Hows this for a car raffle?

[Drache]

Ive seen car raffles for pickups, new ford or dodge cars, and one or twice something like a Jaguar but how about a car raffle in the mall for a brand new Ferrari Spyder? 

$10 a ticket, 3 for $20

[BrianShaughnessy]

It's different...  but what's the deal with taxes on the winnings?     A large percentage of these deals end up with people selling the vehicles to pay the taxes or having to borrow against it.

[Old Moparz]

It's different...  but what's the deal with taxes on the winnings?     A large percentage of these deals end up with people selling the vehicles to pay the taxes or having to borrow against it.

What happens if you just store it & don't register the car? 

Usually the tax is paid when you register with DMV, so maybe if you have a friend with dealer plates you can do some cruising.   

[suntech]

At the airport in Dubai they do like that all the time, just high end models of fancy cars, like Porche´s , Jaguars, Auri RS 6, and stuff like that. Think i have seen Ferraris there too.
Remember first time i was there, in 96. They had a bright red BMW 850 there!!

[WingCharger]

 

[BrianShaughnessy]

It's different...  but what's the deal with taxes on the winnings?     A large percentage of these deals end up with people selling the vehicles to pay the taxes or having to borrow against it.

What happens if you just store it & don't register the car? 

Usually the tax is paid when you register with DMV, so maybe if you have a friend with dealer plates you can do some cruising.   

It's not the plates and insurance that are the problem...  It's INCOME.   You'd probably get a 1099 for the value of the car.   

Canada is different tho...   they don't get taxed on lottery winnings IIRC.

[Shakey]

It's different...  but what's the deal with taxes on the winnings?     A large percentage of these deals end up with people selling the vehicles to pay the taxes or having to borrow against it.

What happens if you just store it & don't register the car? 

Usually the tax is paid when you register with DMV, so maybe if you have a friend with dealer plates you can do some cruising.   

It's not the plates and insurance that are the problem...  It's INCOME.   You'd probably get a 1099 for the value of the car.   

Canada is different tho...   they don't get taxed on lottery winnings IIRC.

Canada is different tho...   they don't get taxed on lottery winnings IIRC.

That's correct we don't pay taxes on lottery winning however we do pay 40% of our income to the Government every two weeks!   

[moparstuart]

40 %  holy cow 

[Magnumcharger]

That car is in the west edmonton mall.
Taxes at 40%...sounds about right. Gotta pay for that government healthcare somehow...

[Drache]

That car is in the west edmonton mall.

Correct I just got back from two days there. Spent 10 hours straight in the mall wasting my time 

[Aero426]

Don't forget the engine has to come out for the 20k mile service interval.   I'm serious.

[moparstuart]

Don't forget the engine has to come out for the 20k mile service interval.   I'm serious.

easy father son weekend project