And the taxman will see you win on the TV.
Everybody’s favorite cheesy game show filled with audience members desperate to get on stage and take home a prize has begun what it calls "Dream Car Week." "The Price is Right," hosted by Drew Carey, is offering contestants the chance to win a Porsche Cayenne (which was won on Monday), a Range Rover Sport SE, Maserati Quattroporte S Q 4, Tesla Model S, and an Aston Martin V8 Vantage Roadster. According to Car and Driver, more than 8,000 new cars have been given away on the game show since 1972.
However, there’s often a downside to winning here: the taxman. Winners are forced to pay taxes on their new cars because the IRS classifies them as income on tax returns. People also have to pay the state sales tax and registration fees. Hey, nothing’s free in life. Not even on the Price is Right.