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Old 12-05-2016, 08:39 PM   #15
cb66
 
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If you don't want it sell it.
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Old 12-05-2016, 08:48 PM   #16
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Take the cash prize if there was one.
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Old 12-05-2016, 08:53 PM   #17
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No cash prize but the car is 25-30k and the parts installed are almost 45k not counting any labor.
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Old 12-05-2016, 08:54 PM   #18
69L48Z27

 
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What do you have to pay tax on?
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Old 12-05-2016, 08:58 PM   #19
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Quote:
Originally Posted by 69L48Z27 View Post
What do you have to pay tax on?
You have to pay a 'gift' tax on any prizes/winnings valued over a certain amount (not sure the minimum amount); in this case it would be the value of the car. I know when my mom won a car several years back the tax was 20% of the market value of the car.
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Old 12-05-2016, 09:12 PM   #20
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I'm getting a 1099 on the value of the car
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Old 12-05-2016, 10:01 PM   #21
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pay taxes, sell it, and then use that money to make your car what you've always dreamed it could be.
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Old 12-05-2016, 10:30 PM   #22
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I'm getting a 1099 on the value of the car
Oh fuk. U have to pay tax on it..

Let me know what you want for it. I could put it on my LOC or just finance it outright, if the price was right. You might have more fun with cash.

Otherwise... Eweh. But I do like the colors.
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Old 12-05-2016, 10:50 PM   #23
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I believe you have to pay sales tax on the price of the car and claim income tax on the value of the car.

Even with that you are getting a f_ing awesome car for a steal of a price. My best advise would be to burn the tires off all the way to my house then let me have it.
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Old 12-05-2016, 10:54 PM   #24
rolnslo
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Congrats! I was trying to win that one so my '11 SGM SS could be retired as a daily driver. Glad it went to someone on here.

I still have hope for winning the Camaro that Cragar is giving away this week. https://cragar.powernationtv.com
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Old 12-05-2016, 11:08 PM   #25
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Taxes

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Originally Posted by Talladega View Post
I believe you have to pay sales tax on the price of the car and claim income tax on the value of the car.

Even with that you are getting a f_ing awesome car for a steal of a price. My best advise would be to burn the tires off all the way to my house then let me have it.
No sales tax, i get a bill of for $0 dollars since its a sweepstakes but have to claim as income, already spoke RTM cordinator.
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Old 12-05-2016, 11:25 PM   #26
rolnslo
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No sales tax, i get a bill of for $0 dollars since its a sweepstakes but have to claim as income, already spoke RTM cordinator.
Just make sure that you get an "Affidavit of Nondealer Transfer of Motor Vehicle or Boat" form filled out by them as well. A $0 bill of sale isn't likely enough to avoid the TN use tax by itself. Without the other form also, they may use blue book to set an assessed value on the prize and calculate taxes due on that amount instead of $0.00.
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Old 12-05-2016, 11:52 PM   #27
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20% is what iv always heard. I was going to get a ticket on a new ZO6 1000 tickets sold but I cant afford another $20K auto loan.
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Old 12-06-2016, 09:05 AM   #28
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Congrats man, beautiful ride!
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