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Yeesh, I should have such luck

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?
 

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Growing Older but Not Up
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1,350 Posts
Donnysan said:
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 :cuss
 

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Machell
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20,829 Posts
Discussion Starter #6
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!!!
 
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