50) United States and the District of Columbia, who are Discovery Channel subscribers as of October 4, 2012, and who are at least the age of majority in their state of residence, at the time of entry. How to Enter: During the Promotion Period, watch Discovery channel for the code that will appear during the broadcast of Gold Rush at 9:00 p.m. ET on October 26, 2012. There will be a code displayed and a call-to-action to enter the Sweepstakes one (1) time during the first half, and one (1) time during the second half of the program. Once you have obtained a code, visit http://www.goldrushgiveaway.com and enter the code. Then follow the links and instructions to complete and submit the registration form. You automatically will receive one (1) entry into the Sweepstakes. Limit: You may enter one (1) time during the Promotion Period. Multiple entrants are not permitted to share the same email address. ONE (1) GRAND PRIZE: Winner's choice of $100,000 worth of gold or a check for $100,000. Approximate Retail Value: $100,000. Edited by tripncoins
10/26/2012 10:21 pm
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Pillar of the Community
United States
808 Posts |
As a practical matter, I'd take the cash. If taxes aren't withheld, having the cash will avoid having to sell part of your new gold stack to pay the IRS. Also, I'd be skeptical of any hidden commission fees paid "on your behalf" for the gold you'd take home. I'd much rather take the cash and then make my own PM buying decisions though my own trusted metals dealer.
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Bedrock of the Community
13014 Posts |
Id much rather have the cash. I agree with what coin said and who knows what theyd charge per ounce. Plus if PM prices reversed back to even close to where they were a couple years ago you just lost out on a lot of money. I doubt any of us wouldnt be better off with an extra 100k in their accounts. If youre rich enough 100k doesn't phase you, you probably have more than that in PMs anyway if youre a fan of them
Edited by basebal21
10/27/2012 12:40 am
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Pillar of the Community
1283 Posts |
CASH NO BRAINER CASH. Just to many unknowns taking it in gold. You know they would find a way to give ounce that cost $2,500 plus.
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Pillar of the Community
 United States
648 Posts |
Great perspective(s) - Gimme the cash!  |
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Pillar of the Community
United States
863 Posts |
Good ill take the cash when I win.
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Pillar of the Community
United States
2734 Posts |
Cash, so I could buy some silver.  |
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Pillar of the Community
United States
1200 Posts |
No question - I'd take the $55K cash that'd be left after taxes and buy 3 monster boxes of ASEs.
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Pillar of the Community
United States
642 Posts |
I might not be up with the tax code for that income bracket....but wouldn't taxes be deferred on the Gold until after its sold as a capital gain? Probably wrong on this though... Also, seems like if you did have to pay taxes on the winnings, they would just withhold the amount for taxes and pay you $55k in gold. I'll be the first to agree and take gold.  |
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Bedrock of the Community
13014 Posts |
RJK I'm not sure on all the tax laws either, but I would assume whatever option you pick they would just give you the full 100k and leave any tax obligations to you as opposed to making their taxes more complicated
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Valued Member
United States
492 Posts |
Thanks TnC, signed everyone in the family up, including the dog. One entry per. I agree with most on the cash. Too many unknowns to take the gold right now. The idea of a monster box or two sound great too! Although I'd probably lose my job because I wouldn't show up again. I would be too busy hunched over the box wringing my hands together saying My precious over and over... |
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Pillar of the Community
United States
1200 Posts |
Re taxes - just in case anybody actually wins this thing...
1. The TV show will most likely not do any withholding for you. They'll hand you the prize and leave you to deal w/ IRS & your own state/city by yourself.
2. There'll be federal income tax & state income tax (if you're in an income tax state, which most of us are) due on the prize (which is treated as earned income).
3. If/when you sell any part of the prize, you'll then be looking @ a capital gains tax situation. That's an entirely separate, different matter. You'll get hit both coming and going.
4. If you do actually win this thing...DO get tax guidance from a qualified pro. A tax-specialist CPA is best. Going with the "storefront tax preparers" who advertise on TV and litter the landscape with their presence might not be the best idea for a potentially complex situation such as a prize like this. Could end up being like shooting yourself in the foot with a 12 gauge.
I spent a large part of my life working for a certain well-known govt agency in the tax biz & saw too many people do the 12ga-in-the-foot-thing when they won a prize or got an inheritance. The only good advice is "get guidance from a qualified pro." Thus endeth today's sermon.
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Pillar of the Community
United States
3670 Posts |
Cash is easily converted to what ever you want, and 55k is a decent hit any day of the week, lol....
Somebody is indeed gonna hit the mother load this year, lol....
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Valued Member
United States
376 Posts |
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Valued Member
United States
117 Posts |
I'd probably do the same, cash so I could get more silver. Maybe a gold piece or two, but mainly silver. :P *rubs greedy hands together*
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Bedrock of the Community
United States
36828 Posts |
I'll take the gold. With $100k Feds and state will take almost half. Taxes will be due next April, the gold will most likely be worth more by next April so will sell what is need for the taxes.
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Replies: 23 / Views: 3,557 |
Posted 10/27/2012 12:19 am
