I won a Bumblebee Camaro from GM sweepstake!

[ZYAL8R]

I forgot to add this. If you do get alot more than the value of a Camaro off the lot, then take some of that "UNEXPECTED" cash and buy yourself a 2SS for being such a good guy who takes care of his mother.

[Mr_Draco]

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.

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.

[ZYAL8R]

Not an accountant, but if the IRS charges.............let's just say 30% on a car that MSRP's for $40K, then wouldn't a person stand to gain more "in-pocket" money on a car that sold at auction for 2-3X that at the same tax rate?

You've gotta remember one thing.................the car was a gift, and anything a person gets out of it after any/all taxes is still free money!

[ocolgan]

When someone spoke about the capital gaines tax I started thinking so I did my research and there is no capital gaines for selling a winning.
Any input you guys are the best.

[ocolgan]

I don't think it is prizes I think it is selling properties within a 2 yr period, ie flipping houses. Let me know but I think that is right.

[cam2fst4u]

the initial "prize" would be taxed. I don't think that you would have to again if you sold it but I dont know.

[ocolgan]

Thanks Cam have a great nite. Talk to u later

[Xmicro_SS]

Originally Posted by ocolgan

Are you guys saying this car is not worth anything more than a 2010 Camaro off the lot.

That car will be worth considerably more...especially to someone who loves the Transformers. Something is only worth what someone is willing to pay for it, and in this country people love Hollywood. My guess........$60-75K at the right time and place. And do not forget the next Movie is due out.........get ready for the auction! Do I hear $50K..........hum now $50K

[SummoneR]

I wouldn't have posted private info in the letter LOL...
Plus when you watch the special features on the Transformers DVD they tell you the car is just a shell with no interior... sorry dude... LMAO! Kidding. Oh and if you believe Steve Saleen he built it because GM could not... maybe he did for the movie... but the real one is built buy GM only!!!

Congrats!

[ocolgan]

I would like to give any of you Camaro lovers the first oportunity to purchase the Bumbleebee before it does go to auction. So please do get in touch with me.

[Mr Twisty]

Autographs... If they hear you're gonna sell the car you can kiss those goodbye.

Selling... You should have 30 days before you have to title the car. Sell it before then, so the buyer can be 1st owner. BJ is probably your best bet for max payoff.

IRS... Talk to a tax attorney.

Value... We'll see, but don't get your hopes up. One of the movies 77 Camaro's sold on ebay pretty cheap, not much more than it's actual value.

[ocolgan]

They won't sign if I sell.

[ocolgan]

Why the tax attorney, I claim the 1090 that should be it I don't believe I would have to pay on the car twice even if I do sell. I don't think so I looked into it and found that you don't have to pay if you sell prizes.

[LadiesMan217]

Signatures:

The signatures that'll get you the biggest money.

Shia
Megan Fox (these BOTH need to sign)

Peter Cullen (Transformers "nuts" will go crazy for this one). He did the voice of Optimus and he's the original voice of Optimus.

Also Michael Bay (remember though, a lot of "Transformers-fans" don't like the fact that Michael Bay did the movie...but those people probably wouldn't have interest in a "Camaro-Bumblebee")

Jon Voight and John Turturro (they're pretty big names but I don't think they'd bring in the buyers since they weren't the main actors) (Reminds me of a Seinfeld episode..."THIS CAR ONCE BELONGED TO JON VOIT!" )

Another thing to remember: This isn't really "Hollywood Memorabilia" because it was never actually ON SCREEN.