JWALK35
Enthusiast
With the cost to build of $750000 , what will the value of the car be declared when it comes time for the winner to pay taxes ?????
Taxes on the Raffle Car
- Thread starter JWALK35
- Start date
kcobean
Enthusiast
Who is "they"?
Lee00blacksilverGTS
Enthusiast
Taxable Cost has been posted over and over again, $120,000. It is also plainly stated on the form you submit.
ViperJames
Enthusiast
Is my fax Confirmation enough proof for my tickets?
viperDoug
Enthusiast
Where is the form for the raffle? I just want to make sure I don't miss out.
mike & juli
Enthusiast
We're also waiting for the form for the raffle? When are those to arrive, or where do we get the form, as it's only offered to VCA paying members, if I remember correctly.....~juli~
CitySnake
Enthusiast
mike & juli
Enthusiast
Thank you kindly, Scott....much appreciated!! ~juli~
What are the TAX ramifications if the car is won by a Canadian-eh?
No they won't. Once you take possession the car is yours and the IRS
is notified of gambling winnings of $120,000 from the VCA via W-2G
form. It is then your responsiblity to pay the taxes on that $120,000
when tax time comes around in April 2008.
Unless the VCA holds a raffle say... the week before Xmas you can
easily have up to a year to secure the tax burden. After that there
are methods to extend that period, or possibly arrange payment options
with the IRS. Since this car has a valid and clear VIN a bank might
be willing to extand you a loan on it.
This subject was thoroughly covered in another thread. The stated terms of the raffle, as posted by the VCA National Treasurer, require the 25% deposit before the release of the vehicle. Whether the requirement is enforced by those running the raffle is a different issue. A form of tax withholding for gambling winnings is not unusual. As someone said before, there is an easy way to avoid the tax issues - do not buy a raffle ticket. By the way, the tires on the raffle car may be runcraps.
Open up the PDF and read number 4 at the bottom of the page
http://www.viperclub.org/vca/diamondbackraffle.pdf
I took adobe off because it kept over loading my CPU - what does it say?
big-n-italian
Enthusiast
it says only people in IL are eligible to win the car. so dont sweat the taxe issue.
Batboy
Enthusiast
Something tells me Bonkers may know what he's talking about. Who else has won a car on here? Hmmmmm?
I'm sure "arrangements" can always be made.
I'm sure "arrangements" can always be made.
I got my flyer a few days ago and it says something about paying
the taxes up front. They may have well changed the rules because
of my win. I was told initially that I had to pay taxes before
picking up the car. It was a real headache because I didn't (think)
have access to the car for appraisals and then later it was worse
because a lot of the buyers wanted to see it. It was a real kick
in the behind when I discovered all I had to do was get a trailer
and sign the paperwork.
I may very well be wrong about this one - the VCA may have changed
things up.
Another thing too, Roush was in possession of my car so I can only
assume ASC is in possesion of this one. Depending on where ASC is
located rules of gambling winnings might be different.
the taxes up front. They may have well changed the rules because
of my win. I was told initially that I had to pay taxes before
picking up the car. It was a real headache because I didn't (think)
have access to the car for appraisals and then later it was worse
because a lot of the buyers wanted to see it. It was a real kick
in the behind when I discovered all I had to do was get a trailer
and sign the paperwork.
I may very well be wrong about this one - the VCA may have changed
things up.
Another thing too, Roush was in possession of my car so I can only
assume ASC is in possesion of this one. Depending on where ASC is
located rules of gambling winnings might be different.
V10SpeedLuvr
Enthusiast
"Depending on where ASC is
located rules of gambling winnings might be different"
The car was in Michigan back in January. Dont know if it still is or not though
located rules of gambling winnings might be different"
The car was in Michigan back in January. Dont know if it still is or not though
