They won it but don't want it

[wildcat66]

Now on Ebay!!! http://cgi.ebay.com/ebaymotors/Chevr...89845461QQrdZ1

[artsmart]

tsk, tsk, tsk...too bad, soooooooooo sad

[Donnysan]

A month or so back, McDonald's was offering a Viper as one of their prizes in the Monopoly game. Cool! I thought. I'd love to own a Viper.

Here's the problem: Viper = $80,000 (about) and that's what the IRS will say you got as "income" from the contest. Thank you, Mr. Taxpayer, please pony up $20,000 in taxes, and be sure to put a few more thousand aside for the State of Alabama Dept of Revenue. Ouch.

Granted, you have an $80,000 car and any bank would gladly loan you $20,000 against the clear title, but still. Kinda blows, dudinit?

[big-daddy]

Originally Posted by Donnysan

A month or so back, McDonald's was offering a Viper as one of their prizes in the Monopoly game. Cool! I thought. I'd love to own a Viper.

Here's the problem: Viper = $80,000 (about) and that's what the IRS will say you got as "income" from the contest. Thank you, Mr. Taxpayer, please pony up $20,000 in taxes, and be sure to put a few more thousand aside for the State of Alabama Dept of Revenue. Ouch.

Granted, you have an $80,000 car and any bank would gladly loan you $20,000 against the clear title, but still. Kinda blows, dudinit?

Don't get me started on taxes

[Digital]

I have my $24,500 1099 form coming...don't think for a second I mind it!

[wildcat66]

So why sign up for it if you can't afford it. I think paying taxes on a new car would be better than paying full price and I am sure you could get loan on the taxes for a 39k vehicle. Oh well thats just me!!!

[ISLANDDREAMS]

if you won it why put a reserve on it getting greedy? come on just sell it have faith

[ISLANDDREAMS]

asd