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Author Topic: D16RR Raffle, $40 per ticket  (Read 35771 times)
DoubleEagle
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« Reply #90 on: July 12, 2010, 03:49:38 PM »
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
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« Reply #91 on: July 12, 2010, 04:16:28 PM »
God, I'd hate to make only 23k off a $40 dollar investment. The horror.
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Cloner
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« Reply #92 on: July 12, 2010, 04:31:08 PM »
Yeah.....makes me want to buy ANOTHER ticket!   waytogo
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DoubleEagle
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" If you are unafraid you will be safe "
« Reply #93 on: July 12, 2010, 04:34:55 PM »
Just sayin' in case sombody thought they could turn around and get $70,000 for it !

Dolph      Smiley
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hadesducati848
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« Reply #94 on: July 12, 2010, 05:30:57 PM »
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?
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it is so much easier to get forgiveness then it will ever be to get permission.
DoubleEagle
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" If you are unafraid you will be safe "
« Reply #95 on: July 12, 2010, 06:33:58 PM »
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      Smiley
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Duck-Stew
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« Reply #96 on: July 12, 2010, 06:48:05 PM »
Quote from: DoubleEagle on July 12, 2010, 06:33:58 PM
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      Smiley

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...
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Raux
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« Reply #97 on: July 12, 2010, 07:06:54 PM »
i love 4000 brains collectively working together to get over on this!
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Meerkat
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« Reply #98 on: July 13, 2010, 02:45:41 AM »
No need to worry, folks. I've got the winning ticket. waytogo
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Raux
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« Reply #99 on: July 13, 2010, 07:23:16 AM »
Quote from: nostawmij on July 13, 2010, 02:45:41 AM
No need to worry, folks. I've got the winning ticket. waytogo

sorry. check many posts ago.. Wink
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DoubleEagle
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" If you are unafraid you will be safe "
« Reply #100 on: July 13, 2010, 05:26:37 PM »
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      Smiley
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DrDesmo
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« Reply #101 on: July 13, 2010, 08:19:39 PM »
Quote from: DoubleEagle on July 13, 2010, 05:26:37 PM
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      Smiley

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
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desmoworks
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« Reply #102 on: July 13, 2010, 10:48:08 PM »
Less than 400 tickets remain FYI  Grin
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Anthony Creek
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« Reply #103 on: July 14, 2010, 06:31:53 AM »
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]
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If the state had not cut funding for the mental institutions, this project could never have happened.
muskrat
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« Reply #104 on: July 14, 2010, 08:34:29 AM »
how dare you forget these
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Can we thin the gene pool? 

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