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99% of the problems with an automobile happen before the first year or after the tenth year. I don't car eif it's a gas guzzler or a hybrid, if it's brand new I'm selling it...and looking for an already depreciated two year-old model. Let someone else do the beta testing.
The $35K you'd sell it for wouldn't be considered income, it's just an asset conversion. Since you're selling it at a loss there would be no tax liability. In fact a good accountant would claim the $5k loss for you.
Plus $10K is a pretty high estimate for taxes. That's 25%; I don't think many people with a high enough income to have a marginal tax rate of 25% are screwing with entering contest to win SUVs. $5K would be more than enough to set aside for most folks.
Oh jeez! My marginal tax rate is well over 50% and I'm not even rich. Think self-employment taxes and state and local income taxes, and more. Although I guess self-employment won't apply to prize winnings.
Quote:
Originally Posted by Philip T
mkay . . . but this part . . .
That part was a joke. right? Right?
Pretty funny, I would say . . . but it was a joke?
Remember that when everyone has given up on the stock market, it will be time to invest
Oh jeez! My marginal tax rate is well over 50% and I'm not even rich. Think self-employment taxes and state and local income taxes, and more. Although I guess self-employment won't apply to prize winnings.
Remember that when everyone has given up on the stock market, it will be time to invest
Certainly, but even as a 21-year old (or thereabouts) heading to Coushatta for NYE gamblin' with the bosses in a past lifetime, not knowing when to call it a night at the slots or tables can hurt you.
I walked away with my winnings last time. The others all lost theirs back.
Anyway, to the question at hand, if the vehicle is useful enough for me, that's the trade-off of making it a keeper. If I was to sign up for such a sweepstakes, that is.
Everyone wants that 30+ MPG vehicle with the capability of an airport shuttle bus...it ain't happening yet. If ever.
Ummm.... I don't think there are many folks out there willing to spend 30k to 40k for a vehicle these days is there? Especially from a private owner. Maybe a dealership would buy it from you. ???
Ummm.... I don't think there are many folks out there willing to spend 30k to 40k for a vehicle these days is there? Especially from a private owner. Maybe a dealership would buy it from you. ???
Bought 2 in the last 8 months.....both new from a dealer
99% of the problems with an automobile happen before the first year or after the tenth year. I don't car eif it's a gas guzzler or a hybrid, if it's brand new I'm selling it...and looking for an already depreciated two year-old model. Let someone else do the beta testing.
Bad argument, if the car is new it is fixed for free under warranty. The only thing you will be beta testing is your wallet when the used car breaks (out of warranty). Your 99% assumption is way off btw.
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