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| Dr. Squatch - Ford Bronco Giveaway
Prize: a $55,000 Ford Bronco. | Restrictions: | 18 or older--no NY, FL or RI |
Value: $55000 Frequency: Single Entry | End Date: August 15, 2024 | posted on May 19, 2024 |
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Comments:
My private email address (instead of my sweeps email) pops up when I click
on this link. When I use a private window it won't let me enter. Creepy. I am
going to pass on this one.
Posted by: FunGuy on May 19, 2024
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It's a google form that's why. You just switch the emails.
Posted by: idosew on May 19, 2024
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Taxes on $50,000 must pay
Posted by: stlclipper on May 19, 2024
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Thanks idosew. Never had that happen before.
Posted by: FunGuy on May 19, 2024
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stlclipper
Any win over $600 you are req'd. to report. which is usually around 24% Fed. taxes.
Posted by: orphanedious on May 19, 2024
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orphanedious, you're "required" to report all sweepstakes wins regardless of the value. Including a $1 koozie. The $600 amount so frequently brought up by hobbyists refers to the requirement from the sponsor to notify the IRS. There are countless references on this topic on the various tax websites. This topic really should have its own link on this website since it is brought up (incorrectly) so often.
Your personal relationship with Uncle Sam is between you and him. Just trying to be helpful and share the correct information.
Good luck.
Posted by: Sweeps2021 on May 20, 2024
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Taxes on vehicles are even higher because of registration fees and sales taxes
also. Well worth it though if you decide to sell the car instead of keep it there is
of course the work of selling.
Posted by: FunGuy on May 20, 2024
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You'll never witness me complaining about paying taxes from winning a car.
Posted by: Sweeps2021 on May 20, 2024
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With you on that Sweeps!!
Posted by: FunGuy on May 20, 2024
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Your tax obligation depends on marginal tax rate, the rate at which the last dollar of your income is taxed. It refers to the highest tax bracket you're in. Won my first car last year in the NASCAR Cup Series Playoffs Promotion Presented by Ford -- a 2024 Mustang GT Performance. The sweeps agency advised me to check with local dealers as to inventory. Selection and awarding went smoothly. Ended up paying about $15,000 in federal and state income tax and state sales tax. Not bad for approx. $60K car. Not one I would have ordinarily purchased, but at that price....
Posted by: catsters on May 20, 2024
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Congrats on the big win catsters. The used car market is so strong that any new car prize is going to be worth paying the taxes for. Even if you have to sell the car because of the taxes, you should still end up with a nice amount of cash.
The only vehicle sweepstakes that I shy away from are the ones that have a ton ($$$) of customization. Still a good chance of coming out ahead, but finding a buyer would be much harder.
Posted by: Sweeps2021 on May 20, 2024
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