"415s30 W123TSXWaggoIIIIIIo ( •_•))°)" (415s30)
04/05/2019 at 23:21 • Filed to: Ferrari
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"415s30 W123TSXWaggoIIIIIIo ( •_•))°)" (415s30)
04/05/2019 at 23:21 • Filed to: Ferrari | 4
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...wind up entering a raffle, and suddenly you’re the new owner of a Ferrari 250 GT California Spyder. That’s just what happened to the American teenager Jeff Stone…
Photos: Bill Neumann/The Enthusiast Network/Getty Images
Svend
> 415s30 W123TSXWaggoIIIIIIo ( •_•))°)
04/05/2019 at 23:31 |
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Don’t you guys have to pay taxes on winnings or gifts and/or so much a percentage of the vehicle in taxes to register it?
(I’ve heard some states don’t and some states are quite high).
smobgirl
> Svend
04/05/2019 at 23:40 |
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I won a bicycle and had to pay something like $100 in federal taxes on it. I couldn’t afford a free Ferrari.
ITA97, now with more Jag @ opposite-lock.com
> Svend
04/05/2019 at 23:43 |
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That kind of thing is considered income (and the supplier/seller/giver away is required to report the transaction as gambling winnings to the IRS if more than $600), so it is taxed at the applicable rate. The federal income taxes apply anywhere, but state income taxes will depend on the state of residency. In a state like Texas that has no state income tax, the winner would certainly owe less in taxes.
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Svend
> smobgirl
04/05/2019 at 23:52 |
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Federal taxes on winning a bicycle, that’s crazy.
That’s what I was thinking.
I’ll never forget the Oprah Winfrey Show where they gave all those cars away.
Some of the audience had to put them up for sale as they couldn’t afford them.
On this day in 2004, talk show host Oprah Winfrey uttered those words to a studio audience. Moments later, amid the shrieks, 276 members of Winfrey’s studio audience each found themselves with a new Pontiac G-6 sedan. The cars carried an individual retail price tag of about $28,500.
The free car was a hit for ratings, but some audience members claimed a bigger hit: to their wallets. It turns out that free isn’t always free. While General Motors handled the state sales tax on each of the new cars (around $1,800 per car), plus licensing fees, audience members were tasked with paying federal and state income taxes on the value of their new vehicle. To keep things simple, for reporting purposes, General Motors issued forms 1099-MISC to the recipients.
While actual taxes payable varied based on individual tax brackets, estimates settled around $7,000 per car. That was hard to swallow for many in the audience - especially when Oprah had reportedly asked her staff to seek out audience members who were in need of a car. Those weren’t taxpayers who were likely to have an extra $7,000 or so laying around. A Harpo Spokeswomen reportedly said at the time t hat the winners had three choices: they could keep the car and pay the tax, sell the car and pay the tax, or refuse the car.
((turns out they weren’t even a gift as much as a Pontiac promotion for the Pontiac G-6 sedan which was replacing the Grand Am))
I’d be like. ‘ye’, cheers, I can’t afford that. You give me a free ruddy car, how ruddy inconsiderate’.
I mean $7,000 for a free gift. That’s mental. Thankfully we don’t have that over here. We just pay taxes on the interest of financial winnings.
Can you even imag ine the taxes of a Ferrari 250GT if the taxes were $7,000 on a $28,5 00 car!?
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Svend
> ITA97, now with more Jag @ opposite-lock.com
04/05/2019 at 23:59 |
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I just can’t get over that though.
Here you don’t pay a tax or fee. We only pay tax on the interest of the monetary winning. So if the interest on a £1million lottery win was say, £20,000 a tear, you’d only pay tax on the £20,000.
Gifts are not classed as income here.
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ITA97, now with more Jag @ opposite-lock.com
> Svend
04/06/2019 at 00:04 |
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Gifts in and of themselves (say between friends and family members )are not taxable up to $13,000 (or $26,000 for a couple filling jointly), but this kind of thing would be considered gambling winnings.
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Svend
> ITA97, now with more Jag @ opposite-lock.com
04/06/2019 at 00:13 |
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Ouch.
Mind you. Taxes or not, I’d be putting it up for sale for a 1954 Lancia b24 Spider America.
The sheer thought on taxes of a F errari 250GT though, that’d be enough to put me in hospital, only to worry about the hospital bill. Lol.
fintail
> 415s30 W123TSXWaggoIIIIIIo ( •_•))°)
04/06/2019 at 00:29 |
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I seem to recall Jeff’s first car being a 46-48 Ford convertible.
CRider
> 415s30 W123TSXWaggoIIIIIIo ( •_•))°)
04/06/2019 at 00:37 |
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I guess it beats walking...
My bird IS the word
> Svend
04/06/2019 at 01:19 |
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Yes, a lot of drawings now include money as well just to pay for the taxes. I believe its to keep people from dodging taxes by giving things as gifts rather than payment.
dumpsterfire!
> Svend
04/06/2019 at 08:48 |
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i won a trip from a radio show a number of years ago and if the value was over $600USD, the value was reported as winnnings income and i got a real IRS W2 for it and it basically added straight to by adjusted gross income.
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Svend
> dumpsterfire!
04/06/2019 at 10:16 |
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Bloody hell, sod that for a laugh.
If you’ve got to consider if you’ve got enough money or borrow enough money before you want to enter a competition, sod it.
I'm glad we don't have that sort of thing here.
diplodicus forgot his password
> Svend
04/06/2019 at 10:34 |
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I believe their is a gift exemption for taxes but the gift has to be between family to qualify.
shop-teacher
> Svend
04/06/2019 at 12:15 |
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You definitely have to pay income taxes on winnings. The registration varies from State to state. In my state registration is $101/year no matter how expensive or how big a pile of crap it is, but in some states it would be outrageously expensive to register a Ferrari.
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Svend
> shop-teacher
04/06/2019 at 12:27 |
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Ye’, we pay vehicle excise duty for a car each year based on emissions but we don’t pay a tax on winning a car or have to declare how much we paid or how m uch we sold it for.
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smobgirl
> shop-teacher
04/06/2019 at 12:38 |
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Here it’s a percentage of MSRP which decreases until it reaches pile-of-crap age and levels off at $70.