Win a vette
Thread Starter
Melting Slicks
Joined: Feb 2000
Posts: 3,050
Likes: 9
From: Fairport NY
Win a vette
My son's school is raffling a C6 convertible for student scholarships.
Check it out. Yes, I've sent my check in already.
http://www.harleyschool.org/corvetteraffle.htm
Check it out. Yes, I've sent my check in already.
http://www.harleyschool.org/corvetteraffle.htm
Last edited by Red73; Dec 21, 2004 at 10:26 PM.
Melting Slicks
Joined: Feb 2004
Posts: 2,435
Likes: 0
From: largo florida
wow, sounds good. What does this mean though?
Winner agrees to pay 25% federal income tax withholding to The Harley School prior to release of the Corvette. The Harley School will submit the taxes collected to the IRS. After the end of the year, the School will file a form W-2G with the IRS to report the value of the prize won and the taxes paid in by the winner. The winner will receive a copy of this also.
Does that mean you have to pay 25% of the cars value in taxes?
Winner agrees to pay 25% federal income tax withholding to The Harley School prior to release of the Corvette. The Harley School will submit the taxes collected to the IRS. After the end of the year, the School will file a form W-2G with the IRS to report the value of the prize won and the taxes paid in by the winner. The winner will receive a copy of this also.
Does that mean you have to pay 25% of the cars value in taxes?
Thread Starter
Melting Slicks
Joined: Feb 2000
Posts: 3,050
Likes: 9
From: Fairport NY
I'm not a tax expert but I believe that the value of the vette is considered to be income and is taxed as such. Here is the verbage from the C6 raffle at the Corvette Museum.
Winner agrees to pay 27% federal income tax withholding to the National Corvette Museum prior to release of the Corvette. National Corvette Museum will submit the taxes collected to the IRS. After the end of the year, the Museum will file a form W-2G with the IRS to report the value of the prize won and the taxes paid in by the winner. The winner will receive a copy of this also.
Winner agrees to pay 27% federal income tax withholding to the National Corvette Museum prior to release of the Corvette. National Corvette Museum will submit the taxes collected to the IRS. After the end of the year, the Museum will file a form W-2G with the IRS to report the value of the prize won and the taxes paid in by the winner. The winner will receive a copy of this also.
