I'm in.

The Ferrarichat thread says 49K miles and a recent major service at a cost of $11,000. That car is ready for a pounding.

The car was appraised at $42,000. What's the tax liability on $42k? Is that capital gains?

No. You have to pay sales tax when you title the car, just as if you bought it. When I get it here to Colorado it will be about $3200 plus registration fees, so right around $3500.

Sales tax and income tax: http://www.irs.gov/pub/irs-tege/notice_1340.pdf

Looks like when I win I'll be selling it... or donate it to another charity?

What about when you sell the car?

I'd fully expect to have to pay income tax as ordinary income (maybe as gambling or lottery winnings) on $42K.

Non-taxable, unless you volunteer that you sold it for more than $42K.

I belong to AOPA (Aircraft Owners and Pilot's Association - I don't own a plane but I'm a pilot). Nearly every year they give away a plane, either a new one or usually a completely restored one). By renewing your membership every year you are automatically entered to win it.

Almost every single winner each year ends up selling the plane because of the taxes involved.

Lol - valued at $42k and 49k miles on it!

That's actually a lot of miles!

G

I remember a raffle in the local PCA region for a brand new Boxster. The winners were all butt hurt about having to pay taxes! Wtf? If you buy a new car you pay the same sales tax and the income tax may hit you at 30% when you are done. A brand new boxster for 20k still is something to be happy about in my book!

Same on this car. I will probably have to pay 12 grand to get in it, but that's ok. :)

G

Wow that IRS form certainly makes winning feel a little different.

State and Federal income taxes, sales tax and license could get over 50%. Throw in an IMS bearing and you're fully cooked...

I'm in. I sometimes buy $10 in lottery tickets when it hits a couple million dollars. Chances of winning that are less than being struck by lightening. Odds are much better than that here! :)

Fantastic results in just a few days....half way there.....375 sold !

For those who are local, the car will be available for viewing:

Thursday evening Aug 28th Louisville High School Back-to-School Night
Sunday morning Sept 7th Super Car Sunday Woodland Hills Promenade Mall

Drawing is Saturday November 8th

+1. It would cost > $20K for me to "win" that car. Plus the ire of Mrs. Noah. (Though Noah Jr. would be stoked.)

We are closing in on 600 tickets sold !!

A big thanks to all who have made a purchase (donation).

The car will be available for viewing this Thursday evening during Back-To-School night 7:00pm

Louisville High School
22300 Mulholland Drive
Woodland Hills, CA 91364

In :)

I take it from your inside knowledge you have a daughter attending Louisville?

Tempting.
Even comes with a car cover. ..... ..... ..... thinkin'.

I do not......

In a little over 2 weeks since posting this ad, over 125 participants from Pelican and FerrariChat, many buying multiple tickets, have helped make this a huge success.

I am pleased to say the raffle is sold out !

In order to make sure there are absolutley no mishaps to this prize, the school has opted not to show the car at Super Car Sunday Sept 7th in Woodland Hills.
If anyone needs any further information feel free to PM me.

Drawing is Saturday, November 8th 2014 during the annual fundraiser QUEST at the Four Seasons Hotel in Westlake Village.

THANK YOU ALL WHO HAVE PARTICIPATED and GOOD LUCK !