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Winning A Car (or Anything)  
User currently offlineAmerican757 From United States of America, joined Mar 2001, 475 posts, RR: 0
Posted (11 years 5 months 1 week 5 days 12 hours ago) and read 1405 times:

When you win a car, does anybody like the IRS take any money or anything from you. I was told they take lots of money in taxes. Could anybody enlighten me.

18 replies: All unread, jump to last
 
User currently offlineDesertJets From United States of America, joined Feb 2000, 7773 posts, RR: 16
Reply 1, posted (11 years 5 months 1 week 5 days 11 hours ago) and read 1394 times:

Like any income, winnings from sweepstakes, lotteries, or The Price is Right is subject to local, state, and federal taxes.


Stop drop and roll will not save you in hell. --- seen on a church marque in rural Virginia
User currently offlineAmerican757 From United States of America, joined Mar 2001, 475 posts, RR: 0
Reply 2, posted (11 years 5 months 1 week 5 days 11 hours ago) and read 1388 times:

how much do they usually take?

User currently offlineJwenting From Netherlands, joined Apr 2001, 10213 posts, RR: 18
Reply 3, posted (11 years 5 months 1 week 5 days 10 hours ago) and read 1382 times:

Don't know about the US, but here they take 25% of any prize money from lotteries over about €400.

In the past that has led to people having to sell the cars and appliances they'd won for far under the market value and actually loosing money on winning a lottery.
Now most organisers will pay that tax for you (so on paper the prize would be a €20000 car + €6000 in cash).



I wish I were flying
User currently offlineAmerican757 From United States of America, joined Mar 2001, 475 posts, RR: 0
Reply 4, posted (11 years 5 months 1 week 4 days 23 hours ago) and read 1340 times:

ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh, i dont like that. Last night I was talking with the mayor of my town on the way home about how I have entered to win like five Mercedes this year, and he was talkin about how much they take in taxes and crap. So i thought i Would get more details from yall.

User currently offlineDesertJets From United States of America, joined Feb 2000, 7773 posts, RR: 16
Reply 5, posted (11 years 5 months 1 week 4 days 20 hours ago) and read 1322 times:

I also think as a minor, you may in fact be ineligible to win a shiny new Benz... though luck.


Stop drop and roll will not save you in hell. --- seen on a church marque in rural Virginia
User currently offlineAmerican757 From United States of America, joined Mar 2001, 475 posts, RR: 0
Reply 6, posted (11 years 5 months 1 week 4 days 19 hours ago) and read 1317 times:

as a minor i have parents who will take it and put it under my name when i turn sixteen.

User currently offlineCaptaingomes From Canada, joined Feb 2001, 6413 posts, RR: 55
Reply 7, posted (11 years 5 months 1 week 4 days 19 hours ago) and read 1321 times:

PHEW! Thankfully I didn't win that Ferrari I entered to win!  Big grin


"it's kind of like an Airbus, it's an engineering marvel, but there's no sense of passion" -- J. Clarkson re: Coxster
User currently offlineSleekjet From United States of America, joined Jul 2001, 2046 posts, RR: 22
Reply 8, posted (11 years 5 months 1 week 4 days 18 hours ago) and read 1307 times:

I've won numerous trips (someday, I'll reveal my secret). The corporation doing the giveaway puts a value on the gift and alerts the IRS as to the amount. The winner is also alerted and the value is added to your adjusted gross income.


II Cor. 4:17-18
User currently offlineAmerican757 From United States of America, joined Mar 2001, 475 posts, RR: 0
Reply 9, posted (11 years 5 months 1 week 4 days 18 hours ago) and read 1304 times:

you can email me ur secret Sleekjet. PLEASE!!!!????

User currently offlineFlyingTexan From , joined Dec 1969, posts, RR:
Reply 10, posted (11 years 5 months 1 week 4 days 15 hours ago) and read 1289 times:


I have a customer who won a 2002 Toyota Tundra V8 Extended Cab, fully loaded. She had to pay a gift tax of something like $6,000 to $8,000 in gift taxes – I can’t recall exactly how much. This lady received a $5.00 raffle ticket as a birthday present from her daughter (raffle was church sponsored).

When I was in college, a 19-year old classmate won 5 Million Dollars in the Texas Lottery. She picked the 20 annual payment option. I am sure her tax bracket jumped several levels. (Oh, BTW - she drove a Blue Chevy Silverado, no MB or A8L).

Sleekjet, are those junkets Timeshare sales pitches?

JR FlyingTexan


User currently offlineAmerican757 From United States of America, joined Mar 2001, 475 posts, RR: 0
Reply 11, posted (11 years 5 months 1 week 4 days 15 hours ago) and read 1286 times:

lol time shares, thats great.

User currently offlineSkyhawk From United States of America, joined May 2001, 1066 posts, RR: 3
Reply 12, posted (11 years 5 months 1 week 4 days 14 hours ago) and read 1286 times:

The amount you pay in taxes is based(I think) on your income bracket.

User currently offlineAmerican757 From United States of America, joined Mar 2001, 475 posts, RR: 0
Reply 13, posted (11 years 5 months 1 week 4 days 14 hours ago) and read 1274 times:

so if i make for example, ummm 150,000 a year, i will pay how much now in taxes if i win a Mercedes ML350

User currently offlineAvt007 From Canada, joined Jul 2000, 2132 posts, RR: 5
Reply 14, posted (11 years 5 months 1 week 4 days 11 hours ago) and read 1262 times:

Probably the only good news tax-wise in Canada- lottery winnings are completely tax free (not that it has made any difference to me!)

User currently offlineRyanb741 From United Kingdom, joined Mar 2002, 3221 posts, RR: 16
Reply 15, posted (11 years 5 months 1 week 4 days 7 hours ago) and read 1252 times:

Well, when we lived in Australia we won a sports car. Also, my father won a BMW in Dubai Airport a couple of years ago - they actually flew him to DXB to pick up the car, but he just sold it in Dubai and kept the money.

In the UK there is no tax on prize winnings AFAIK



I used to think the brain is the most fascinating part of my body. But, hey, who is telling me that?
User currently offlineMD-90 From United States of America, joined Jan 2000, 8507 posts, RR: 12
Reply 16, posted (11 years 5 months 1 week 4 days 7 hours ago) and read 1254 times:

My grandmother a car at Sonic (the drive-in chain) once, back in the early 80's. Best driving car I've EVER driven.

Of course, it only had 3.5 horsepower, and the same single wheel both drove and braked the go-cart. Hehe...it had an ugly fiberglas body shell that was supposed to look like a 427 Shelby Cobra, but we never left it on. Great car...


User currently offlineIHadAPheo From United States of America, joined Sep 2001, 6027 posts, RR: 55
Reply 17, posted (11 years 5 months 1 week 3 days 1 hour ago) and read 1230 times:

American757 not to dim your hopes of winning but....

In most cases the rules in contests to win a car state that the winner must be over 18 and a licensed driver to win. So if you did "win" and you do not meet the requirements of the contest rules you would be disqualified.

Yours,
IHadAPheo



Pray hard but pray with care For the tears that you are crying now Are just your answered prayers
User currently offlineSrbmod From , joined Dec 1969, posts, RR:
Reply 18, posted (11 years 5 months 1 week 2 days 22 hours ago) and read 1239 times:

In general, the combined taxes (state and Federal) usually amount to approximately 40% + or - a few % of the total value of the prize won. So let's say you won $100,000 dollars on a lottery ticket; after taxes, you will come out about $60,000. At casinos, most of them require you to fill out a tax form if your winning exceed a certain amount (usually $5000 of more) and you are supposed to report that on you taxes, and pay the appropriate taxes. Just about every contest requires the winner to cover the taxes. Most people don't report the taxes on stuff like concert tickets or stuff worth less than $500, even though they are supposed to.

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