When I win the raffle car, I will.....

kcobean

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When I win this SSG ACR raffle car, I promise to let every VCA member in my region take it for a spin.

Have you bought your tickets yet?

Not a VCA Member? It's not too late! Imagine being the lucky Viper owner who joins the club and buys a raffle ticket for a combined total of $220 and wins a $100+k car in the process. Imagine how many VCA Members have been buying tickets for years who will be, uh....green with envy when a newbie wins the raffle.

BUT TODAY IS THE FINAL DAY TO JOIN THE VCA IN ORDER TO BE ELIGIBLE TO PARTICIPATE IN THE RAFFLE!!!!

Call VCA HQ at 1.800.998.1110 or visit VIPER MAGAZINE now to join the club. Your raffle entry MUST have your VCA Member number on it, so don't delay....Time is running out!
 

BlknBlu

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I think that the current Raffle car is the bomb and would love to own it. Not sure of the logistics but I am purchasing a ticket and hoping for the best.
 
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kcobean

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I think that the current Raffle car is the bomb and would love to own it. Not sure of the logistics but I am purchasing a ticket and hoping for the best.

Bruce

I have a nice daily driver.....mah truck! Just need a green ACR!

You must be registered for see images attach
 

01sapphirebob

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When I win the raffle car, I will.... end up in divorce court since my wife will not be to happy with me. :( ;)
 

Martin

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I was all excited about winning that car, and then I talked to my tax guy about what it would really cost me. Since you get taxed on the 'retail' value of the car, and you're on the hook for Fed/State income taxes, sales tax, and registration, the straight-up delivery cost of the car is about $56k. Then, when you consider what the value of that car is going to do to your income tax bracket and how it will affect your other taxable earnings (and possibly put you in a very high bracket, and kick you into AMT), the cost can get up there to around what the car would cost off a dealer lot. It is a one-of-one, though... I'm still buying tickets, but I would probably sell it if I won it...
 

BlknBlu

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I was all excited about winning that car, and then I talked to my tax guy about what it would really cost me. Since you get taxed on the 'retail' value of the car, and you're on the hook for Fed/State income taxes, sales tax, and registration, the straight-up delivery cost of the car is about $56k. Then, when you consider what the value of that car is going to do to your income tax bracket and how it will affect your other taxable earnings (and possibly put you in a very high bracket, and kick you into AMT), the cost can get up there to around what the car would cost off a dealer lot. It is a one-of-one, though... I'm still buying tickets, but I would probably sell it if I won it...

Yours is much better looking anyway, Just kidding everyone knows I am partial to Blue and black. That is still one hot car.



Bruce
 
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Jerry Dobson

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I am not a tax man...but the sales tax would be zero since you did not pay anything for the car. (maybe tax on the ticket price) You would pay title/registration/property tax and then claim the $100k as additonal untaxed income. Correct me if I am wrong.

Jerry
 

Jersey Jeff

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I bought 3 tix, which still have not yet been delivered even though the deduction to my account was made 2 weeks ago. When I called after a few days they said they would be sent last week. I called again this week and they said they would be printed this week. Have others gotten their tix already?

Oh yeah.... if I win I will make a 5,000.00 donation to the Make-A-Wish foundation in honor of the VCA. You can take that to the bank. :usa:
 

Martin

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I am not a tax man...but the sales tax would be zero since you did not pay anything for the car. (maybe tax on the ticket price) You would pay title/registration/property tax and then claim the $100k as additonal untaxed income. Correct me if I am wrong.

Jerry

Depends on the state you live in, I suppose. My tax guy told me that when you register a "won" car in CA, and it is a new car, you pay the use tax on the value assigned to the car by the raffle organization. When we looked at the rules of the raffle, that value is deemed to be the full retail price of the car, which is about $110k. Basically, they calculate the tax on the value assigned to the car at the time it was won - that becomes the cost basis of the car.

So, for most people, the tax would add up like 33% Fed, 10% State, 9.75% Sales, and 1% registration. That's about 54% of the "retail value" of the car in total, which adds up to about $59k. Then, when you look at what that $110k bit of income (on a 1099 form) adds to your gross income, your tax liability gets pretty scary. It's the AMT that really kills someone like me. All of a sudden many of my normal deductions just don't deduct anymore...

Like I said, i'm still going to buy tickets because I figure it's a good cause - but I almost cringe at the thought of winning. If anything, I'm hoping for the tires!!
 

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