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me too..i did win a car just last month...it's a local dealership giveaway...
i did pay for the TTL though...I know I will have to file this as added income whenever I file my taxes next year....does anyone knows how much usually the taxes are?
I won a 2013 Chevrolet Sonic...the car is worth almost $18K...fully loaded...
attached is the car that I won...
thanks
Congrats to you as well! That is a nice little car. Has the shock worn off yet? LOL. I still cant believe I won mine and that was over 5 months ago. I only have about 600 miles on my car since its my weekend car, I have an old Lincoln I drive through the week to work.
Well I was lucky to not have to pay TTL, but very glad not to. I had to file on my income tax as mentioned and it ended up costing me a little over $1700 because the car "doubled" my yearly income.
I would say that your TTL would be around $1500 or so, but I think it varies from state to state depending on the tax rate.
Bad thing for me was I took possession of the car in 2012 (and late December at that), so I had to pay this year, but since you won yours in 2013, you have until April 2014, so that's a plus!
I was a little sad though to see they had already upgraded/updated the Honda Civic for 2013! Now they have standard back up cameras and blue-tooth even on the LX model, neither of which mine have since it is a 2012 LX model. For 2012 you had to get the EX model to get those features. Oh well. I cant complain!
Quote:
Originally Posted by sarahabijo
me too..i did win a car just last month...it's a local dealership giveaway...
i did pay for the TTL though...I know I will have to file this as added income whenever I file my taxes next year....does anyone knows how much usually the taxes are?
I won a 2013 Chevrolet Sonic...the car is worth almost $18K...fully loaded...
attached is the car that I won...
thanks
me too..i did win a car just last month...it's a local dealership giveaway...
i did pay for the TTL though...I know I will have to file this as added income whenever I file my taxes next year....does anyone knows how much usually the taxes are?
I won a 2013 Chevrolet Sonic...the car is worth almost $18K...fully loaded...
attached is the car that I won...
thanks
Just call your local tag agency and ask them how much. They will calculate it out for you.
Congrats to you as well! That is a nice little car. Has the shock worn off yet? LOL. I still cant believe I won mine and that was over 5 months ago. I only have about 600 miles on my car since its my weekend car, I have an old Lincoln I drive through the week to work.
Well I was lucky to not have to pay TTL, but very glad not to. I had to file on my income tax as mentioned and it ended up costing me a little over $1700 because the car "doubled" my yearly income.
I would say that your TTL would be around $1500 or so, but I think it varies from state to state depending on the tax rate.
Bad thing for me was I took possession of the car in 2012 (and late December at that), so I had to pay this year, but since you won yours in 2013, you have until April 2014, so that's a plus!
I was a little sad though to see they had already upgraded/updated the Honda Civic for 2013! Now they have standard back up cameras and blue-tooth even on the LX model, neither of which mine have since it is a 2012 LX model. For 2012 you had to get the EX model to get those features. Oh well. I cant complain!
Wow..that's good to hear..I am hoping that when I file my income tax next year..it would not hurt me a lot than I am thinking...since I already paid my TTL...I paid $1091 for my TTL...but since the car is worth $17k...i know it would be an added income next year...I read some people they have to take a loan just to pay IRS for $20k car...I am hoping this will not happen to me...Usually I get a refund on my income tax...whenever I file my taxes next year, as long as I do not owe IRS any $$$ I will be fine w/o refund...
Sounds like more of a headache than anything else, lol. Now you won the car, but did you have the option of taking money instead? For me, I would have taken the money, put it in savings, gain some interest off of it and then when tax season came around you have the extra cash to pay taxes on your winnings. You could take the remainder of the money and if you really needed one buy a high quality used car that you would get much more enjoyment out of.
If you couldnt opt for the money, I would sell it and get cash in hand and then do the same as listed above.
I just put money towards winning two cars, but included with the cars is enough money to cover the taxes. Never realized it was such a pain until I read this thread. Good luck
Sounds like more of a headache than anything else, lol. Now you won the car, but did you have the option of taking money instead? For me, I would have taken the money, put it in savings, gain some interest off of it and then when tax season came around you have the extra cash to pay taxes on your winnings. You could take the remainder of the money and if you really needed one buy a high quality used car that you would get much more enjoyment out of.
If you couldnt opt for the money, I would sell it and get cash in hand and then do the same as listed above.
I just put money towards winning two cars, but included with the cars is enough money to cover the taxes. Never realized it was such a pain until I read this thread. Good luck
I didn't have any problems. Signed my name like twice the night I won the car, went and had my taxes done like usual (cost me $25) and they did it all. All I had to do was send three money orders totaling amount of $1701. to the US Treasury.
Quote:
Originally Posted by sarahabijo
Wow..that's good to hear..I am hoping that when I file my income tax next year..it would not hurt me a lot than I am thinking...since I already paid my TTL...I paid $1091 for my TTL...but since the car is worth $17k...i know it would be an added income next year...I read some people they have to take a loan just to pay IRS for $20k car...I am hoping this will not happen to me...Usually I get a refund on my income tax...whenever I file my taxes next year, as long as I do not owe IRS any $$$ I will be fine w/o refund...
Yeah, sounds like you will have smooth sailing! Enjoy it!
Quote:
Originally Posted by lol-its-good4U
I'm SO late to the party - Congrats!
I remember when you purchased the Lincoln TC and how excited you were then, now with this almost free brand new car you must be still in a trance.
Enjoy it in great health and prosperity!
Yes and I still have the Lincoln... 213K, still clicking. lol. Yes, still in shock. lol.
Sadly my "new car" is no so new anymore. First dents... it was damaged by a hail storm earlier this evening from severe thunderstorms that ripped through the area. I am sickened. At least I have insurance, but it will not be the same.
Could be worse... a lot of people had flood damaged cars, so I was at least lucky that didn't happen.
Location: Prince Georges County, MD (formerly Long Island, NY)
1,558 posts, read 2,724,810 times
Reputation: 1652
Oh no
I know people will think it's petty, but when somebody ran the light and blew into the side of my 2011 Civic (since traded up to the '13), it just wasn't the same-- even when the body shop fixed it. It's a hard thing to explain.
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