D16RR Raffle, $40 per ticket

[DoubleEagle]

Just a thought.

I saw where the used price for a D16RR a month ago was $43,000.( MCN used price guide )

So , if you pay $40 for the ticket, win the bike , pay like $20,000 in taxes and then it becomes a used bike as soon as you take ownership.

So you could end up selling it for only $23,000 more which isn't going to buy you much of a stable unless you are buying used .

Dolph

[Popeye the Sailor]

God, I'd hate to make only 23k off a $40 dollar investment. The horror.

[Cloner]

Yeah.....makes me want to buy ANOTHER ticket!   

[DoubleEagle]

Just sayin' in case sombody thought they could turn around and get $70,000 for it !

Dolph     

[hadesducati848]

What if you win it and just not register it, and put it up for sale as soon as you get it. sell it for say 50k and then give your GF a 50k gift and she turns around and buys you a few toys with it... would that be a loophole or fraud?

[DoubleEagle]

I'm no expert but I think it would come off the Dealer's MSO so then it would have to be titled to someone.

Dolph     

[Duck-Stew]

I'm no expert but I think it would come off the Dealer's MSO so then it would have to be titled to someone.

Dolph      

Exactly...  MUST be registered to someone.  *BUT*, if you sold the ticket to someone...  then you'd only be on the 'hook' for the income of the sale of that ticket.  The buyer would have to be responsible for registration, taxes and such so you couldn't sell the ticket for MSRP, but I figure you could get like $20K for it easy...  

I'm no expert on this and I'm not advocating fraud here, but if that person wrote you like 3 checks to cover the $20K so that the amounts were less then the $10K that the IRS looks for...  One to you, one to your Mom, one to the G/F...

[Raux]

i love 4000 brains collectively working together to get over on this!

[Meerkat]

No need to worry, folks. I've got the winning ticket.

[Raux]

No need to worry, folks. I've got the winning ticket.

sorry. check many posts ago..

[DoubleEagle]

Here's the Deal.

If you win the Bike in the USA , you must report the MSRP as income on your 1099.

Some States will allow you to not pay Sales Tax.

If the MSRP is $72,500 then your reported income to the IRS will go up by $72,500 for Federal Income Tax purposes.

That would surely bump most people into a higher tax bracket , but you get a D16RR for $40 plus the amount of Fed. Tax.and possibly State Taxes.

Dolph     

[DrDesmo]

Here's the Deal.

If you win the Bike in the USA , you must report the MSRP as income on your 1099.

Some States will allow you to not pay Sales Tax.

If the MSRP is $72,500 then your reported income to the IRS will go up by $72,500 for Federal Income Tax purposes.

That would surely bump most people into a higher tax bracket , but you get a D16RR for $40 plus the amount of Fed. Tax.and possibly State Taxes.

Dolph     

Correct - except the organization raffling off the bike is required by federal law to collect the taxes (25%, or 28% if you don't divulge your information) prior to delivery of the bike.   It outlines this very clearly on the IRS web site as well as on the raffle's web site. 

Cheers,
Adam

[desmoworks]

Less than 400 tickets remain FYI 

[Popeye the Sailor]

So when I win it I'm selling the wife's bike and using that money to buy Termi's for it.

Then, I'm going to get a givi case and commute on it in the rain  [moto]

[muskrat]

how dare you forget these