10-24-2013, 02:42 PM | #15 |
Drives: 2013 ZL1 Vert Auto IOM Join Date: May 2012
Location: Alberta
Posts: 389
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looks like a 1ss 1le
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10-24-2013, 02:44 PM | #16 |
Camaro6 2016-2018
Drives: sometimes Join Date: Mar 2008
Location: Phoenix
Posts: 18,450
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taking the money if you need it is one thing, but that looks like a 40K 1LE, yeah
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10-24-2013, 02:48 PM | #17 |
They see me trollin'...
Drives: 217 ci of fury; Chauffeured by SS Join Date: Jul 2011
Location: Oklahoma
Posts: 13,876
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I think he is smart. He said he needed to pay off debt and get his life established. Takes a smart person to do that.
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"Never race anything you can't afford to light on fire and push off a cliff." -CamaroSpike
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10-24-2013, 02:58 PM | #18 |
Pull up Cougar!
Drives: 2016 2SS Join Date: Jul 2011
Location: San Diego
Posts: 2,875
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Gift tax on winning a car can be around 1/3 of the value. Its really high.
Lets guess and say its a 40k car. That means he now owes about $13,000. A 1LE for $13,000 is amazing but not if you're broke. They're also right on the money (no pun) with the 20k option. Thats not very far at all from what he would make after paying tax and selling the car himself. I always wonder how many people who win those million dollar showcases on price is right actually ever see any of their prizes? |
10-24-2013, 02:59 PM | #19 |
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His priorities are right - good for him.
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2013 1SS/RS Coupe L99, Stainless Power Works LT Headers, SCT X4 Custom Tune from RDP, CAI Inc. Air Intake w/ Apex Scoop, VMAX CNC Ported Throttle Body, Solo Axle-Back Exhaust w/ J-pipes, Apex Catch Can, Husky Splash Guards, Heritage Grille, 3D Carbon Rear Spoiler, Oracle Chrome Turn Signal Bulbs, GM Reverse Light Trim Billets, Gorilla Black Locking Lugs, Emblem Pros Retro SS Badges/Custom Retro SS Kickplates/Under-hood Bowtie, 35% window Tint, Nitto Motivo Tires (6-8-18)
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10-24-2013, 03:07 PM | #20 | |
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10-24-2013, 03:09 PM | #21 |
Pull up Cougar!
Drives: 2016 2SS Join Date: Jul 2011
Location: San Diego
Posts: 2,875
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That's kinda what I figured. Must be a real bummer to win $100k showcase and have to turn it down. Ouch!
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10-24-2013, 03:49 PM | #22 |
I'll be back...
Drives: Subaru, HD Road Glide Special Join Date: Apr 2012
Location: Omaha, NE
Posts: 3,036
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2014? Cash, please.
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10-24-2013, 03:57 PM | #23 |
The magic smoke genie....
Drives: Jewels (2010 RJT 1SS) Join Date: Dec 2009
Location: Escondido, CA
Posts: 2,294
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I would do cash too. You end up owing money if you take the car, for taxes. If you take the money, the tax comes out of the prize.
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10-24-2013, 06:23 PM | #24 |
This was the car.
http://www.simivalleychevrolet.com/a...ss_2ss/532051/ The guy is an idiot. You could have taken the car, paid the tax, and sold the thing at CarMax. He would have been way ahead. |
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10-24-2013, 06:29 PM | #25 |
Drives: 2013 Fiat 500 Abarth Grigio Join Date: Apr 2011
Location: Manassas, Va
Posts: 3,124
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Smart man I would have too the cash as well not only do you pay taxes for the car it also counts as part of your income so if you can swing an extra 40k on top of what your already making and being bumped into the next tax bracket go ahead. Remember nothing is free anymore.
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10-24-2013, 06:50 PM | #26 | |
Search Ninja
Drives: 2010 Black 2SS/RS A6 Join Date: Oct 2009
Location: Central Ark
Posts: 7,183
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Quote:
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Halltech CF 102 fed GPI modded intake manifold Bo (knows) White ported TB Kooks LT's/ Dynomax VT Pfadted (springs/sways) Dyno tuned by Rhino and GPI I once parallel parked a train. |
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10-24-2013, 07:11 PM | #27 |
Let's say you sell the car at CarMax for $37k. Then let's say you don't have a good accountant and just pay the 33% in taxes on the car. 33% of 45K is 14850, let's round it to 15k. That leaves you with 22K.
Don't forget that he has to pay taxes on the 20k as well. 33% of 20k is 6600 bucks. That leaves you with 13400 in your pocket. My time is worth quite a bit, but 9000 extra dollars for a little effort reselling seems well worth it. |
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10-24-2013, 07:13 PM | #28 |
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Hell naw I taken the cash not the car. The local guy here that won the blackhawks car man did he get hit with a huge tax hike bill. Remember you have to pay the tax on the full retail price of the car. So if it was $44k eeekk I don't want to pay the tax on that.
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