We won a car

[sdifox]

Originally posted by: SolMiester

Originally posted by: sdifox
So do you have to pay for taxes or are the taxes all paid for as part of the prize?

No taxes buddy, they even register the car in her name, so all on road charges excluding insurance...

Excellent, the way it should be. Enjoy the new car.

Ignore the ignorant haters, Swift is a decent car.

 

[allisolm]

Originally posted by: Acanthus

Originally posted by: evident
i think if you win a car in the US and you decide to sell it, you have to pay taxes on it too, no?

You have to pay a gift tax on the value of the car in the US whether you want to sell the car or not. It's not small either, last i knew it was over 40%...

There was a big thing a year or so ago about oprah giving brand new pontiac G6s to everyone in her audience and more than half of them had to sell them because they couldnt afford the gift taxes.

AFAIK gift taxes are taxes paid normally by the giver of a gift, not the recipient, on gifts which exceed a certain amount annually. If you win a car, you get taxed on the $ value of the car as if it were ordinary income, so you pay the same percentage in tax as you would if you had earned the money.

 

[Acanthus]

Originally posted by: allisolm

Originally posted by: Acanthus

Originally posted by: evident
i think if you win a car in the US and you decide to sell it, you have to pay taxes on it too, no?

You have to pay a gift tax on the value of the car in the US whether you want to sell the car or not. It's not small either, last i knew it was over 40%...

There was a big thing a year or so ago about oprah giving brand new pontiac G6s to everyone in her audience and more than half of them had to sell them because they couldnt afford the gift taxes.

AFAIK gift taxes are taxes paid normally by the giver of a gift, not the recipient, on gifts which exceed a certain amount annually. If you win a car, you get taxed on the $ value of the car as if it were ordinary income, so you pay the same percentage in tax as you would if you had earned the money.

Im honestly just going off of poor memory of a news article with that Oprah incident where people couldnt afford the rediculous tax, it may have been a special occurance or standard practice in the US. Im honestly not sure.

 

[SolMiester]

Originally posted by: Googer

Originally posted by: OdiN
Cool. Sell it and buy something good.

Suzuki Swift = Chevrolet Metro aka Geo Metro. They are the same car, GM used to rebadge Suzuki cars.

Metro?....this is brand new shape...

Swift