STrooperTK421
Limp Gawd
- Joined
- Oct 8, 2009
- Messages
- 466
All I know is, if that were me, my ass wouldn't have even touched the drivers seat, I'll take cash, NOW, thank you.
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Wouldn't matter. Say his taxes on the lambo are $100,000 and the organization pays those taxes. The IRS would see that as a gift as well so the guy would have to report income of $100,000 as well as the $380,000 FMV of the car, and then get taxed on that.
Wouldn't matter. Say his taxes on the lambo are $100,000 and the organization pays those taxes. The IRS would see that as a gift as well so the guy would have to report income of $100,000 as well as the $380,000 FMV of the car, and then get taxed on that.
gifts aren't income to the person that receives it. gifts are taxed under the gift tax, and the giver (if a person) pays taxes on anything over $13K (each year, per person). Here, the company is probably deducting the cost of the promotion as a business expense, so if they provide a true up payment to the winner, they would likely deduct that as well (assuming i'm right about the deducting of this as a business expense, which i'm not 100% on).
gifts aren't income to the person that receives it. gifts are taxed under the gift tax, and the giver (if a person) pays taxes on anything over $13K (each year, per person). Here, the company is probably deducting the cost of the promotion as a business expense, so if they provide a true up payment to the winner, they would likely deduct that as well (assuming i'm right about the deducting of this as a business expense, which i'm not 100% on).
I see what you mean.Zarathustra[H];1038176817 said:No,
I'm talking about any prizes having taxes already paid by the organization issuing the prize, that way there wool be no winnings sticker shock.
This really sucks. The world sucks. Why is it that the awesomer cars usually get the crash and burn syndrome? Oh yeah, because the drivers can't handle the awesomeness. This is why the majority can't--- shouldn't have nice things, leave it to the [H] car crowds only. Sheesh. First Ferraris, then a Lambo, what's next? A One-77?!
Probably should have invested in some driving lessons before he took possession of the car.
Wouldn't matter. Say his taxes on the lambo are $100,000 and the organization pays those taxes. The IRS would see that as a gift as well so the guy would have to report income of $100,000 as well as the $380,000 FMV of the car, and then get taxed on that.
Dopp told The Associated Press the damage "isn't super bad" _ a punctured oil pan and wheel and a few dents and scratches on the front and rear ends. The father of six said he couldn't afford to pay taxes on the car or the insurance, which runs $3,500 every six months.
Driving a car like that around during the winter with summer tires when there's ice out is unbelievably stupid, it was 100% his fault. The tires on that car are simply not meant to handle even the slightest bit of ice, snow, or even very cold weather.
Same goes here too, we don't get burdened by taxes and when we win something, we really own it.
You sure about that? Taxes that are paid directly to the IRS are being done so to pay off the tax obligation and are not considered taxable income, now if they give you the money to pay the IRS that's another situation all together and yeah it's taxed.