Win yourself a 69 COPO Camaro!! - Page 5

**ANDY M** · #41 11-03-2005, 06:42 PM

As the COPO car prize winner, the taxes on $150K for the car would be be about $60K out of pocket for the winner, or about $50K net after taxes if you took the cash.

Count on an IRS audit for 2005 as well.

Be careful what you wish for, and remember that thing about death and taxes.
Here's the big question, though. If you're the lucky winner and really want the car, but don't have the money for what it will cost to take delivery, what would you do then?

**enio45** · #42 11-03-2005, 06:54 PM

I got my 60 tickets coming....im feeling like a winner!!

1970ChevelleSS · #43 11-03-2005, 07:25 PM

So wouldnt 50000 tickets cost about 8300?

**enio45** · #44 11-03-2005, 07:37 PM

Related to the taxes, did i miss something? What tax percentage are you using, at 10% its 15K?? How is this treated - - as 150K income??

budnate · #45 11-03-2005, 08:22 PM

I think you have to add the value into your normal yearly income and that may bump you to a different bracket with the higher gross for the year..if you cant delivery of the car sell your ticket to someone willing to go for it.

**enio45** · #46 11-03-2005, 08:27 PM

Yes i see....its treated as income then....plus the registration tax on top...

budnate · #47 11-03-2005, 08:31 PM

hey..why not let the kid or dog win it if it happens..then only pay tax on the car and not mess up the house taxes....

Mark_C · #48 11-03-2005, 08:56 PM

It's a 69 Camaro, worth about $300 according to the Mass excise tax I pay on my pace car. If insurance companies (no collector car agreed value policy) want to pay you 300 bucks if you total it then thats how it should be taxed.

Supercar_Kid · #49 11-03-2005, 10:09 PM

[ QUOTE ]
So wouldnt 50000 tickets cost about 8300?

[/ QUOTE ]If 60 tickets for $100 is they best deal they'll give you, then 50,000 tickets would cost you $83,333.33

Seems like a lot to spend on tickets to win a $150,000 car, especially if 150,000 tickets have already been sold. That's only roughly a 1 in 3 chance of winning approximately 150K worth of car on an 83K bet. A roulette wheel would give you better odds. I'll be hoping they pull 1 of my 3 tickets out, then I'll have to worry about where I'm gonna get the coin to pay Uncle Sam.

Jeff H · #50 11-03-2005, 11:28 PM

Yeah, if I were to actually win, I might have to take out a 2nd mortgage to pay the taxes. Unless I can get someone to appraise it for $300! It is a 36 year old car and with depreciation it can't really be worth much, can it?

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