[Charity Raffle] 1967 Ford Mustang GT500

[4Gas$]

A maximum of 10,000 Tickets will be sold, we are alittle over 5,000 right now.

What if only 6000 or 7000 tickets are sold,
does this raffle revert to a "50 / 50" or
something else if all tickets aren't sold?

 

[Golden]

Can't afford the taxes on the car, or I would buy a ticket. I attended WCC before going to EMU. GREAT school!

 

[FBODGRL]

thats 12,971 in taxes due before the car can be "transfered"



Copy A of Form W2-G and Form 1096 must be filed with the IRS by February 28th of the year after the raffle prize is awarded. Should the prize be valued at more than $5,000, the school must withhold 28 percent of the item's fair market value, minus the cost of the raffle ticket; this amount must be collected before the prize is transferred.

Yikes!!

 

[dave89iroc]

Can't afford the taxes on the car, or I would buy a ticket. I attended WCC before going to EMU. GREAT school!

I'd have to get a loan to cover the taxes

 

[teamwcc]

What if only 6000 or 7000 tickets are sold,
does this raffle revert to a "50 / 50" or
something else if all tickets aren't sold?

We only needed to sell 2000 for it to be given away, so no 50/50.

 

[JoeliusZ28]

well i guess im not buying any tickets then.... wtf.

 

[JpMotorsports]

WOW!!! 13,000 in taxes thats crazy!!!

 

[joestang]

You guys freaking over the taxes are nuts, you could get a loan EASILY to cover the taxes and sell the car for ALOT more than the taxes. Or just keep the car (what I would do) and know that you got a badass ride for $13k. Its got at least double that in parts and labor.

What do you guys think the car is worth on the market?

I'm gonna buy a couple tickets, just for shit & giggles.

 

[Stinger1982]

I will be buying several tickets :sagrin:

 

[DetroitStyle]

I'd have to get a loan to cover the taxes

With decent credit, and explaining the situation, it would be pretty easy to get a loan on the taxes. I'm sure at worst they'd just put a lein on the title of the car.

So you could get a $50k dream car, and have a $200/mo payment for a couple of years.

 

[moneypit]

the 13k is assuming the value is only 50k, plus there are state taxes If you look at the ronald Mc donald house auctions they do cars like a brand new corvette or 25k in cash the IRS taxes you on 25k income if you take the car or cash ,

 

[moneypit]

http://new.wcsx.com/rules/Dream Machine Raffle Rules - Long Form FINAL.pdf


theres the rules


40k is the estimated value

Winner is responsible for all sales tax,, income tax,
title, insurance, and license fees associated with acceptance and registration of the vehicle.


sales tax 6% 2400
title 15.00
income tax 11200

so call it 13500 due at vehicle pick up



wait cancel that
WCC will report the total value of each prize to the IRS and will furnish winners with a federal Form 1099.
Winners must provide their social security number to WCC for tax reporting purposes, and are solely responsible for
payment of all taxes incurred as a result of the award of a prize.



taxes will now be determined on a income based scale so basically you would have 40k more of non taxed income

 

[Stinger1982]

so who won this thing?

 

[moneypit]

some guy from Ill bought ticket at dream cruise car is still at WCC