dude wins lambo, wrecks it 2 hours later

[Dman8777]

Sell it, buy a GTR, pocket the rest, profit!

 

[satyajitmenon]

Sell it, buy a 2012 GTR, pocket the rest, profit!

FTFY

 

[Throckmorton]

http://jalopnik.com/5870150/man-who...urs-after-winning-it-asked-jay-leno-to-buy-it

 

[amish]

http://jalopnik.com/5870150/man-who...urs-after-winning-it-asked-jay-leno-to-buy-it

so dude crashes the car for the insurance money to pay the tax bill? wouldn't you have to do more damage to the vehicle and have it totalled?

 

[sandorski]

so dude crashes the car for the insurance money to pay the tax bill? wouldn't you have to do more damage to the vehicle and have it totalled?

$100k in Taxes? Wasn't there a Cash Equivalent prize? Seems like all the dude "Won" was a financial headache.

 

[xSkyDrAx]

He's 24 and a father of 6?? WTF

Edit: nevermind I thought someone said he was 24 y/o. Still 6 kids is a lot.

 

[HAL9000]

Wow that sounds like it'd screw him over more than it'd help him even if he didn't crash it. I don't care what I win (unless it was cash) if I got dropped with a 100K tax burden at 25 y/o my life would be over. What's the point of a prize that ends up screwing you over just by winning it?

Why would he have to pay 100K tax...?! Is that a thing in America?

In the UK he'd have to pay £500 or so road tax, and for an MOT to check it is road worthy, which is about £150, but it would probably have had that done already. Then obviously insurance.

 

[Bacstar]

What's the time frame on paying taxes on something like this?

Sounds like this guy is screwed. Probably won't be able to sell the car for what it was worth pre-crash. It'll be interesting to hear the outcome of all the crap he's going to have to deal with now, insurance, police investigation, etc.

 

[SSSnail]

Why would he have to pay 100K tax...?! Is that a thing in America?

In the UK he'd have to pay £500 or so road tax, and for an MOT to check it is road worthy, which is about £150, but it would probably have had that done already. Then obviously insurance.

So in the land where trolls hail from, or UK, you don't pay sales tax? How about tax on your winnings?

Anyways, I have no idea why I just replied to you.

 

[Via]

I'd sell it and pay off my house.

 

[HAL9000]

So in the land where trolls hail from, or UK, you don't pay sales tax? How about tax on your winnings?

Anyways, I have no idea why I just replied to you.

There is no tax on winnings in the UK, and while you do pay Value Added Tax on things you purchase, this is not a purchase.

 

[sandorski]

So in the land where trolls hail from, or UK, you don't pay sales tax? How about tax on your winnings?

Anyways, I have no idea why I just replied to you.

Don't know about the UK, but up here there are no taxes on Lotto winnings. I'm not sure if that applies to Houses/Cars though, but it probably does.

 

[HAL9000]

Don't know about the UK, but up here there are no taxes on Lotto winnings. I'm not sure if that applies to Houses/Cars though, but it probably does.

Same here, the only time you'd pay tax on winnings in the UK is if your entire income comes from it, I.e. you're a professional gambler, then you might have to pay income tax on what you make per year..

 

[Doppel]

If I won a Lambo I would immediately sell it.

This is what anyone with a brain does unless extremely wealthy. Guy drives it around with salt on the roads, too? What an ftard.

The tax on winnings in the US is another way to fvck you, though not quite as crafty as the "Congrats you just won $1M. Oh, I meant $1M over 20 years of installments. If you want it all right now you only actually won like $400k".

 

[Arkaign]

That damage really doesn't sound bad at all really. At least compared to what could have happened had he actually struck something. That said, he'll probably end up pretty much even on the deal, with an interesting story to tell the only profit from it.

Checking ebay closed listings, people have bid over $200k on models which I assume have never had a light 'accident' such as this.

Anyways, story is worthless without pics really. If there is suspension damage or cracked wheels, then the price will quickly spiral up.

 

[Arkaign]

Same here, the only time you'd pay tax on winnings in the UK is if your entire income comes from it, I.e. you're a professional gambler, then you might have to pay income tax on what you make per year..

Yeah this is one area where the UK and Canada have it right. The tax $ collected from relatively poor people (99% of contest winners, most likely) isn't worth the effort. At least maybe put a cap on it, if you win less than 1M, then you keep it all, past that pay 15% or something on the balance.

 

[HAL9000]

Yeah this is one area where the UK and Canada have it right. The tax $ collected from relatively poor people (99% of contest winners, most likely) isn't worth the effort. At least maybe put a cap on it, if you win less than 1M, then you keep it all, past that pay 15% or something on the balance.

Agreed. I think if you win some money you shouldn't have to pay tax on it, you should win it... It's similar to how I found it irritating in America when I'd go into a shop and something would be priced "$1"... and then I'd get to the till and the person would say "That's $1.08 please" errm... What?

 

[BUTCH1]

A state-of-the-art piece of high-performance technology but damm, that slime green is fugly IMO. He will have to add the value of the car to his income for this year, even my company's $100 X-mas gift card was considered taxable income (they added it to our w-2 for 2011)..