Gumball 3000 STi on ebay - Page 3

***austinpike*** · 02-25-2007, 12:30 PM

Quote:

Originally Posted by MadMan77

Prizes and awards in goods or services must be included in your income at their fair market value.

The auction will show that the car's market value is clearly not 65k. Wonder if you can appeal that to the IRS somehow.

Considering the guy is going from winning a kick-ass car to basically nothing, I don't begrudge him a few k of "profit."

JerzeyBoySTI · 02-25-2007, 12:32 PM

Quote:

Originally Posted by austinpike

The auction will show that the car's market value is clearly not 65k. Wonder if you can appeal that to the IRS somehow.

Considering the guy is going from winning a kick-ass car to basically nothing, I don't begrudge him a few k of "profit."

Its sad but he will be lucky to break even..

twigg107 · 02-25-2007, 04:37 PM

Take it to a car appraiser and they will clearly say that the car is not worth $60k..... I would fight it!!! Its sad that some kid wins a car in a contest and has to pay close to the same price for a stock one in taxes!!!

***ELD4AU6*** · 02-25-2007, 06:01 PM

man I really like those seats

Andys05STi · 02-26-2007, 04:07 AM

check out the desc.

"-First Aid Kit (Partially used)"

Now that's funny!

***Crewchief*** · 02-26-2007, 05:25 AM

Only 8000 miles, but thats 8000 miles of continualy having the **** beat out of it.

Chris05STi · 02-26-2007, 06:29 AM

^Yup.....especially on that engine

AHHHH! Def not worth buying for all the crap its been through. Still its a nice piece of history.

PHiL2 · 02-26-2007, 06:55 AM

How ghetto is that...enter a contest and win, but cant pay the taxes on it

donmei · 02-26-2007, 06:00 PM

He wont be lucky to break even. he'll do just fine.

You see, the IRS may say the car is worth 60K. So if he wants to keep it, he pays taxes on 60K.

But if he sells it, and only gets 25K, then he has proof that the car is only worth 25K. So he pays taxes on that. Period. Thats how it works. I had a friend who won a 3 year old leftover bass boat 5 years ago. The MSRP was like 35K. The group putting on the raffle advertised it as a $35K prize. In the end, between normal discounts, and the fact that it was 3 yrs old, he was able to sell it for $20K. He paid taxes on 20K, not $35K.

its ironic, that he has to sell the car to prove what its worth, and with probably a 10K tax hit, he might be able to keep it. Oh well thats life.

Its better than nothing. He'll clear probably 12K when all is said and done.

Its also NOT GHETO to have to sell something you won. I've bought a number of raffle tickets, just for the game of it. The prize was often something valuable that I didn't really need. In one case I won a Sig Sauer PXXX (cant remember the model). I'm left handed. I knew I'd sell it if I won it.

Just last year, I bought a ticket for a Z06 raffle. Proceeds went to the make a wish foundation or something like that. If I won, I'd have a simple choice.

1) Keep my $70,000 car and dig into my own money for the $30,000 in taxes.
2) Sell my car for about $60,000, pay $30,000 in taxes and put $30,000 in my pocket, free and clear.

I'll take the cash thanks. Botom line is that many of us old guys can afford some of that stuff, but we'd rather have something else for the same money. So if we win something that we didnt choose to purchase on our own in the first place, then we are likely to sell it.

I'd rather upgrade my airplane than my car, or better yet, do the body off restoration on my '66 Impala Convertible that I've been thinking about for years. But thats just my.02.

Mykl · 02-26-2007, 06:37 PM

Quote:

Originally Posted by eurospek

http://www.brightcove.com/title.jsp?title=174314720

Here's a video of it.

That guy does seem pretty cool, a quote from when they're on a race track...

"You people can't tell me you aren't going to put cars into each other, it's not like any of us really know how to f***ing drive."

Mykl · 02-26-2007, 06:41 PM

...but after watching that video... there's no way in hell I'd buy that car.

spokane sti · 02-26-2007, 07:06 PM

No way I'd buy after all that abuse.

bynddrvn · 03-03-2007, 06:49 AM

why in the world would HIN put the value of this car at 65K? The car was probably worth that amount when it was brand new and pimped out by Vermont Sportscar, but there is no way the car is still worth its original amount!

From the videos online, this car has had the absolute crap beat out of it.

If he wants to keep the car, he should find someone to re-appraise the car and pay the taxes off of the correct fair value. The IRS is just calculating the taxes due on HIN overvalued amount. Of course, finding someone to appraise such a one off car will be a difficult challenge!

02-26-2007, 05:25 AM	#36
*Crewchief* Authorized Member-Vendor Fav Mod: Being IWSTI's Pawn Shop, lol Location: Charleston, SC Posts: 3,935 Join Date: Sep 2004 Trader Rating: (51)	Only 8000 miles, but thats 8000 miles of continualy having the **** beat out of it. Last edited by klaymon : 02-26-2007 at 05:40 AM.

02-26-2007, 06:00 PM	#39
donmei S204 Racer Car: 04 WRB STi Fav Mod: Trailer Hitch Location: CT, U.S.A. Posts: 3,140 Join Date: Feb 2004 Trader Rating: (0)	He wont be lucky to break even. he'll do just fine. You see, the IRS may say the car is worth 60K. So if he wants to keep it, he pays taxes on 60K. But if he sells it, and only gets 25K, then he has proof that the car is only worth 25K. So he pays taxes on that. Period. Thats how it works. I had a friend who won a 3 year old leftover bass boat 5 years ago. The MSRP was like 35K. The group putting on the raffle advertised it as a $35K prize. In the end, between normal discounts, and the fact that it was 3 yrs old, he was able to sell it for $20K. He paid taxes on 20K, not $35K. its ironic, that he has to sell the car to prove what its worth, and with probably a 10K tax hit, he might be able to keep it. Oh well thats life. Its better than nothing. He'll clear probably 12K when all is said and done. Its also NOT GHETO to have to sell something you won. I've bought a number of raffle tickets, just for the game of it. The prize was often something valuable that I didn't really need. In one case I won a Sig Sauer PXXX (cant remember the model). I'm left handed. I knew I'd sell it if I won it. Just last year, I bought a ticket for a Z06 raffle. Proceeds went to the make a wish foundation or something like that. If I won, I'd have a simple choice. 1) Keep my $70,000 car and dig into my own money for the $30,000 in taxes. 2) Sell my car for about $60,000, pay $30,000 in taxes and put $30,000 in my pocket, free and clear. I'll take the cash thanks. Botom line is that many of us old guys can afford some of that stuff, but we'd rather have something else for the same money. So if we win something that we didnt choose to purchase on our own in the first place, then we are likely to sell it. I'd rather upgrade my airplane than my car, or better yet, do the body off restoration on my '66 Impala Convertible that I've been thinking about for years. But thats just my.02. Last edited by donmei : 02-26-2007 at 06:08 PM.

03-03-2007, 06:49 AM	#43
bynddrvn Junior STI Driver Fav Mod: stickers Location: in an airplane Posts: 130 Join Date: Jul 2006 Trader Rating: (0)	HIN are idiots why in the world would HIN put the value of this car at 65K? The car was probably worth that amount when it was brand new and pimped out by Vermont Sportscar, but there is no way the car is still worth its original amount! From the videos online, this car has had the absolute crap beat out of it. If he wants to keep the car, he should find someone to re-appraise the car and pay the taxes off of the correct fair value. The IRS is just calculating the taxes due on HIN overvalued amount. Of course, finding someone to appraise such a one off car will be a difficult challenge! This ad is not endorsed by this member. Please register or login to hide this ad.

02-25-2007, 04:37 PM	#33
twigg107 Spec C Club Car: 08 DGM STI Fav Mod: Me..... Location: Vancouver, Wa Posts: 1,328 Join Date: Jun 2006 Trader Rating: (1)	Take it to a car appraiser and they will clearly say that the car is not worth $60k..... I would fight it!!! Its sad that some kid wins a car in a contest and has to pay close to the same price for a stock one in taxes!!!

02-25-2007, 06:01 PM	#34
*ELD4AU6* Platinum Member Car: 05 WRX STi CGM Fav Mod: RCE Location: Anniston, AL Posts: 1,868 Join Date: Nov 2005 Trader Rating: (1)	man I really like those seats

02-26-2007, 04:07 AM	#35
Andys05STi Junior STI Driver Car: 05 Subaru PSM WRX STi Fav Mod: Me in the driver's seat Location: Western Pennsylvania Posts: 53 Join Date: Mar 2006 Trader Rating: (0)	check out the desc. "-First Aid Kit (Partially used)" Now that's funny!

02-26-2007, 06:29 AM	#37
Chris05STi I Has a Turbo Timer Car: 2005 Subaru WRX STi Fav Mod: Every single one! Location: NJ Posts: 8,895 Join Date: Jun 2005 Trader Rating: (20)	^Yup.....especially on that engine AHHHH! Def not worth buying for all the crap its been through. Still its a nice piece of history.

02-26-2007, 06:55 AM	#38
PHiL2 Senior STI Driver Car: 07 MB ML350 Sport/05 Location: Ballston Lake, NY Posts: 370 Join Date: Oct 2003 Trader Rating: (0)	How ghetto is that...enter a contest and win, but cant pay the taxes on it

02-26-2007, 06:41 PM	#41
Mykl S204 Racer Car: '04.5 STi Fav Mod: ZZYZX Location: Montgomery, Al Posts: 2,749 Join Date: Apr 2006 Trader Rating: (0)	...but after watching that video... there's no way in hell I'd buy that car.

02-26-2007, 07:06 PM	#42
spokane sti Junior STI Driver Car: 06 Aspen STI Location: Spokane, WA Posts: 50 Join Date: Sep 2006 Trader Rating: (1)	No way I'd buy after all that abuse.