I won a Bumblebee Camaro from GM sweepstake!

[TAG UR IT]

Originally Posted by Willey

Step 1.
End the auction - IMMEDIATELY -

Step 2.
Receive car

Step 3.
Have professional pictures taken

Step 4.
get a pro to list it for you on eBay on June 24th of 2009 7 p.m. PST 10 day auction

Step 5.
Receive legit funds and take care of IRS from those funds while you can and do have the means; the rest is YOURS!!

Step 6.
Know you did things the right way and did your absolute best to take care of momma

[Travis64]

list it in june for free

your first 5 auctions are free to list starting in june

and add free highres pics from photobucket on your auction

but if u really want money for your mom then pull the auction now!!!!

[Brokinarrow]

Originally Posted by rolnslo

He's going to get a lot more money for it by going outside of this forum. You have seen the reactions here to dealers that mark up the Camaro by even a couple thousand over MSRP, right?

good point, heheh. Though I read back a lil farther and saw he may go with Barret Jackson, should net him a good amt of money! Good luck, hope it works out!

[Willey]

Originally Posted by Brokinarrow

good point, heheh. Though I read back a lil farther and saw he may go with Barret Jackson, should net him a good amt of money! Good luck, hope it works out!

Sounds like another possible good idea but I'm not sure it would be worth the hassle for him..... - porbably not as broad an audience as ebay and he'd have to line up trasporting it to the Barret Jackson venue, AND - what does Barret get commission wise? Just stick to the simple guidelines to success I've previously listed

IMO - eBay list on JUNE 24th = DONE DEAL!

[Brokinarrow]

Originally Posted by Willey

Sounds like another possible good idea but I'm not sure it would be worth the hassle for him..... - porbably not as broad an audience as ebay and he'd have to line up trasporting it to the Barret Jackson venue, AND - what does Barret get commission wise? Just stick to the simple guidelines to success I've previously listed

IMO - eBay list on JUNE 24th = DONE DEAL!

Psh, just drive it up to a good sized theater and start the bidding!

[Willey]

Why hasn't he ended the auction yet?

He needs to understand you have to end that auction at least 24 hours before it ends or it will not let you end it!

Ocolgan - do you understand??

[Willey]

Originally Posted by Brokinarrow

Psh, just drive it up to a good sized theater and start the bidding!

I'd go the actual Hollywood premier with it at least!

[Dave McFly]

Originally Posted by Willey

Why hasn't he ended the auction yet?

He needs to understand you have to end that auction at least 24 hours before it ends or it will not let you end it!

Ocolgan - do you understand??

well the one that had no picture on the auction ended on the 10th at 38 thousand (reserve not met) but the other one with the picture has 3 days and change (as of this posting) i hope he gets it down before some guy bids an amount higher than his reserve.

[Grape Ape]

Originally Posted by Mr_Draco

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.

Wrong. He will be taxed on the value of the Car as listed on the 1099. If he sells it he will also be taxed on the proceeds less his basis (the number on the 1099) and any applicable expenses (eBay fees for instance).

The net effect is that he will be taxed on his selling price less expenses.

Note: I am a CPA, but my specialty isn't income tax and this is isn't tax advice. You should get a CPA or an EA (i.e. H&R Block) to help you figure out what you tax liability is and make a deposit so you can avoid surprises and interest.

[ocolgan]

I have looked into this a bit and from what I found, I will claim the value of the car staited on the 1090 as taxable income and it was a prize sold so you do not have to claim capital gains tax. If I am not mistaken you should not have to pay taxes twice on anything. Let me know if I am wrong.

[ocolgan]

I have a high reserve so if it is met than I am OK. If it is not than I will start the auction over with pics and take all of the advice of the members on this forum. Thank you all for your advice and I can't wait to post the real pics of the Bumblebee.
I hope no one is dissapointed, everyone has been very supportive and the advise is awesome. God Bless

[Primus]

Originally Posted by ocolgan

I have a high reserve so if it is met than I am OK. If it is not than I will start the auction over with pics and take all of the advice of the members on this forum. Thank you all for your advice and I can't wait to post the real pics of the Bumblebee.
I hope no one is dissapointed, everyone has been very supportive and the advise is awesome. God Bless

After you get the pics and everything send me a PM. I help run TFW2005.com and I can get you some good coverage.

[bluman]

Congratulations !!
:party0038:

[TURBOJ]

One spotted here on Oahu, pics attached. And congrats on winning yours.