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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: wittsend ()
Date: August 10, 2022 02:27PM

My brother won one of the doors on "Let's Make a Deal" back in the 80's. It was $300 cash, - and of all things woman's clothing and care products. The value of the products were so inflated that the tax was going to wipe out a fair chunk of the $300. So, he declined the woman's products.

It will be interesting to see how the winner deals with this. If the car is not currently registered and is not on "Non-Op" status California charges back registration and penalties/fines that roughly double. And they go back three years. The least expensive registration in California is about $130. So double $130 X 3 and it COULD be an extra $700-$800 on top of any state tax. Hopefully this is not the case but "Buyer Beware."

Regarding the tax on used cars (7.25% some counties/cities add more) you will be asked what you paid for the car. If you say $5 they will want an estimated value. The buyer may get away with just saying "A '65 Corvair" and giving the low book value. Back in 2000 I bought my "basket case" Sunbeam Tiger for $5,100. That price included many new, uninstalled parts and the removable hard top. I deducted $1,600 for those "unattached" items and the $3,500 taxable price was not contested. Today I'm not sure if the DMV worker just sees 1965 as 'an old car' or they have been clued to recognize a classic, collector car and its value. It probably depends on if you can win a second time at the DMV window.

------------------------------------------------------------------------------

***'61 Lakewood, a "Freebie" in hibernation for 27 years - In the process of applying CPR.***

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: jigracing ()
Date: August 10, 2022 02:41PM

wittsend Wrote:
-------------------------------------------------------
> My brother won one of the doors on "Let's Make a Deal" back in the 80's. It was $300 cash, - and of all things woman's clothing and care products. The value of the products were so inflated that the tax was going to wipe out a fair chunk of the $300. So, he declined the woman's products.
>
> It will be interesting to see how the winner deals with this. If the car is not currently registered and is not on "Non-Op" status California charges back registration and penalties/fines that roughly double. And they go back three years. The least expensive registration in California is about $130. So double $130 X 3 and it COULD be an extra $700-$800 on top of any state tax. Hopefully this is not the case but "Buyer Beware."
>
> Regarding the tax on used cars (7.25% some counties/cities add more) you will be asked what you paid for the car. If you say $5 they will want an estimated value. The buyer may get away with just saying "A '65 Corvair" and giving the low book value. Back in 2000 I bought my "basket case" Sunbeam Tiger for $5,100. That price included many new, uninstalled parts and the removable hard top. I deducted $1,600 for those "unattached" items and the $3,500 taxable price was not contested. Today I'm not sure if the DMV worker just sees 1965 as 'an old car' or they have been clued to recognize a classic, collector car and its value. It probably depends on if you can win a second time at the DMV window.


The car is registered and current.

Scott
____________________________________________________________________________
Inland Empire Corvair Club
CORSA
FlatSix Graphics
CorvairForum.com

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: jigracing ()
Date: August 10, 2022 03:01PM

playerpage Wrote:
-------------------------------------------------------
> I thought the PayPal transaction was enough. Do we get physical tickets? If so, I need some, too.


It is enough. You don't need the physical tickets. We will be calling the winner on the phone, unless by some chance they are present, or didn't provide a phone number. If you don't provide a phone number then you better be checking your email frantically on the evening of October 29th. 2022. lol

However, I am emailing every person a picture of their filled out tickets just because people like to see proof of their support. smiling smiley

Scott
____________________________________________________________________________
Inland Empire Corvair Club
CORSA
FlatSix Graphics
CorvairForum.com

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: Timothy Shortle ()
Date: August 10, 2022 04:03PM

I will be buying my tickets IN PERSON while at the GWFBT in Palm Springs.

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: jigracing ()
Date: August 10, 2022 04:14PM

Timothy Shortle Wrote:
-------------------------------------------------------
> I will be buying my tickets IN PERSON while at the GWFBT in Palm Springs.


Always good to see you there my friend.

Scott
____________________________________________________________________________
Inland Empire Corvair Club
CORSA
FlatSix Graphics
CorvairForum.com

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: junkman ()
Date: August 10, 2022 07:07PM

I find it interesting that you think that you are above the law, however, if you don't follow the law, then you are personally and severely responsible. I suggest that you familiarize yourself with this document. I point this out not to ruin your raffle, but to keep you on the right side of the law. I learned about a club that didn't follow the rules, and it was a big hassle for them, and they almost lost they're not for profit status.

[www.irs.gov]

---------------------------------------------------------------------------------------------------------------
Woodstock CT... Located on the Connecticut / Massachusetts border, approximately 6 miles from the center of Southbridge MA. About 45 minutes from Hartford CT. 1 1/2 hours West of Boston MA. Woodstock CT to Los Angeles CA 2,937.1 miles. 1 Mile as the crow flies to Big Bird's nest.

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: Timothy Shortle ()
Date: August 10, 2022 07:48PM

I have to ask, Paul, who is your statement aimed at? I know and appreciate the work Scott H. is doing to make this event a success. I went back and reread every posting on this topic and I don't see where anyone is suggesting any type of cheating. BTW, I HOPE I WIN.

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: junkman ()
Date: August 12, 2022 01:16PM

Timothy Shortle Wrote:
-------------------------------------------------------
> I have to ask, Paul, who is your statement aimed at? I know and appreciate the work Scott H. is doing to make this event a success. I went back and reread every posting on this topic and I don't see where anyone is suggesting any type of cheating. BTW, I HOPE I WIN.


Tim,

I hope that you win also, and it is only aimed at the people that are conducting the raffle. I asked what is the declared value of the vehicle, because the winner must pay federal income tax on the winning value, less the cost of the tickets that they purchased. Someone suggested that the winner could declare the value as $5.00, which isn't realistic. It really doesn't matter to me at all, and I will purchase a ticket, and if I should win, I would include the value on my 2022 income tax return as required by federal law.

---------------------------------------------------------------------------------------------------------------
Woodstock CT... Located on the Connecticut / Massachusetts border, approximately 6 miles from the center of Southbridge MA. About 45 minutes from Hartford CT. 1 1/2 hours West of Boston MA. Woodstock CT to Los Angeles CA 2,937.1 miles. 1 Mile as the crow flies to Big Bird's nest.

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: jigracing ()
Date: August 12, 2022 02:46PM

junkman Wrote:
-------------------------------------------------------
> I find it interesting that you think that you are above the law, however, if you don't follow the law, then you are personally and severely responsible. I suggest that you familiarize yourself with this document. I point this out not to ruin your raffle, but to keep you on the right side of the law. I learned about a club that didn't follow the rules, and it was a big hassle for them, and they almost lost they're not for profit status.
>
> [www.irs.gov]


I hope your post was truly supposed to be helpful and was just poorly worded. Otherwise its insulting. The "smiley face" in my $5 post comment was to suggest that my response was tongue in cheek. It was funny.

This is a non-profit Corvair club raffling off a car to fund a fantastic all Corvair event that has been running for the last 44 years! Not an individual trying to make money or scam anyone.

Scott
____________________________________________________________________________
Inland Empire Corvair Club
CORSA
FlatSix Graphics
CorvairForum.com




Edited 1 time(s). Last edit at 08/12/2022 02:49PM by jigracing.

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: junkman ()
Date: August 13, 2022 01:00PM

jigracing Wrote:
-------------------------------------------------------
> junkman Wrote:
> -------------------------------------------------------
> > I find it interesting that you think that you are above the law, however, if you don't follow the law, then you are personally and severely responsible. I suggest that you familiarize yourself with this document. I point this out not to ruin your raffle, but to keep you on the right side of the law. I learned about a club that didn't follow the rules, and it was a big hassle for them, and they almost lost they're not for profit status.
> >
> > [www.irs.gov]
>
>
> I hope your post was truly supposed to be helpful and was just poorly worded. Otherwise its insulting. The "smiley face" in my $5 post comment was to suggest that my response was tongue in cheek. It was funny.
>
> This is a non-profit Corvair club raffling off a car to fund a fantastic all Corvair event that has been running for the last 44 years! Not an individual trying to make money or scam anyone.


I clearly understand that it is a non-profit raffling off the car to fund an event of 44 years, however, even non-profits must follow the IRS rules, and declare a realistic value for tax purposes of the buyer. If it is greater than $5000, you have to secure 25% from the winner, and submit that with the IRS paperwork to the IRS. If it is under $5000 then all you do is submit If you are using CORSA's tax number then this is even more important since CORSA is responsible for following the rules, It doesn't affect me one way or another, I am just advising you of the IRS rules. How you want to interpret them is up to you. The IRS publication that I posted covers all details of the obligations of the orginization that is conducting the raffle.

---------------------------------------------------------------------------------------------------------------
Woodstock CT... Located on the Connecticut / Massachusetts border, approximately 6 miles from the center of Southbridge MA. About 45 minutes from Hartford CT. 1 1/2 hours West of Boston MA. Woodstock CT to Los Angeles CA 2,937.1 miles. 1 Mile as the crow flies to Big Bird's nest.

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: jigracing ()
Date: August 13, 2022 04:59PM

junkman Wrote:
-------------------------------------------------------
> jigracing Wrote:
> -------------------------------------------------------
> > junkman Wrote:
> > -------------------------------------------------------
> > > I find it interesting that you think that you are above the law, however, if you don't follow the law, then you are personally and severely responsible. I suggest that you familiarize yourself with this document. I point this out not to ruin your raffle, but to keep you on the right side of the law. I learned about a club that didn't follow the rules, and it was a big hassle for them, and they almost lost they're not for profit status.
> > >
> > > [www.irs.gov]
> >
> >
> > I hope your post was truly supposed to be helpful and was just poorly worded. Otherwise its insulting. The "smiley face" in my $5 post comment was to suggest that my response was tongue in cheek. It was funny.
> >
> > This is a non-profit Corvair club raffling off a car to fund a fantastic all Corvair event that has been running for the last 44 years! Not an individual trying to make money or scam anyone.
>
>
> I clearly understand that it is a non-profit raffling off the car to fund an event of 44 years, however, even non-profits must follow the IRS rules, and declare a realistic value for tax purposes of the buyer. If it is greater than $5000, you have to secure 25% from the winner, and submit that with the IRS paperwork to the IRS. If it is under $5000 then all you do is submit If you are using CORSA's tax number then this is even more important since CORSA is responsible for following the rules, It doesn't affect me one way or another, I am just advising you of the IRS rules. How you want to interpret them is up to you. The IRS publication that I posted covers all details of the obligations of the orginization that is conducting the raffle.

Yes we know the rules.

Scott
____________________________________________________________________________
Inland Empire Corvair Club
CORSA
FlatSix Graphics
CorvairForum.com

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: junkman ()
Date: August 13, 2022 06:05PM

Then why not have answered my original question.. "What is the declared value of the car being raffled?" thank you.

---------------------------------------------------------------------------------------------------------------
Woodstock CT... Located on the Connecticut / Massachusetts border, approximately 6 miles from the center of Southbridge MA. About 45 minutes from Hartford CT. 1 1/2 hours West of Boston MA. Woodstock CT to Los Angeles CA 2,937.1 miles. 1 Mile as the crow flies to Big Bird's nest.

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: DOUG WARD ()
Date: August 14, 2022 01:24PM

In my way of thinking, it seems like if the winner bought $ 20.00 worth of tickets & won the raffle, that was the cost ( what he paid for the car ) & should be what he owes the tax on. How about some comments on that ?

Doug Ward
Orange, Calif.
65 Corsa 180, 64 Monza convertible, 61 Lakewood, 61 Monza


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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: Phil Dally ()
Date: August 14, 2022 01:56PM

Nobody here has ever left a zero off the purchase price on the DMV title transfer form...RIGHT???

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: 66Monza140 ()
Date: August 14, 2022 06:45PM

Our DMV goes by the book value of the vehicle.
No matter if you paid $50, $500, or $5000, you pay the book value of the vehicle (typically NADA guide value)

"Give'r hell 'til you see God, then back'er down a notch"

'66 Monza 140 4 sp w/A/C...
Western VT

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: junkman ()
Date: August 14, 2022 07:29PM

The CT DMV does the same unless the car is a raffle, then they go by the declared value. The IRS also goes by the same rules for income tax purposes, unless it is blatantly understated.

---------------------------------------------------------------------------------------------------------------
Woodstock CT... Located on the Connecticut / Massachusetts border, approximately 6 miles from the center of Southbridge MA. About 45 minutes from Hartford CT. 1 1/2 hours West of Boston MA. Woodstock CT to Los Angeles CA 2,937.1 miles. 1 Mile as the crow flies to Big Bird's nest.

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: isucorvair ()
Date: August 15, 2022 05:27AM

What it the typical time period between buying tickets, and receiving the ticket 'photos' or numbers?

I ordered some a week ago (or maybe 2 weeks ago), and have not seen anything.


Eric P.
DeWitt, iA

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: Cheepfk ()
Date: August 15, 2022 09:20AM

Was thinking of buying some tickets for this car but Junkman's points and the auctioneer's reluctance to state a value makes me stay away. Seems like I could be in for a "surprise" if I did indeed win it.

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: American Mel ()
Date: August 15, 2022 12:41PM

Sounds Great! thumbs up
More opportunity for the rest of us to win! cool smiley

Value Smalue!
The perceived value of a Corvair seems to vary incredibly from region to region, and from person to person.
Is this car concours?
Some people here really place that high on the "Value Chart", while others could care less.
Those others, see no problems taking a 99 point concours quality Survivor and making a Custom Rod out of it.



I am sure the Inland Club, has a value in mind, but for whatever reasons, they have chosen not to post it yet, at this time.
The tax rules may say that the Club must state a value, but does it state WHEN?
Does that number HAVE to be announced publicly, or can it be stated just to the winner?
Seriously people?
Why all the fuss over something that doesn't even affect you, YET, and might not EVER?
If it is a low amount, then your taxes will be low.
If you are not willing to pay the taxes due on a High-valued Corvair, then don't buy a ticket.
It really is just that simple.

-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-
WA. state, 1 mile south of the Canadian border, I am not at the end of the world, but you can see it from here.

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Re: Raffling off a 1965 CORSA 10/29/2022
Posted by: jigracing ()
Date: August 15, 2022 02:43PM

isucorvair Wrote:
-------------------------------------------------------
> What it the typical time period between buying tickets, and receiving the ticket 'photos' or numbers?
>
> I ordered some a week ago (or maybe 2 weeks ago), and have not seen anything.
>
>
> Eric P.
> DeWitt, iA


Hey Eric, I am sorry for the delays. Its just me filling out the tickets and running the "social media" part of this effort right now. It is taking me a long time to get all the tickets filled out and emailed back to everyone. Most of my spare time at this moment is going to getting my Corvair ready for a show this Saturday. After that I can put more time in and get them out faster.

Scott
____________________________________________________________________________
Inland Empire Corvair Club
CORSA
FlatSix Graphics
CorvairForum.com




Edited 1 time(s). Last edit at 08/15/2022 02:47PM by jigracing.

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