I won a Bumblebee Camaro from GM sweepstake! - Page 25 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Supercop29 · 05-11-2009, 06:51 AM

why do you think people that win the lottery & then end up with about half.... you figure the math.... 38% !!! sucks!

Emher · 05-11-2009, 06:59 AM

Wait so it's not even a custom paint job besides the stripes? Not as jealous anymore.

ocolgan · 05-11-2009, 08:04 AM

I get a 1090 with the car so I am just adding it to my taxable income, it is not considered a prize so I don't believe that averages out to 38% but let me know if I am wrong.

Just getting the auction warmed up there will be pics soon. This is 1 of 3 cars it is different from all the rest, I believe collectors want this car.

I have also been told don't drive it that will depreciate the value, I think this is a little different from driving the every day car off the lot because we see classic cars in parades and going down the road all the time do people look at the mileage when they buy these cars or do they look at the car.

I may be wrong so help me if I am.

kopacko · 05-11-2009, 10:09 AM

First and foremost, go talk to a CPA (BEFORE YOU SELL THE CAR)!!!

If you have, then I missed it because I didnt feel like reading 14 pages of posts.

Secondly, the car will depreciate as soon as you recieve it.

Thirdly, you wont pay on those taxes until the following quarter (unless the CPA knows how to get to your annual return).

Finally, I believe you have "3" years to pay back taxes as long as a payment plan is setup first BEFORE they say you owe money. Typical taxes are around 28% so take what you make each year, add what MSRP for the car is and figure out what your 28% is.

After you talk to your CPA, then make the decision on the fate of the car! Getting a $30k+ car for 1/4 the price in taxes is way better than anyone else will ever get and is worth the effort to keep it.

Mr_Draco · 05-11-2009, 10:16 AM

Quote:

Originally Posted by ocolgan

I get a 1090 with the car so I am just adding it to my taxable income, it is not considered a prize so I don't believe that averages out to 38% but let me know if I am wrong.

Just getting the auction warmed up there will be pics soon. This is 1 of 3 cars it is different from all the rest, I believe collectors want this car.

I have also been told don't drive it that will depreciate the value, I think this is a little different from driving the every day car off the lot because we see classic cars in parades and going down the road all the time do people look at the mileage when they buy these cars or do they look at the car.

I may be wrong so help me if I am.

Look up above. There is a link and a quote from the IRS site if you want conformation.

Even though you have to file a 1090, you also have to file the amount of the market value of the prize (if you sell it, the amount you sold it for) on your 1040 as other income. I had a friend go on the Price is Right a couple years ago right before Bob Barker quit the show and win a car. She had to do all this too. And yes it is considered a prize under the IRS's definition.

When Oprah gave a new car to all of her audience members sometime ago, why do you think there was such an uproar about it on the internet and the news come tax time? That little stunt cost each of her audience members tens of thousands of dollars in taxes.

There are calculators out there you can use but let's say you make $35,000 a year and you sell the car for $40k. Your taxable income then becomes $75,000. According to the calculator that makes you taxes for next year $15,000 but you also have to pay the tax on the 1090, which I think you said was $6,000 so your taxes next year will be $21k. If you sell the car for $60k, your taxes next year will then be a total of $26k including the taxes from the 1090. After looking everything up and running the numbers, I don't see how the average joe could afford NOT to sell the car.

CamaroScotty · 05-11-2009, 10:20 AM

And you don't need a reserve. I never bid on reserve auctions.....

2010 SS RS · 05-11-2009, 11:19 AM

Quote:

Originally Posted by TAG UR IT

Dude....really now.

I just found out that you have it listed on EBAY?!?!

YOU DO NOT EVEN HAVE THE CAR YET!!!

I am sorry...but, if you want to sell this car and make the most profit, common sense says to wait until you have the pictures and the car in hand. By posting pictures, people will know what you have and what they are buying.

GET RID of that auction and wait until you have the darn car!

You will get tens of thousands more if you wait and repost with pictures!!!

X1

djsnoflake · 05-11-2009, 11:31 AM

All it has is some 'bumblebee style' rallies and a few autobot stick on emblems? Not even different paint? I don't think this car will be terribly collectible, but hey either way you won a free Camaro, so congrats!

P.S. I found these: on the internet

and I would guess that they will be quite similar to the badges they put on your car. ($4.99 for 2 on ebay)

01pewterz28 · 05-11-2009, 12:05 PM

Well I can say if I win the 3rd 'bumblebee style' car from https://www.wincamaro.com/ she will not end up on Ebay she will be parked next to my to my other Camaros

Sean

Oh10Cam · 05-11-2009, 12:31 PM

Quote:

Originally Posted by TAG UR IT

Dude....really now.

I just found out that you have it listed on EBAY?!?!

YOU DO NOT EVEN HAVE THE CAR YET!!!

I am sorry...but, if you want to sell this car and make the most profit, common sense says to wait until you have the pictures and the car in hand. By posting pictures, people will know what you have and what they are buying.

GET RID of that auction and wait until you have the darn car!

You will get tens of thousands more if you wait and repost with pictures!!!

Yep! LOTS of HI-RES CLOSEUPS. The little extra $$ you pay to add additional pics will net you tens of thousands more! Good luck!

Travis64 · 05-11-2009, 12:34 PM

its free to add high res pics photobucket.com

Oh10Cam · 05-11-2009, 12:40 PM

Quote:

Originally Posted by Travis64

its free to add high res pics photobucket.com

I mean on ebay. I THINK it's like 20 or 30 cents or something to add additional pics. I never understood people selling 20-30 thousand dollar cars
on ebay and have 1 or 2 small crappy pictures.

Willey · 05-11-2009, 12:51 PM

SERIOUSLY - This is a very important pivotal life-changing moment for you and your mother -- cancel that auction right away and do just some others had mentioned.....

1) WAIT and take pictures of what you ACTUALLY have in hand and what makes it so special that others won't have (besides the fact that it is 1 of 3)...

2) Hire a professional to take pictures of it and list it on eBay (I'd do it for free to help you if you'd get some professional photos taken!)

I admire the reason for which you are doing this (to help your mother) but, do you understand how much you may be HURTING her in what you are doing right now on eBay with no pictures and a clearly DANGEROUS auction listing without the legal disclaimers and etc.... are you aware of the 100's!!!! of ways people are scamming others paying for items????? YOU BETTER SLOWWWWW down. Because I'm such a nice guy, just take the pictures and I'll help you list it but for peaty's sake ---- BE SMARTER!!!

3) Do just as the other wise one's have been saying - wait until the movie comes out June 24th and list it nicely --- I'd say their claims of nearly doubling your return could be fairly obtainable!!! Just wait a month more and you're both waay better off...

Willey · 05-11-2009, 12:55 PM

OH YEAH - what Camaroscotty said-

4) The auction listing should have NO RESERVE

05-11-2009, 12:05 PM	#345
01pewterz28 #TeamBeckyD Drives: 2017 HBM 2SS Convertible A8 Join Date: Aug 2008 Location: Apopka, FL Posts: 10,494 View My Garage	Well I can say if I win the 3rd 'bumblebee style' car from https://www.wincamaro.com/ she will not end up on Ebay she will be parked next to my to my other Camaros Sean __________________ #TeamBeckyD FIFTY HBM 2SS VERT

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05-11-2009, 06:51 AM	#337
Supercop29 Old Cop! Drives: 2SS/RS Join Date: Oct 2008 Location: Broken Arrow, Okla. Posts: 396 View My Garage	why do you think people that win the lottery & then end up with about half.... you figure the math.... 38% !!! sucks!

05-11-2009, 06:59 AM	#338
Emher Pillaging Viking Drives: Saab 9-5 '99 (Hey it's a GM!) Join Date: Oct 2007 Location: Sweden Posts: 1,189	Wait so it's not even a custom paint job besides the stripes? Not as jealous anymore.

05-11-2009, 08:04 AM	#339
ocolgan Drives: 04 silverado 2500 hd/09Bumbleb Join Date: Sep 2008 Location: Campton nh Posts: 103	I get a 1090 with the car so I am just adding it to my taxable income, it is not considered a prize so I don't believe that averages out to 38% but let me know if I am wrong. Just getting the auction warmed up there will be pics soon. This is 1 of 3 cars it is different from all the rest, I believe collectors want this car. I have also been told don't drive it that will depreciate the value, I think this is a little different from driving the every day car off the lot because we see classic cars in parades and going down the road all the time do people look at the mileage when they buy these cars or do they look at the car. I may be wrong so help me if I am.

05-11-2009, 10:09 AM	#340
kopacko 333RWHP / 12.2sec @ 1320' Drives: 2004 Competition Orange Mach1 Join Date: Mar 2009 Location: Memphis, TN Posts: 108 View My Garage	First and foremost, go talk to a CPA (BEFORE YOU SELL THE CAR)!!! If you have, then I missed it because I didnt feel like reading 14 pages of posts. Secondly, the car will depreciate as soon as you recieve it. Thirdly, you wont pay on those taxes until the following quarter (unless the CPA knows how to get to your annual return). Finally, I believe you have "3" years to pay back taxes as long as a payment plan is setup first BEFORE they say you owe money. Typical taxes are around 28% so take what you make each year, add what MSRP for the car is and figure out what your 28% is. After you talk to your CPA, then make the decision on the fate of the car! Getting a $30k+ car for 1/4 the price in taxes is way better than anyone else will ever get and is worth the effort to keep it.

05-11-2009, 10:20 AM	#342
CamaroScotty Account Suspended Drives: Your new SLP Camaro! Join Date: Jul 2008 Location: Cedarburg, WI Posts: 6,790	And you don't need a reserve. I never bid on reserve auctions.....

05-11-2009, 12:34 PM	#347
Travis64 Drives: 2011 Camaro 1lt rs auto 4-9-11 Join Date: Apr 2009 Location: NY Long Island Posts: 754	its free to add high res pics photobucket.com

05-11-2009, 12:51 PM	#349
Willey Drives: 2009 Jeep Wrangler Sahara Unl Join Date: Apr 2009 Location: Bedford, IN Posts: 14	SERIOUSLY - This is a very important pivotal life-changing moment for you and your mother -- cancel that auction right away and do just some others had mentioned..... 1) WAIT and take pictures of what you ACTUALLY have in hand and what makes it so special that others won't have (besides the fact that it is 1 of 3)... 2) Hire a professional to take pictures of it and list it on eBay (I'd do it for free to help you if you'd get some professional photos taken!) I admire the reason for which you are doing this (to help your mother) but, do you understand how much you may be HURTING her in what you are doing right now on eBay with no pictures and a clearly DANGEROUS auction listing without the legal disclaimers and etc.... are you aware of the 100's!!!! of ways people are scamming others paying for items????? YOU BETTER SLOWWWWW down. Because I'm such a nice guy, just take the pictures and I'll help you list it but for peaty's sake ---- BE SMARTER!!! 3) Do just as the other wise one's have been saying - wait until the movie comes out June 24th and list it nicely --- I'd say their claims of nearly doubling your return could be fairly obtainable!!! Just wait a month more and you're both waay better off...

05-11-2009, 12:55 PM	#350
Willey Drives: 2009 Jeep Wrangler Sahara Unl Join Date: Apr 2009 Location: Bedford, IN Posts: 14	OH YEAH - what Camaroscotty said- 4) The auction listing should have NO RESERVE