Boxster Raffle - 986 Forum - The Community for Porsche Boxster & Cayman Owners

RandallNeighbour · 12-08-2005, 06:55 AM

http://www.ashevillesymphony.org/raffle.html

My wife thinks this is a ridiculous way to waste $125, but I'm seriously thinking of doing it. It's the only raffle I've seen that pays the taxes on the car you win. I do understand that you have to pay taxes on the tax money you've been given, so it ain't gonna be free for the winner, but it sure will be less than the cost of the car, that's for sure.

Can anyone tell me what the true tax implications are if I were to win this car?

And how much would you all hate me if I won it?

Jeph · 12-08-2005, 07:03 AM

Judging by the majority of those photos, it looks like you have to be OLD to win the car.

Perfectlap · 12-08-2005, 07:32 AM

in black and at this angle it looks for a second like a CGT.
1 in 1000 chance isn't so good. 1 in 500 is much better.

RandallNeighbour · 12-08-2005, 08:36 AM

Well, then I qualify. I am old, or at least I felt old this morning at 6.30 am when the wife asked me to get up and go for a walk before work.

SD987 · 12-08-2005, 09:38 AM

I'd say that your chances are pretty good...

Considering that it seems like you've completely rebuilt your 986 (has anything on your car not been replaced?), while maintaining your sense of humor and sanity that you're "owed one"....

Furthermore, the laws of cosmic bull**************** state that after you've invested thousands of dollars or effort into something, someone will come along and hand you that same thing for free, rendering your previous efforts and expenditures a waste...

Brucelee · 12-08-2005, 09:47 AM

Normally when you win a raffle, you have to pay federal and state income taxes on the fair market value of the car. You may have to pay sales tax and DMV fees also depending on the state.

If you itemize your deductions, you can "offset" your gambling losses against the gain but that is peanuts for most folks.