VOA - Homecoming - $140,490 Door Prize

[daytonprowler]

No one does it like the VOA!

http://driveviper.com/nve/index.php

[daytonprowler]

One lucky person is going to win this beautiful door prize!

[VIPER BAZ UK]

Fantastic .... always wanted a Blue n white ...


Great going VOA

[daytonprowler]

We aim to please.

[daytonprowler]

The Milton Bank of Wellston, Ohio is a proud sponsor of the Viper Owners Association.

If you get a loan for a Viper from Milton Bank,
they will pay .25% to the Viper Owners Association AND .25% to your local VOA Region!

Not a VOA member? No problem.
They will pay half of your first year VOA basic membership fee upon loan closing.




And if you are the lucky door prize winner....

[VIPER BAZ UK]

Keep coming back in for another look.....

That car is sexy.....

[VIPER BAZ UK]

Still looking. .. and now in for a chance ...


Can't wait for this event ...

[TitleMine]

At first I was like, "who would the heck would need financing for the taxes?"

54K on a 140,000 car. Ho-lee-crap. Government, you crazy.

[LeadfootRT10]

At first I was like, "who would the heck would need financing for the taxes?"

54K on a 140,000 car. Ho-lee-crap. Government, you crazy.

IDK who did that math, but at least it my state the total for taxes and registration would be around 20K. I think in NY it would have been around 15K, so i think that might be a bit over the top. IDK, are states that have 28% sales tax????

[Viper Girl]

IDK who did that math, but at least it my state the total for taxes and registration would be around 20K. I think in NY it would have been around 15K, so i think that might be a bit over the top. IDK, are states that have 28% sales tax????

28% was in line with what a raffle car tax was for a friend of mine... its not just about state, it's federal that gets a piece too

[Thawk97]

28% was in line with what a raffle car tax was for a friend of mine... its not just about state, it's federal that gets a piece too

Yep- remember you have to count the income tax - the value of the car counts as new income which would probably boost many people into a higher tax bracket around here

[VIPER BAZ UK]

Export loads cheaper ... I'll bring it home ...

[FlashFyre]

Anyone have any info on the tax obligations if a Canadian wins the car?

[Fatboy 18]

I notice this prize is valued at $140,000 Yet dealers seem to be selling these cars now in the low £100.000 bracket, So could one not argue the taxes should be less?

[LeadfootRT10]

I notice this prize is valued at $140,000 Yet dealers seem to be selling these cars now in the low £100.000 bracket, So could one not argue the taxes should be less?

That is a good question.....although, my guess is that it would be based off of MSRP for that exact reason.

[City]

I notice this prize is valued at $140,000 Yet dealers seem to be selling these cars now in the low £100.000 bracket, So could one not argue the taxes should be less?

You can argue all you want, but it's more likely you will have an opportunity to "present" your opinion of FMV and then have to accept whatever compromise the agencies offer.

[GreenVenom]

I notice this prize is valued at $140,000 Yet dealers seem to be selling these cars now in the low £100.000 bracket, So could one not argue the taxes should be less?

Isn't £100,000 equal to approx. $168,000 ?

[Fatboy 18]

Isn't £100,000 equal to approx. $168,000 ?

DOH! That was supposed to be a Dollar Sign Sorry.

[TitleMine]

Prizes and winnings fall in a special tax bracket, IIRC, I just forgot. Supposedly, you need to pay out a ton of money when you win the lottery too for the same reason; win a million, take home $650k or something. You're still getting the sensational Gen V launch edition for the price of a 2LT C7 or a base model GT500. If you're unhappy with that bit of generosity, I dunno what to do for you.

[Fatboy 18]

Prizes and winnings fall in a special tax bracket, IIRC, I just forgot. Supposedly, you need to pay out a ton of money when you win the lottery too for the same reason; win a million, take home $650k or something. You're still getting the sensational Gen V launch edition for the price of a 2LT C7 or a base model GT500. If you're unhappy with that bit of generosity, I dunno what to do for you.

Sadly I'm not going to the Event, I have to say I find the Tax issue confusing in the USA I used to buy tickets on the Other site, but was always worried I might win something, because I could not have afforded to pay the taxes I just bought the tickets as another way of supporting a Club. Oh Well, let's not dwell on that bit!

In the UK if you win something, you win it Lottery, car, boat whatever..NO TAXES its yours Win a Million ...Receive a Million.
I don't know the rules on how this works, perhaps taxes are pre paid on Cars and Boats? So if you came to the UK and bought a lottery ticket or raffle ticket and won the prize it would be yours, you would have to pay for shipping something back to the USA though

[Troublemaker]

Sadly I'm not going to the Event, I have to say I find the Tax issue confusing in the USA I used to buy tickets on the Other site, but was always worried I might win something, because I could not have afforded to pay the taxes I just bought the tickets as another way of supporting a Club. Oh Well, let's not dwell on that bit!

In the UK if you win something, you win it Lottery, car, boat whatever..NO TAXES its yours Win a Million ...Receive a Million.
I don't know the rules on how this works, perhaps taxes are pre paid on Cars and Boats? So if you came to the UK and bought a lottery ticket or raffle ticket and won the prize it would be yours, you would have to pay for shipping something back to the USA though

As sad as it is, America was founded by those looking to get away from overtaxation and now here we are in worse trouble than what we ran from.

[Fatboy 18]

As sad as it is, America was founded by those looking to get away from overtaxation and now here we are in worse trouble than what we ran from.

I could send you some boxes of Tea if it makes you feel better

[MoparBoyy]

I should win, cause there is no state income tax here in Florida.. so.. its cheaper.

[Coloviper]

In Canada, same thing. You win, you win with no tax liability.

In the US, I believe if you win cash, it is different than property or a thing. Property or a thing is like capital and would fall under capital gains tax levels does it not? Between capital gains fed and state, that is 20% to 30% depending where you live now. You win lotto, that is cash and you get income taxed near 40% to 55% depending where you are and your situation. Big difference.

I could be wrong but that would explain the different % near those amounts.

[VENOMISS]

Fatboy18.... Don't feel bad... The people that made the rules don't know how they work....