So last night i was @ Cecil county dragway and someone else was thrashing my Car!

[robertwsimpson]

How can two used Fords and a trailer be worth $100k? Guess I should have been more careful in what I planned on winning.

Well, the whole thing is a tax writeoff for American Muscle, so they will be motivated to write off as high a value as possible. That written off value will get transferred to the winner. Awesome, right?

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[Dominant1]

What mph?

i think it was like 124mph...

 

[nicktechla]

How can two used Fords and a trailer be worth $100k? Guess I should have been more careful in what I planned on winning.

I think the raptor will be new

 

[timd38]

If I won, what would I do? Find a way to pay the taxes... I mean lets be honest here.

Sell your current car to pay the taxes, unless you financed it, then you have a problem...........

 

[timd38]

Well, the whole thing is a tax writeoff for American Muscle, so they will be motivated to write off as high a value as possible. That written off value will get transferred to the winner. Awesome, right?

It still cost them money, yes, and they have to prove how much was invested. I ran a promo once and gave away an F150 with Forgline Wheels, air ride, Maganflow Exhaust, Wilwood brakes and such and had to document everything to avoid tax issues. I could not claim the "donated" parts, only the labor.

 

[lemers]

You can't get an auto-loan for what ever the taxes are with $100k worth of collateral. That's like down up to a 90% down payment.

 

[NoReins]

The thing I am wondering is will the stang be CARB legal... I don't think so.

With its 850HP I highly doubt the car is no longer CARB legal. I think they added Longtube headers, so that alone wouldn't make it CARB legal.

How can two used Fords and a trailer be worth $100k? Guess I should have been more careful in what I planned on winning.

You are getting a brand new Raptor (since they aren't out yet), and the price of that is like $50,000.

Also factor in the car, lets says $30,000 for it being a 2015 model, add all of the goodies and paint that did. You are probably looking at an additional $15-20000.

I know that trailer probably wasn't cheap. Would says its a $4-5000 trailer.

 

[SDEcoBoost]

Based on what I have seen on the news, you pay no taxes. You create a "Foundation" for charity work ( IRS 501(3) c?) and the Foundation takes ownership of the vehicle. You place all of your income in the Foundation and take a small salary. You then create business account and write off all of your other expenses, such as food, travel and housing. Your home is a lease to the Foundation. And, you use a set amount of money to help needy folks. Win, win! DISCLAIMER: This may be illegal and the IRS may come calling.

 

[Strokerswild]

It's going to be way more than 10k in tax. The value gets treated as income, and you get 1099ed on it... depending on what tax bracket you're in, it's going to be a minimum of 10k. In the lovely state of CA, I'd probably have to pay 10k to the state and then double that or more to the federal government... I'd figure out a way to do it though... The thing I am wondering is will the stang be CARB legal... I don't think so.

This. Much more than just the tax on the rigs as if you bought them....

It very likely would qualify as capital gains, and then you pay big time. ;)

 

[Stormtrooper5.0]

How exactly do these contests work? I've been entering since early this year.

Let's say me (or you) win these 2 cool vehicles. I would think they just send the cars over to you and you are done, do you have to pay anything out of pocket?

 

[JerzysIS6g]

Guys... guys... they already told me I won and are just testing out mods I asked them to do. Move on... move on.

Actually, I think I've only registered two or three times. It's gonna be some guy who doesn't even have a license that wins this. Literally every time there was a freakin' Harley give away at motorcycle events, it was some old, nerdy, accountant who had never ridden a motorcycle in his life. Same thing is going to happen here. Point being, I'm going to have to buy a Toyota Camry to win this sweepstakes... #noadmoncamrys

just like AM 2016 show... guy wins MY vortech supercharger and doesn't even own a car!!:frusty: why he even payed for a raffle ticket is beyond me :rant:

 

[NoReins]

How exactly do these contests work? I've been entering since early this year.

Let's say me (or you) win these 2 cool vehicles. I would think they just send the cars over to you and you are done, do you have to pay anything out of pocket?

if you are entering contests without reading the official rules, then you have no clue what you are getting into. I always read the official rules before I enter anything.

The link for their rules are under the 850+ HP Mustang and 2017 Raptor Picture with the Specs: http://www.americanmuscle.com/2017-raptor-2015-mustang-sweepstakes.html

This May Answer your question:

Prize Conditions: Prize cannot be transferred, redeemed for cash or substituted. Winner is responsible for procuring, and for the cost of, all title/transfer, registration, taxes and insurance on vehicles. All costs and expenses not expressly specified herein as Sponsor’s responsibility are solely the winner’s responsibility. If winner cannot accept the prize as stated, prize will be forfeited in its entirety and an alternate winner selected.

 

[klousgt]

Have u guys thought about what you would do if you win? Its over $100,000k worth of goodies. I'd keep it all don't think i'd sell anything!!!!

Do you have a plan on how you're going to pay the income tax on that?

 

[Dominant1]

Do you have a plan on how you're going to pay the income tax on that?

Yes ...write a check!

 

[ranger56528]

As rules state,if you can't pay all owned funds on winning you forfeit it and another name is drawn,so if you don't have 30-40k availible at your fingertips you lose,hope people read the rules,and you can't just sell them you need to register car,trk,trailer pay the fees then you can turn around and sell them if you want,catch 22 as they say.....
Looks like I need to transfer some of my retirement into my checking so I can write a check when they call me hahaha.

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