Boxster Raffle
 

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? :D

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

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.

https://rsi.repeatseat.biz/InternetS...ffleposter.jpg

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.

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...

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.

My CPA emailed me this morning with this tax breakdown:

Fair market value of car = $50,000
38.88% to cover taxes = $19,440
Total taxable to you = $69,440
@28% tax rate you would pay taxes of $19,443.

Since I will have a check for $19,400 in hand from them AND the car, I'd only have to pay $43 out of pocket, right?

That would be a delightful deal I think. :D

I'm entering the contest, and I believe someone on our little forum with an older boxster should win that car because we deserve it!

Ya gotta be in it, to win it!

Bought my ticket last night. There's still some left if any of you want to get in on it.

Drawing is March 18th.

I'd say don't bother buying a ticket because I'm gonna win anyway, but just in case I don't win (remote chance) I think this beauty should go to someone on this list.

We gotta keep the cash and prizes in the family, you know.

Now here's a thought I will probably never share with my wife because she wouldn't understand.

If you won this car (like I'm planning to do) would you sell it back to the dealer for whatever you could get for it and sell your existing boxster (which is a high mileage 97, by the way) and buy an 05 987 S?

I just don't know if I'd really be happy with the smaller engine, even if I won the car free and clear.

no
 

I'm going to win it!

No , I am!

How can either of you win it when I am holding the winning ticket in my hand right now? :cheers:

Well, today is the day and tonight is the drawing for that Boxster. I'll start a new thread should I win it. Nautifique also entered, and one of us should win this car. It would be a coup for the forum as a whole if a member won it, don't you think?

I'm rooting for YOU guys.

A guy in Asheville with ticket number 6 won the boxster. Oh well. Maybe next year!

I'm bummed. I really thought I was going to win that car.

There's another raffle advertised in Excellence this month with proceeds benefiting the National Humane Society. $100/ticket or 6 for $300. You get your choice of a Carrera, Caymen S or $50k, but you pay the taxes on the winnings.

I've entered that contest. Wish me luck!