BMW CCA Car of Your Dreams Raffle ticket sales closed

[BMW CCA]

*Over 32,000 tickets sold by September 14 deadline*If you were hoping for a chance to win a new M6or any other BMW of your dreams!I hope you...

More...

[pseto]

Brian Werst, Rocky Mountain Chapter: partial award

partial award? a 1 series maybe? lol

[woodym3]

partial award? a 1 series maybe? lol

The raffling of "cars" is a joke. Everyone takes the money. . .a necessity for most because of the taxes.

[ronh21]

The raffling of "cars" is a joke. Everyone takes the money. . .a necessity for most because of the taxes.

How much could the tax impact be on a new $50K 335i? It's just regular income, right? What would the "cash option" come out to for that car?

[mcoupemindy]

How much could the tax impact be on a new $50K 335i? It's just regular income, right? What would the "cash option" come out to for that car?

Take your tax bracket multiplied by 50k ... there's your tax implication.

[1996 328ti]

This year's partial award is reportedly about $17,000. Before taxes.

Vic

I'm looking at the check right now. After taxes $12,915.00

How much could the tax impact be on a new $50K 335i? It's just regular income, right? What would the "cash option" come out to for that car?

It's $31,500.

[1996 328ti]

And that's just federal taxes. Don't forget that you have to pay your state (or district), unless you're lucky enough to live in one of the locations without local income tax.

So, if you have typical BMW owner income, figure you're left with about 50 percent.

YMMV. OAC.

Vic

True. We don't withhold state and local.

[Uber-Goober]

I remember when Oprah gifted Pontiacs to every member of her audience. Turned into somewhat of a nightmare for many as winning a car falls into a "GIFT TAX" category and is taxed at about 50%. Many could not afford to pay it...ooops.