If you won, you would instantly be liable for about $7,000 in sales tax.

Then in april, you would be liable for an additional $32,200 in Income taxes.

So, if you won it, it would have to be sold within a year, unless you have $42,000 hanging around, or decided to finance $42,000. Seeing as how it's only worth $115,000, you would end up with about $76,000 in your pocket when all is said and done (minus any fees from selling it).

I mean, not a bad deal for a $100, but you are not really getting a Ferrari that you can keep.

 

^ I knew you'd have to pay taxes, but why so much in taxes?

 

uncle same hates you

 

first you have to pay sales tax on all items "received", based on current market value.
then, since Prizes are considered a form of income, Uncle sam wants to charge you Income Tax. If you normaly make $30,000 a year, you pay about 25% in Income Taxes, but since this year your income will be $145,000, then you will probably owe 28%.

Pretty straight forward. Most "lottery" or "raffle" prizes are sold due to taxes.

Charles

 

I hope someone who deserves it wins it.

 

So who won?

Drawing was supposedly yesterday, anyone on TR win?

 

According to the website, Phillip Brooks of Palm Harbor won it.

 

Until Obama takes office, then you would be taxed at an even higher rate.


There is another one of these for a pair of vettes an older one with the stinger on the hood and a 2008 that is all modded out etc....

 

i saw it driving up and down 19 yesterday. made one u-turn after another.

shit thats how i'd piss away time in my new ferrari