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 ?????
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 ?????
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~
They will require 25% of 120000 up front to release the car
to the winner
They will require 25% of 120000 up front to release the car
to the winner
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.
Open up the PDF and read number 4 at the bottom of the
page
http://www.viperclub.org/vca/diamondbackraffle.pdf
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?