Car Raffle Winner Question
Melting Slicks
Joined: May 2005
Posts: 2,209
Likes: 12
From: Montgomery Alabama
Cruise-In VII Veteran
St. Jude Donor '06
Use NADA to determine value. Just because somebody at Barrett-Jackson will pay $100,000 for a similar car, that does not mean it is really worth that. If you register it as a street car, and drive it on the street, it is no longer a collecter car. The value plummets.
http://www.nadaguides.com/default.as...&z=35007&da=-1
http://www.nadaguides.com/default.as...&z=35007&da=-1
Le Mans Master
Joined: Jan 2006
Posts: 6,102
Likes: 2
From: Pinckney MI
St. Jude Donor '11
Originally Posted by MagikDraggin
Yada yada yada.....another wannabee moderator.....just answer the mans question and move on with your life, you're holding up the line here.
always trying to bust somebody's *****
Instructor
Joined: Jun 2006
Posts: 211
Likes: 2
From: Glendale CA
Originally Posted by IdriveC5
Use NADA to determine value. Just because somebody at Barrett-Jackson will pay $100,000 for a similar car, that does not mean it is really worth that. If you register it as a street car, and drive it on the street, it is no longer a collecter car. The value plummets.
http://www.nadaguides.com/default.as...&z=35007&da=-1
http://www.nadaguides.com/default.as...&z=35007&da=-1
best advise yet. They say its worth 100,000 to sell tickets. At the Barret auction could happen. But I would think Nada and KBB value is all they can tax you on not what someone says its worth.
Drifting
Joined: Sep 2004
Posts: 1,737
Likes: 349
From: Layton Utah
When he takes delivery of the car, he will probably be asked for his social security number. The folks that gave the car away will then put a value on it and have to report it to him on a 1099 at year end. He should ask the people who giving the car away as to what value they have placed on it. They can also verify to him that they will be reporting the value to the IRS> Hope that helps
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Pro
Joined: Jul 2006
Posts: 685
Likes: 0
From: Kingston Wa
St. Jude Donor '07
Originally Posted by GrayC5
Then you should post this in either the Off Topic or Other Cars section of the Forum. C5 General is for discussions related to the C5 Corvette. It is not the proper forum for discussion of tax questions on raffle winnings for a Dodge Challenger or whatever. See the moderators sticky post at the top of C5 General: Note to all, Forum Guidelines(or how to post)
Too, the Forums Home (index) lists all the forums here and shows the topics that are appropriate for discussion and posting in each.
Too, the Forums Home (index) lists all the forums here and shows the topics that are appropriate for discussion and posting in each.
Race Director
Joined: Apr 2005
Posts: 10,179
Likes: 2,306
From: Wesley Chapel, FL Las Vegas, NV
Originally Posted by BRKLYN
Had a single mom win a car,at a bowl game.We were the issuing dealer.She said it would of been difficult to pay taxes.She sold back to us for below wholesale.
:
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Race Director
Joined: Mar 2003
Posts: 10,789
Likes: 894
From: Northern Illinois
Oldtimer
Originally Posted by GrayC5
Then you should post this in either the Off Topic or Other Cars section of the Forum. C5 General is for discussions related to the C5 Corvette. It is not the proper forum for discussion of tax questions on raffle winnings for a Dodge Challenger or whatever. See the moderators sticky post at the top of C5 General: Note to all, Forum Guidelines(or how to post)
Too, the Forums Home (index) lists all the forums here and shows the topics that are appropriate for discussion and posting in each.
Too, the Forums Home (index) lists all the forums here and shows the topics that are appropriate for discussion and posting in each.
What is your Daily Driver? Lets see them!
Need some opinions and some help
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Which is better? Imports or domestics?
Race Director
Joined: Aug 2001
Posts: 18,447
Likes: 14
From: Sheboygan Wisconsin
St. Jude Donor '04-'05-'06-'07-'08-'09-'10-'11-'12-'13-'14
If he wants to avoid all taxes it's pretty simple. Donate it to my favorite charity (me) and I will take care of all the taxes. Seems pretty simple to me, want my contact info?
Last edited by bizaro; Dec 2, 2006 at 09:42 AM.
Race Director
Joined: Aug 2001
Posts: 18,447
Likes: 14
From: Sheboygan Wisconsin
St. Jude Donor '04-'05-'06-'07-'08-'09-'10-'11-'12-'13-'14
Originally Posted by MagikDraggin
Yada yada yada.....another wannabee moderator.....just answer the mans question and move on with your life, you're holding up the line here.
Last edited by bizaro; Dec 2, 2006 at 09:43 AM.
