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05/19/2008 03:45:06 PM · #151 |
| That was so cool - Glenda's excitement made me feel so good - big beam on my face, too! |
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05/19/2008 04:45:13 PM · #152 |
| Ditto! (love the accent, too ;) ) |
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05/19/2008 05:10:57 PM · #153 |
| Congtats! I'm glad I got to vote on your winning photo, but you certainly didn't need my help...yours was the best shot of the bunch. |
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05/19/2008 06:14:33 PM · #154 |
Originally posted by rossbilly:
I stopped by the dealership @ lunch, seems there will be a small 'ceremony' this Friday. Still not sure about any taxes / fees, etc. THANKS!!! |
Ok, Billy, I thought I'd just relate what happened to me back in 1986. I won a brand new Subaru in a Coca Cola contest and I was deep in debt at the time. I told them I would prefer cash and they told me I could just sell the car back to the dealer. So they had the ceremony (Santa Cruz Beach Boardwalk in California) and I drove the car and the dealer back to his office. The sticker price on the car was $15,500 (dlr invoice, I believe - the car was selling for over $18k on the lot). I had to haggle with the dealer to finally give me $11k for it as long as he took care of the "taxes and all that", to which he agreed. I was young, naive and thought that meant he would pay off the federal taxes on it - like witholding. The following year, I did as I always had and filed a 1040EZ - the car thing had not even crossed my mind and I received no 1099 from anyone about it - frankly didn't even know what a 1099 was.
TWO YEARS after that, I got a letter from the IRS stating that a 1099 was submitted to them back in 1986 stating that I received $13,200 in unearned compensation and that I had not claimed it and I now owed around $6k in taxes, penalties and interest. I called the IRS and told them the story and said the dealer never gave me $13k, it was $11k and the taxes were supposed to have been paid by them. The IRS told me I would have to get in touch with the dealer who reported paying me the $13k and get them to contact the IRS and tell them it was a mistake. Well the dealer was out of business for over a year by that time. I tried over several months to contact someone, but no luck. Meanwhile, the IRS is racking up more penalties and more interest and more interest on the penalties and penalties on the unpaid interest.
I just started making payments and paid monthly for about two years, during which time the amount owed just got bigger and now they had garnished my wages and were taking the money. I finally paid it off in one lump when I got a good severance from a company I worked for that was acquired. When all was said and done, I had paid the IRS almost $14k in taxes on the $11k I received.
Maybe the lesson in there is "Art was an idiot", but I just wanted to let you know so it doesn't happen to you. You will probably end up owing 40% of the value of the car to the IRS. Be prepared.
Hope that was helpful and also hope it doesn't spoil the moment. :) |
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05/19/2008 07:51:13 PM · #155 |
| Another good reason to be a Canuck :) |
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05/19/2008 08:02:22 PM · #156 |
Originally posted by BeeCee:
Another good reason to be a Canuck :) |
You pay no taxes? Or not on gifts or prizes? |
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05/19/2008 09:48:34 PM · #157 |
| Officially, not on gifts and prizes.... otherwise?.... shhhhhh ;) |
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05/27/2008 11:54:16 PM · #158 |
ok - FINALLY!
While we technically won over a week ago, it was only last Friday that things were finalized (paperwork, sales tax, etc.) But it was very nice, and the man who had sold us our first Saturn nearly 3 years ago, came in on his day off just to take part! (Now THAT was thoughtful!) He'd sold us the silver car on the right, and has now handed us the keys to the new Astra on the left (blue).
We had a crazy weekend of family gatherings, but we did wash both our cars for a quick photo session - it took a LOT longer to wash & clean the cars than to photograph them! LOL (We live WAY out in the sticks, with a 1/4 mile gravel driveway - lots of dust and/or mud. (We drove VERY slowly down our driveway to not stir up dust, and shot this at a nearby relative's home.)
Man, its good to be me EVERY day, with such a terrific wife & kids... but you guys have helped make our lives even better - thank you!
Billy, Glenda, Jennifer, Harley, & Lauren
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05/27/2008 11:57:24 PM · #159 |
About freakin' time!!! lol
It's absolutely wonderful, and you guys deserve it so much. :D |
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05/28/2008 12:06:55 AM · #160 |
Big congrats to the both of you. I hope that the Fed taxes will not be a problem for you later, like Ken's deal.
I tuned in too late to vote, but did have a look at the photos, and you posted the best of the bunch by far.
Sometimes stories do have a happy ending, and it's great that the DPC team was able to pitch in and help out.
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05/28/2008 04:04:19 AM · #161 |
| A belated Congrats to you guys, thats awesome! |
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