HAHA, price is right Viper

[Mccarlin]

I was just sitting around the house right now and flipped through the channels and caught the price is right. A woman came up and guess what the prize was? A new yellow SRT-10. Amazingly enough SHE WON IT! they said it was the highest priced item ever on the show that someone won. The price on the show was $86,7$$.

The lady went nuts, she said he husband won't be able to drive it. LOL

I wonder if she'll be able to pay the tax on it

 

[Leslie]

sure she will, tax will be less than buying a new one!

a friend of mine won a new C6Z06, think he said the taxes came out to around $20K

 

[94RT10Ohio]

sure she will, tax will be less than buying a new one!

a friend of mine won a new C6Z06, think he said the taxes came out to around $20K

How can taxes on a 70K car run 20K??

I saw the win to, but to clarify it was not the most expensive ever, just the most expensive for the day time show. They had some prime time shows that exceed that value.

 

[Camfab]

You pay sales tax as well as income tax.

 

[Chuck 98 RT/10]

And gas guzzler tax, and licensing fees based on value.

Any others?

 

[AZTVR]

You pay sales tax as well as income tax.

Plus, you will pay the income tax on the Manufacturer's Suggested Retail Price unless you can prove to the IRS that the item sells on the open market for less.

 

[01RedCognacRT]

Friend of mine won a raffle for a 2000 Mustang Cobra R and paid right around 20k in taxes as well. Somewhat of a letdown after winning such a prize I'd imagine.

Dave S
01 RT/10

 

[Yellow32]

And gas guzzler tax, and licensing fees based on value.

Any others?

You don't pay 'gas guzzler tax', that is a burden on the manufacturer (Dodge just chooses to put it on the window sticker as if it is your burden when they are just showing you their cost that you are repaying them for).

In other words, Dodge had to pay the Gas Guzzler Tax prior to releasing the car from their factory (or it became their burden when they did so).

More details here:

http://www.irs.gov/pub/irs-pdf/f6197.pdf

-J

 

[Chuck 98 RT/10]

And gas guzzler tax, and licensing fees based on value.

Any others?

You don't pay 'gas guzzler tax', that is a burden on the manufacturer (Dodge just chooses to put it on the window sticker as if it is your burden when they are just showing you their cost that you are repaying them for).

In other words, Dodge had to pay the Gas Guzzler Tax prior to releasing the car from their factory (or it became their burden when they did so).

More details here:

http://www.irs.gov/pub/irs-pdf/f6197.pdf

-J

LOL How nice of Dodge to pay our gas guzzler tax for us. LOL

 

[Asp Man]

Wow, you guys get taxed up the ***** down there.
Hypotheticaly, if that car were won up here in Canada, you'd pay $0.

 

[OKViper]

Wow, you guys get taxed up the ***** down there.
Hypotheticaly, if that car were won up here in Canada, you'd pay $0.

Yea, but then we'd live in Canada. I'll pay the tax...

 

[Gerald Levin]

I always thought that the Canucks paid more in income taxes than us here in the U.S.

 

[kcobean]

Don't forget that it's taxed as prize winnings, so the tax is going to be something like 45%. Might as well have won it gambling.

 

[BadVenm]

That car ended up here around Kansas City. Our club had sent out an e-mail saying the winners were looking for a buyer. They are both school teachers and said they can't afford to keep it..... small world!

 

[shelbynut]

For the most part, lottery winnings are tax free up here..

and don't be knockin Canada Oki! I'll be out cruising tommorrow and the chances of me being carjack'd are next to none up here! And I won't be trying to outrun any twisters either!



Jay

 

[FinalEd357]

Thank goodness, the gumment gets theirs. Careful - I may be taxed for that email.

 

[FinalEd357]

I imagine you guys heard the winner of the comp coupe this year had nearly $60k due in taxes. ($130 x 40% tax) Not sure if that is why he sold, but it seems raffle cars present a great opportunity to win and simply keep the profit between your selling price and taxes paid...

 

[KMODStang]

Wow, you guys get taxed up the ***** down there.
Hypotheticaly, if that car were won up here in Canada, you'd pay $0.

Yea, but then we'd live in Canada. I'll pay the tax...

hahaha...

Do you have to pay gas guzzler tax if you buy the car used?

 

[Bonkers]

I imagine you guys heard the winner of the comp coupe this
year had nearly $60k due in taxes. ($130 x 40% tax)

I heard it was like $140,000 x 38% = $53,000 + $2,000 in tax lawyer
fees and a massive tax rate increase for 2006 for both him and his wife
since they had to file jointly... if the same logic applies to 'Price
is Right' this lady would need to fork out about $33,000 before she can
even take possesion of the car.

A bank might be willing to give her a loan on that car though so its
definately a possiblity.

it seems raffle cars present a great opportunity to win and
simply keep the profit between your selling price and taxes paid...

Yeah, unless you really, really, want the car...

 

[Z06reformed]

I'd sure as hell hate for that show "Extreme makeover" to come knocking!!Talk about going broke..

 

[Bonkers]

After researching it out I know shows like Overhaulin only
charge for the additional parts added to the car - not the
labor or shop supplies. I would assume Extreme Makeover
follows the same guidlines. I can imagine its quite a painful
hit when the build is done, some of those motors alone
come with hefty pricetags.

 

[Ken Lally]

I saw it too!

OMG- I saw the same thing (was it Sat?), the audience went crazy to see the Viper, that was nice.

I kept thinking to myself, holy crap this lady will total that car for sure!

 

[slaughterj]

Re: I saw it too!

The tax aspects of winning such things are frustrating, it should be easier for someone to win something and just keep it, like in Canada. Obviously they need to avoid situations where companies say their employees "won" their salaries (i.e., no taxes), but apparently Canada made it work.