OWN A FERRARI 308 FOR $ 100

How long will they store it for me, before I can arrange pick up?

 

I'm willing to give first shot to anyone on Fchat to buy it outright after I win. I may just keep it but my garage would be awful crowded. You can start the bidding around $50K if you'd like. Don't want to waste a bunch of time with low bids. You can understand that!

 

By the way, did we ever get a total number of Fchat tickets bought? Not that it matters really but it might help some of you losers feel a little bit better.

 

Yes, and with $300 I will take the 1 in 250 chance. Better than Powerball

 

Good question... I think the normal time frame is 30 days...

Of course, I'm planning on having to pay about $12K in taxes when I pick it up... and, trying to figure out gas costs from Point of Sale to Austin, TX, so Randy can store it for me...

ROAD TRIP!

 

Good luck with that offer!

I can't remember, did anyone check to see if it has a clean carfax or not?

 

Ok, in light of winning the car this Saturday I'd like to invite everyone over for BBQ on Sunday to officially welcome the car to Marina del Rey!

 

BTW, why do you expect the taxes to be $12k? I thought we're just responsible for the sales tax?

 

I expect total taxes will be between 25% and 30% of the valuation... Those pesky Federales and all...

 

They will be issuing out a 1099 form declaring this as "other income", so you will need to pay income taxes on the prize. With the stated value at $42k and income taxes estimated at ~30% you get a number around $12k. Not to say that a savvy accountant couldn't bring that number down a bit, but it is a ballpark figure.

 

The good news is... you can deduct the cost of your ticket!

 

I went ahead and dispatched Horseless Carriage Carriers to the high school so they can pick up the car for me and bring it to Sarasota where she belongs.

 

Too bad... but, thanks for the thought!

I'll just drive it to Randy's...



But, it's appreciated!

Mike

 

Oh, I see. It's a 1099 "income", so the tax amount depends on the winner's tax bracket. So the winner is not paying anything upfront, but will deal with the added income on the tax return. That I can deal with.

 

No, I think you have to pay it as a withholding to the organization holding the raffle:

FROM HERE: http://www.irs.gov/pub/irs-tege/notice_1340.pdf

Noncash Prizes: For noncash prizes, the winner must pay the organization 25% of the fair market value of the prize minus the amount of the wager.

Example 3: Jason purchased a $1 ticket for a raffle conducted by X, an exempt organization. On October 31, 2004, the drawing was held and Jason won a car worth $10,000 (fair market value). Because the prize exceeds $5,000 and the fair market value of the car is $10,000, the tax on the fair market value of the prize is $2,499.75 [($10,000 minus $1 ticket cost) x 25%)]. Jason must pay $2,499.75 to X to remit to the IRS on his (Jason’s) behalf. X would indicate the fair market value of the prize ($10,000) in box 1 and the amount of the withholding tax paid ($2,499.75) in box 2 on Form W-2G.

 

Weird that you wouldn't pay the IRS directly.

 

=D

Even with a slim chance, it is still exciting to play the odds.

 

Mike , I think you took the wrong car. Better check the vin !

 

Today's the day!


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Is that the fine print on the backside of the raffle ticket?

It's almost like having to pay closing costs, but at least one knows that $$$ amount in advance.

 

And it is my son's ninth birthday = good omen!

 

I would agree, if the car was also 9 years old....



Mike


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Good Grief. We soooo need a flat tax and a simple tax code. So many ways for the Gov't to throw you in a cage for not following the minutiae.

 

I suppose the question is whether or not this is an exempt organization.


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I didn't buy a ticket and yet I'm excited for the drawing.. I sure hope one of you win.