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Old 09-04-2009, 10:20 AM   #1
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Asheville Symphony 09 Boxster Raffle

Came across this in the latest issue of Excellence. Has anyone ever entered this contest? They've been doing it for years.

Asheville Boxster Raffle



They have 650 tickets left as of 8/18 at $125 each.

I'm #291/999 Fat chance I'll win but wouldn't that be awesome! Just have to cough up the cash for taxes.



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Old 09-05-2009, 08:08 AM   #2
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Hey, you got an unused $125 lying around - go for it!
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Old 09-05-2009, 05:48 PM   #3
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I entered it two years in a row.

It is indeed the best one out there because they pay the taxes on the car and it costs you something like $100 total if you win it.

Er, um, $100 + the $125 you paid for the raffle ticket.

Needless to say, I did not win.
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Old 09-05-2009, 08:32 PM   #4
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This is what it says in regards to taxes...


"*The IRS now requires raffle winners to pay federal taxes on raffle winnings at the time of the award. The Asheville Symphony will pay to the IRS for the winnerís benefit an amount equal to 38.88% of our cost of the vehicle. The tax must be paid not only on the fair market value of the winnings, but also on the tax itself, therefore a grossed up tax rate of 38.88% of the winnings. This may or may not be the actual amount you will owe on your federal taxes. Please consult your tax advisor concerning your specific situation."
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Last edited by TimAustinW; 09-05-2009 at 08:35 PM.
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Old 09-05-2009, 09:33 PM   #5
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Great idea - and nice flyer.. Too bad Uncle sam has to F__k it up with taxes

Quote:
Originally Posted by TimAustinW
This is what it says in regards to taxes...


"*The IRS now requires raffle winners to pay federal taxes on raffle winnings at the time of the award. The Asheville Symphony will pay to the IRS for the winnerís benefit an amount equal to 38.88% of our cost of the vehicle. The tax must be paid not only on the fair market value of the winnings, but also on the tax itself, therefore a grossed up tax rate of 38.88% of the winnings. This may or may not be the actual amount you will owe on your federal taxes. Please consult your tax advisor concerning your specific situation."

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