Has anyone on here........
#2
Race Director
Member Since: Feb 2011
Location: Cold Hell, Minnesota...for now
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St. Jude Donor '15-'16-'17-‘18-'19-'20-'21-'22-'23-'24
I have bought a few. Price depends on the model, and amount of tickets they plan to sell.
A base Corvette may get raffled for $10 each ticket, but they will sell many, decreasing odds.
A ZR1 may cost $250 a ticket, and capped at 500 tickets, or so.
Keep in mind, you will need to pay not only sales tax, but income taxes, as well.
A base Corvette may get raffled for $10 each ticket, but they will sell many, decreasing odds.
A ZR1 may cost $250 a ticket, and capped at 500 tickets, or so.
Keep in mind, you will need to pay not only sales tax, but income taxes, as well.
Last edited by Torchsport; 02-12-2012 at 08:47 AM. Reason: wording
#5
Le Mans Master
The cost of the ticket is nothing when compared to the taxes you'll have to pay.
U.M.
Last edited by Uncle Meat; 02-12-2012 at 04:56 AM.
#6
Team Owner
#8
Melting Slicks
Thread Starter
The taxes aren't any more than what you would pay if you bought it new yourself, would it? In Ohio it's a little over 6%. And then you'd have to pay the IRS, right?
#11
#13
Instructor
#14
CF Senior Member
Member Since: Feb 2006
Location: Tucson Arizona
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It was some time ago but I vaguely recall someone on the forum won a Corvette. I don't recall whether it was the NCM raffle or not. One way or the other you can be sure the government will get the vig. Besides sales taxes I wonder if the winner pays a gift tax? I know a little bit about individuals gifting but I'm not sure how a raffle works. I'm not so sure a corporation can "gift." I imagine the raffle ticket states the winner is responsible for any and all taxes though.
Like people who habitually play the lottery....the odds are against you. That said, when the lottery gets to be a couple hundred million $ (if I remember) I buy a few tickets. You never know...lightning might strike.
Besides, if you can afford to lose it you're not really gambling.
Besides, if you can afford to lose it you're not really gambling.
#15
And if its income, in addition to federal tax I would assume that you would have to add 15% Social Security (Torch,what does the CPA say) and state income taxes and sales tax. Don't get me wrong, I buy tickets and would love to win one, but it definitely is not free.
Last edited by R&L's C6; 02-12-2012 at 09:18 AM.
#17
Team Owner
There is a Harley dealer in Lebanon, MO who won a ZR1 in a NCM raffle. Shortly thereafter he let it get away from him and ran it through a chain link fence. Reported(rumored) damages ranged from $20,000 to $40,000 to fix.
#18
Team Owner
I don't believe you have to pay FICA on winnings, only income tax(federal & state) and state/county/city sales tax,
Last edited by JoesC5; 02-12-2012 at 09:54 AM.
#19
Melting Slicks
Thread Starter
So, since I already have a C6, it would probably just be better to take the money, pay the taxes and put the rest in the bank. Then I can trade my car in plus the leftover money and get a new one for free.....
Last edited by Jimmy W1; 02-12-2012 at 09:33 AM.
#20
Pro
I haven't won from the Corvette Museum and have bought numerous tickets. I did win a 64 Vette from the Lions Club in Elmvale, Ont. last summer. Sold the 64 for $35000, the miata went for $11000 and an 08 Yellow Z06 came with 5000 miles.......I'm pretty lucky though and win lots of small stuff....