1996 GTS B/W raffle??

[syclone1157]

I wonder what it would take for me to be able to raffle off my car?
I would be willing to settle for a set amount...say $50K.
If ther were any ticket sales over that amount I would donate the money to a charity of the VCA's members choice. So my question is would I need to set up an escrow account? Deadlines for the raffle or just until a minimum amount of tickets are sold? Of course I would need to have some kind of official witness at the drawing. How are the sales taxes handled? Is it worth trying? Am I going crazy? What is the meaning of life......? Let me know what you guys think about trying to win a really nice 96' for about $150.00.

Martin

 

[Mccarlin]

You would definatly need a lawyer to put together all the proper documentation.
I think the big drawback would be the sales tax of the winner. If im not mistaken the tax would be about 35-40% of the prize amount since its considered gift tax or something like that.

So a 150$ ticket could mean 15-20K in taxes if you win. I believe that's how it works when you win something.

 

[syclone1157]

Damn!! What a buzz-kill. If that is indeed accurate I think that it almost defeats the purpose.

 

[C O D Y]

Why do you want to get rid of your car? Why not just sell it?

 

[V10SpeedLuvr]

I agree, not to open up a new can of worms, but taxes on items you win is just another way for the government to steal money from people!

 

[Phil Lee 94 red RT]

PM sent.

 

[Donuts4me9]

Would it be illegal to raffle off the right to buy the car for a low amount, say 500.00?

To be first in line to buy a car for a low amount of money?

just thinkin

Scott

 

[FinalEd357]

What are your miles and asking price? Original owner?

 

[Casey]

Does anyone think that paying $20k for a '96 B/W is a Bad Thing?

Do the raffle, make some money for charity, good idea!!

 

[ViperJohn]

Weren't you trying to sell your car a while ago? I thought you had sold it?

 

[syclone1157]

Thanks for the replies.

Viper John- I was trying to get rid of it a while back. If you recall my wife became ill and I was going to sell it due to all of the medical expenses. Thank God that she is doing much better. The medical expenses are still there but are manageable.

My reason for selling is the fact that I have now turned into a workaholic due to the loss of income from my wife staying at home. I hardly ever drive it and it is just becoming hard for me to justify it. I hate to let it go but it is the right thing to do. I will definately be back!

Final Ed357- It has about 8,900ish miles, I am not the original owner, I am asking $49,900.

 

[ViperJohn]

Yeah, I actually went back and looked and then remembered it was because your wife had become ill. I decided against bringing that up because I did not know the outcome of that situation. I am glad to hear she is doing better now.

Good luck with the sale.

 

[Mopar488]

That looks like a screaming deal. It is the first time I have seen a 96 B/W offered here with those low miles under $50K.

 

[Mccarlin]

That looks like a screaming deal. It is the first time I have seen a 96 B/W offered here with those low miles under $50K.

Exactly what i was thinking. I actually think he can get closer to 55K for this car. Its an ultra rare low mileage 96.

 

[BlackACR]

I have a friend in Rowlett that has been trying to buy my 96 for about a year.He would love to look at your car if it is for sale?? Do you have a contact #?

 

[cratica]

SYCLONE 1157

Please email with your phone number or contact information. My brother is interested in your car. (He's a serious buyer with cash, not a looker).

[email protected]

 

[Bonkers]

You'll need a gambling license and appropriate lottery taxes
paid off before you start your raffle - charity or not raffles
and sweepstakes are under the jurisdiction of the federal
gaming commission.

 

[ArlyDude]

I wonder if you could make the theory of the drawing that whoever wins the raffle then has an opportunity to buy the car which you decided to sell for $1

Then it was not a gift, was not free, and they can pay tax on $1. There's always a way around everything.