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The car is counts towards your total income. So if you earned $20,000 this year at your regular job, and won a car valued at $21,500, your total income for the year is $41,500, this could be enough to push you into the next tax bracket. Also when your tax bills comes due, probably somewhere around $5,000, and the IRS wants it's money within 120 days. Most likely you'll have to get on a payment plan with the IRS to pay off the taxes over time. It's certainly less than making payments on a new car loan at $21,500, it's it not exactly a free car either.
I'm sensing a bit of attitude here. TS won a car, be happy for the guy. He knows his stuff and is a big boy. He can figure out his taxes. Guess what he won a car, say something like Congratulations!
Sheesh people, lighten up on the whole "you still owe taxes" deal, the car was free. Yes the IRS will get there hands in this but TS can deal with that.
Hey, has anyone studied the ratings for Hondas the last few years? A friend of mine read Consumer Reports and Car and Driver, and said they both said emphatically, "Do Not Buy" Hondas after year 2008. Apparently Honda started to go soft on quality?? I don't mean to take the wind out of the OP's sails, I think a Honda is probably still better than any American brand, but what's the scoop on the more recent models? I'm hoping what my friend says isn't true, because I've been very impressed with Hondas. I gave up Toyotas for Hondas, but I'm wondering what my next purchase should be, when that time comes.
I could use a new car. Maybe I can find a contest to enter.
You really should! You never know, I never dreamed I would win!
Quote:
Originally Posted by JoshB
I'm sensing a bit of attitude here. TS won a car, be happy for the guy. He knows his stuff and is a big boy. He can figure out his taxes. Guess what he won a car, say something like Congratulations!
Sheesh people, lighten up on the whole "you still owe taxes" deal, the car was free. Yes the IRS will get there hands in this but TS can deal with that.
Congrats again TS
lol, yeah, that is what I was thinking too, oh well. lol. Yeah, I should be able to cover it fine, I have some assets I am selling anyway (I have too many cars and need to sell at least one or two) and if that don't cover it, my dad said he would pay it for me anyway, so I guess I am all set. lol. Thanks again JoshB!
Quote:
Originally Posted by crestliner
He should quickly put the title of the car in one of his kids names and then he wont owe any tax.
I don't have any children, but its OK, I have it covered.
Quote:
Originally Posted by Ruth4Truth
Hey, has anyone studied the ratings for Hondas the last few years? A friend of mine read Consumer Reports and Car and Driver, and said they both said emphatically, "Do Not Buy" Hondas after year 2008. Apparently Honda started to go soft on quality?? I don't mean to take the wind out of the OP's sails, I think a Honda is probably still better than any American brand, but what's the scoop on the more recent models? I'm hoping what my friend says isn't true, because I've been very impressed with Hondas. I gave up Toyotas for Hondas, but I'm wondering what my next purchase should be, when that time comes.
Well I have some friends with some '08 Hondas and '09 Hondas and never heard of any issues. Its a known fact though that most all Japanese automakers slipped on quality in the late 2000's (especially Toyota I have heard), but have picked back up over the past couple of years and especially this past year as many are scrambling to get quality back in the game. The latest Accord is very solid and well built car with interior quality back in the picture. The Civic for '12 had some complaints, but for '13 they did some revisions that made the car more upscale by adding more padding. My car still seems well built and very solid and safe, so I am not going to complain. Besides it was a free car and I didn't have a choice other than this Civic and a '12 Corolla, which is even more bland and had a really cheap looking interior, but I would have been happy with it as well. It was free and I am blessed to have won it.
Those IRS bloodusckers are real dweebs, aren't they??? Like everything else they pass rules on, most of them are incomprehensible and then some, such as how to write off a car you donate to charity.
Those IRS bloodusckers are real dweebs, aren't they??? Like everything else they pass rules on, most of them are incomprehensible and then some, such as how to write off a car you donate to charity.
I know this isn't the politics forum, but what's so incomprehensible about this? The OP just had some income, why shouldn't it be taxed?
Location: Prince Georges County, MD (formerly Long Island, NY)
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I have a 2011 Honda Civic and love it dearly. I haven't had any problems with it whatsoever, so I question Consumer Reports on what they said about Honda's quality. My father drives a 2010 Honda Accord, and he also loves his car-- he hasn't had any problems with it either.
TS, congratulations! You absolutely deserve it. Don't let anybody rain on your parade.
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Yeah, I should be able to cover it fine, I have some assets I am selling anyway (I have too many cars and need to sell at least one or two) and if that don't cover it, my dad said he would pay it for me anyway, so I guess I am all set. lol. Thanks again JoshB! 
