Congratulations!
Won an '07 Vert
Burning Brakes
Joined: Apr 2006
Posts: 793
Likes: 49
From: St.Paul MN
Congrats!! As much as I hate taxes. $4200 and change here in MN
That would be a great problem to have
Perhaps help the museum even more by becoming a Lifetime NCM Member, also tax deductible.
That would be a great problem to have
Perhaps help the museum even more by becoming a Lifetime NCM Member, also tax deductible.
Le Mans Master
Joined: Aug 2004
Posts: 5,259
Likes: 16
From: Monroe Township New Jersey
St. Jude Donor '05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16
St. Jude donor in memory of jpee '14
Sounds like Santa came early.......... all the best with your new Corvette 
Safety Car
Joined: Jun 2005
Posts: 4,905
Likes: 569
From: Bucks County PA
CONGRATS!!!
I always enter raffles for my favorite charities, of course I never win, but that is why it is charity.
When a C6 is the prize it is even better and more fun to donate.
Howard
I always enter raffles for my favorite charities, of course I never win, but that is why it is charity.
When a C6 is the prize it is even better and more fun to donate.
Howard
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Melting Slicks
Joined: Feb 2006
Posts: 2,007
Likes: 1
From: Eastern PA:ECS Paxton Novi 1500(676rwhp,585tq on stock engine),LG headers, 410's, Corsa Sports, ECS Alky Kit
St. Jude Donor '08-'09
Ok, I'll be the non-fun guy 
Sell your existing vette and pay the taxes on the new one with that. Take the balance of the cash and dump it into a college savings plan for your kids. Everyone wins, you get a new vette, and you just made your savings for the kids education a lot easier.
Flame suit on...
Sell your existing vette and pay the taxes on the new one with that. Take the balance of the cash and dump it into a college savings plan for your kids. Everyone wins, you get a new vette, and you just made your savings for the kids education a lot easier.Flame suit on...
Burning Brakes
Joined: Mar 2005
Posts: 802
Likes: 1
Thread Starter
Racer
Joined: Apr 2006
Posts: 489
Likes: 358
From: Chester, NJ
Msrp???
My question now is do I pay taxes based on the MSRP of the car? I ask because I see all over the internet and dealer ads that they are selling at significant discounts from MSRP. Dealer wants me to come get it ASAP so they can get deduction for '07, while I am not going to pick it up till Jan so I don't have to pay final tax bill till apr '08. weren't too pleased, but it's not like they can try to walk away from the deal, since it isn't a deal it's a give away.
Thread Starter
Racer
Joined: Apr 2006
Posts: 489
Likes: 358
From: Chester, NJ
Ok, I'll be the non-fun guy Sell your existing vette and pay the taxes on the new one with that. Take the balance of the cash and dump it into a college savings plan for your kids. Everyone wins, you get a new vette, and you just made your savings for the kids education a lot easier.
Flame suit on...
Sell your existing vette and pay the taxes on the new one with that. Take the balance of the cash and dump it into a college savings plan for your kids. Everyone wins, you get a new vette, and you just made your savings for the kids education a lot easier.Flame suit on...
Thread Starter
Racer
Joined: Apr 2006
Posts: 489
Likes: 358
From: Chester, NJ
Race Director
Joined: May 2001
Posts: 15,324
Likes: 2,080
From: Guelph, Ontario
Congrats! I bought a $100 ticket in the Canadian Cancer Society's cash and cars lottery, and one of their prize packages is a 2007 Corvette plus $35k in cash. Up here we don't need to pay any taxes when we win a car, so it's free and clear for us. In fact, even when we win cash in the lottery we don't need to pay any income tax on it at all! So if I were to win the $1 million grand prize in this particular draw, I'd get a check for exactly $1,000,000. Although I'd rather win the $30,000,000 in this Friday's Super 7 draw up here, I could buy a lot more Corvettes and a huge house with a lot of garage space with that money.
