Quote:
Originally Posted by ocolgan
When I receive delivery of this Bumblebee I am going to sell it as much as it kills me but I am in a financial hardship and my mother needs help. Winning this car is a gift of God. I am working on getting the crew and cast members to sign the engine cover, Megan Fox, Spielberg and everyone else then it will be shipped back to Detroit and clear coated at the factory. Are there any takers on this car.
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Unless you want to pay the IRS a butt load more in taxes you need to keep the car for at least 2 years. The IRS requires you to keep any prizes for a minimum of 2 years or you have to pay 10% tax on what you sell it for if that amount is over $1,000 (or market value if you give it away). The amount you pocket is then considered taxable income increasing your tax bracket. If you are in financial hardship, selling the car immediately could very well end up hurting you more then helping you.
Plus holding onto it can increase it's value when you do sell it.
