Freebird Posted January 11, 2008 Share #1 Posted January 11, 2008 NAVAJO COUNTY SHERIFF'S OFFICE LAW ENFORCEMENT TORCH RUN FOR SPECIAL OLYMPICS PRESENTS A RAFFLE TO BENEFIT: SPECIAL OLYMPICS ARIZONA 2007 ROYAL STAR MIDNIGHT VENTURE http://www.venturerider.org/raffle/star.png MRSP OF MOTORCYCLE $17,399.00 Tickets: $10.00 each http://www.venturerider.org/raffle/rsv.jpg ONLY 6,000 TICKETS AVALAILABLE! FOR TICKETS CONTACT: Sgt. Tony Miller Navajo County Sheriff's Office 928-524-4781 To order by mail send check to N.C.S.O. - L.E.T.R., P.O. Box 668, Holbrook, AZ. 86025 To order by mail send check, make check payable to: L.E.T.R. for Special Olympics INCLUDE NAME, ADDRESS AND PHONE NUMBER Motorcycle Provided by: ALL PRO CYCLE 1770 EAST ASH ST. GLOBE, AZ 85501 Email: ALLPROCYCLE@CABLEONE.NET PHONE: 1-800-479-2030 http://www.arizonatorchrun.com http://www.navajocountyaz.com Drawing will be held on December 19th, 2008 or before if all tickets are sold! Winner is responsible for all Taxes, License, Prep, Freight and Registration Fees! Link to comment Share on other sites More sharing options...
Squidley Posted January 11, 2008 Share #2 Posted January 11, 2008 Hmmmmmmm Link to comment Share on other sites More sharing options...
flb_78 Posted January 11, 2008 Share #3 Posted January 11, 2008 Hmmmmmmm Your insurance settlement might be enough to pay for the 8500 dollars in taxes on it!!! Link to comment Share on other sites More sharing options...
Squidley Posted January 11, 2008 Share #4 Posted January 11, 2008 Your insurance settlement might be enough to pay for the 8500 dollars in taxes on it!!! Good one....but your probably not far from the truth Link to comment Share on other sites More sharing options...
Freebird Posted January 11, 2008 Author Share #5 Posted January 11, 2008 Don't worry...after I win it, I'll sell it to you cheap. Link to comment Share on other sites More sharing options...
Squidley Posted January 11, 2008 Share #6 Posted January 11, 2008 Don't worry...after I win it, I'll sell it to you cheap. THANKS BUDDY!! :banana: Link to comment Share on other sites More sharing options...
Guest Sgt T Posted February 5, 2008 Share #7 Posted February 5, 2008 As the person raffling this bike off, and having done 6 others over the last six years, I can tell you that the taxes on winning this bike will be less than you think. Contact the dealer and he can tell you exactly what the Arizona taxes will be. If you are from out of state, then what your state charges I don't know. The dealer is going to absord the freight and prep fees himself so the winner can enjoy this new bike without breaking the bank to own it. Besides, if you bought a new bike from a dealer think what you would be paying. Link to comment Share on other sites More sharing options...
Squidley Posted February 5, 2008 Share #8 Posted February 5, 2008 As the person raffling this bike off, and having done 6 others over the last six years, I can tell you that the taxes on winning this bike will be less than you think. Contact the dealer and he can tell you exactly what the Arizona taxes will be. If you are from out of state, then what your state charges I don't know. The dealer is going to absord the freight and prep fees himself so the winner can enjoy this new bike without breaking the bank to own it. Besides, if you bought a new bike from a dealer think what you would be paying. Were just funnin' Sarge Good to have you here with us. I will be buying a ticket as now I have to replace my '99 But I'll gladly pay taxes on it....and ride it home Link to comment Share on other sites More sharing options...
JPM Posted February 5, 2008 Share #9 Posted February 5, 2008 As the person raffling this bike off, and having done 6 others over the last six years, I can tell you that the taxes on winning this bike will be less than you think. Contact the dealer and he can tell you exactly what the Arizona taxes will be. If you are from out of state, then what your state charges I don't know. The dealer is going to absord the freight and prep fees himself so the winner can enjoy this new bike without breaking the bank to own it. Besides, if you bought a new bike from a dealer think what you would be paying. Hey Sarg., if you have any trouble selling those 6,000 tickets, set up a paypal account to purchast tickets and they may sell even faster. I may be able to find someone to help me get it back to Michigan. I like your odds a lot better than the lottery tickets. Joe Link to comment Share on other sites More sharing options...
Mariner Fan Posted February 5, 2008 Share #10 Posted February 5, 2008 Cool! After I win this I'll have two. Link to comment Share on other sites More sharing options...
Guest KitCarson Posted February 5, 2008 Share #11 Posted February 5, 2008 Taxes.......8500 dollars is in reality not far off. All things like this if you win them.....or go to Las Vegas and win .......have to be declared as income. The federal government has a set rate for things such as gambling earnings and vehicles won in a raffle or like a game show thing. If you win at Las Vegas...hey not bad.....you already have the money in hand......so 55 percent to the Federal Government..still leaves you holding earnings. If you win a vehicle or such as an RSV they use the high retail price.....most likely about 18,000.00.........I would have to look it up.....but do think it is like 45 percent of the total worth you owe the government........therefore if you win sometimes you lose........many have to sell the thing to pay the taxes. There are federal taxes.......state taxes........sales tax.........fees.......my percent numbers are most likely wrong.....in fact pretty sure they are, I have an accountant do the taxes now......but add it all up....it does become significant......such as in our State of South Carolina...they have reciprocal agreements with several states on sales tax.....so you do not get nailed twice......some do not.....Think it is gambling earnings that carry the bigger percentage hits. I know of a person....do not know all the facts for the whole truth and nothing but the truth.....but they won the nice new Ford Truck given away locally by one of the dealers..........they went to the bank and got a loan to pay for the taxes.......still a good price for a new 30,000.00 vehicle........but do not know the exact numbers. Link to comment Share on other sites More sharing options...
Freebird Posted February 5, 2008 Author Share #12 Posted February 5, 2008 Here is from a reputable tax site: I just entered $16,000.00 on line 21 on my already complete return. It would cost me a little less than $4,000.00. Still quiet a bargain for a new RSV. "You will report the value of the prize on Line 21 of your 1040 Form. You should receive Form 1099Misc for the value as stated by the dealer. It is suggested that you get the fair market value of the prize from another reliable source as well. You can report the lower of the 2 amounts. Attach a statement and a copy of the 1099 misc to your return if you use the fair market value instead of the 1099misc amount and explain how you determined the lower amount. You can increase your withholding from your employer to cover the additional tax OR you can submit Form 1040ES voucher for the quarter of the win to prepay the tax just as if you had tax withheld." Link to comment Share on other sites More sharing options...
rod Posted February 5, 2008 Share #13 Posted February 5, 2008 Ok let me see, I win a MRSV in AZ so I pay tax. Next I go pick it up...then I have to put 7,500 mi on it before I can get it licenced in CA. MMMMMMMM new bike ,road trip for the price of taxes..........PUT ME IN COACH I'm ready to play!!!!! Ever the optamist. Rod Link to comment Share on other sites More sharing options...
Squeeze Posted February 5, 2008 Share #14 Posted February 5, 2008 Hey, i just found one Thing which seems to better in Germany ... Whatever we win is Tax free for one Year. On a Vehicle is no Tax even after that Year. We only would have to pay Income Taxes on the Price when we sell it. And do not forget to declare this Income. When you win Money, there is still no Tax on it. Only the Interest or Revenues are to taxed beginning in second Year. And three Percent Extra Tax on all your Money, when you are rich enough to declare half a billion Euros. Link to comment Share on other sites More sharing options...
cmor Posted February 5, 2008 Share #15 Posted February 5, 2008 Even better in Canada............ No lottery or any winnings are taxable. The only taxes you pay are on the interest earned on those winnings. Link to comment Share on other sites More sharing options...
Pilot Posted February 5, 2008 Share #16 Posted February 5, 2008 Hey Sarg., if you have any trouble selling those 6,000 tickets, set up a paypal account to purchast tickets and they may sell even faster. I may be able to find someone to help me get it back to Michigan. I like your odds a lot better than the lottery tickets. Joe Sarg I agree with this a PayPal account will sell those tickets fast. Link to comment Share on other sites More sharing options...
Pilot Posted February 5, 2008 Share #17 Posted February 5, 2008 Freebird would something like this benefit the site? Lets see 4000 members at $10.00 a ticket………………$40,000.00 Even if you only sell 2000 tickets………….It doesn’t have to be a bike it could be an accessory (GPS, CHROME, LIGHTS, etc. etc.). Just an idea to help out with the funds bank I would buy tickets. Link to comment Share on other sites More sharing options...
Freebird Posted February 5, 2008 Author Share #18 Posted February 5, 2008 Nice thought but based upon my past experience, most wouldn't purchase tickets. Also, we don't need that much to keep things going. I am doing OK. It would be GREAT to actually make a bit of money but to be honest, as owner of the site, most of that would go into my pocket. Link to comment Share on other sites More sharing options...
Freebird Posted February 5, 2008 Author Share #19 Posted February 5, 2008 Here is some more info that I picked up. 1. Each state has its own Raffle laws. States where raffles are legal have their own separate rules and regulations for holding raffles. In states where raffles are legal some type of raffle license must be obtained from the pertinent state office. 2. Raffles are considered a form of gambling. Gambling is carefully monitored by state and federal regulations. The three basic criteria that satisfy the definition of gambling are: (1) a prize is awarded; (2) the winner of the prize is determined purely by chance; and (3) some consideration or payment is required to participate. Link to comment Share on other sites More sharing options...
Guest tx2sturgis Posted February 5, 2008 Share #20 Posted February 5, 2008 And I'm thinking that in most states the raffler (raffling party?) must be some type of not-for-profit organization? We have run into some problems doing this, and ended up having a third-party non-profit actually do the raffle for us...meaning companies that want to hold a raffle and then donate the profits to a charity. Still, that would be a decent return if you then sold the bike, maybe back to the dealer, and pocketed your winnings... Link to comment Share on other sites More sharing options...
Guest Popeye Posted February 5, 2008 Share #21 Posted February 5, 2008 If more than two tickets are sold, the odds are out of my league. For me, 50/50 is a poor bet. Link to comment Share on other sites More sharing options...
Guest tx2sturgis Posted February 5, 2008 Share #22 Posted February 5, 2008 If more than two tickets are sold, the odds are out of my league. For me, 50/50 is a poor bet. Hey dude, the odds are against me 'scoring' at Sturgis every year..but I keep going!!! Link to comment Share on other sites More sharing options...
JPM Posted February 6, 2008 Share #23 Posted February 6, 2008 Even better in Canada............ No lottery or any winnings are taxable. The only taxes you pay are on the interest earned on those winnings. Can I have my new bike registered in Canada? Can I, can I?? Maybe I can buy it back from myself and get Michigan plates and just pay the sales tax. Hmmm....maybe not. Joe Link to comment Share on other sites More sharing options...
Pappa Bear Posted February 7, 2008 Share #24 Posted February 7, 2008 Please don't anyone start talking about the cost of health care insurance:mo money: Link to comment Share on other sites More sharing options...
eagleeye Posted February 7, 2008 Share #25 Posted February 7, 2008 I think that is a tax that I won't pay Steve Link to comment Share on other sites More sharing options...
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