 question about the "declared value" ? |
| Hi , I've recently ordered something to be shipped from china to israel , the shipper asked me to confirm in a declared value of USD 250 , what does this mean ? Does that mean i have to add USD25... |
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 List of states that charge sales tax on downloads? |
| Where can I find an Updated map or litst of all the states that charge sales tax on downloads eg. ebooks, music, clipart. Preferrably a gov website.... |
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 registering my bussines on Ebay-will I lose my Tax credits? |
Hi
I`m currently registered with I Revenue as a part-time self employed cleaner however after having my 3rd child recently I decided I no longer want to work away from home
My ideal ... |
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 important unemployment question.? |
| well this is the problem my boyfriend was fired from work because of misconduct of an accident that happen but the general manager told him that wouldn't show on his record that he would be ... |
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 What If I forgot to submit the IRS form by deadline? |
| I was an exchange student, and went to america only 4 months, and needed to mail the IRS from by deadline after I came back to my country ( maybe to claim that I do not need to pay tax?). However, I ... |
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 Is it legal to deny someone a copy of their tax return? |
| My boyfriends soon to be ex wife refuses to give him a copy of the joint tax return they filed for 2009. She did the return using one of the internet based tax software programs. He's asked her ... |
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 My Income is 5 Lakhs INR how much tax should i pay? |
| My Income is 5 Lakhs INR how much tax should i pay, I am talking about income ... |
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 I´m a US citizen, I´ve lived my entire life outside the US, what taxes do I need to pay? |
| I´m worried about any debts that I might have because I´ve never declared taxes from outside the US. Thanks for any help! the IRS site is alright but everything´s by phone, and I can´t call ... |
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 I worked 6 hours today and made $40 tips I claimed all $40 how much am I going to be taxed? |
I work at pizza hut as a delivery driver did I make a mistake claiming so much ? How much will they take out my check ??
Additional Details
I make 7/... |
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 Where is the best place to live and pay minimal taxes? |
| I am a resident of the United States, and are planning on moving from state to state, spending little time in each of them. Where should I apply for residency that has the least amount of taxing on ... |
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 Can I file for partial unemployment benefits if my employer has enforced a forced furlough? |
| I have been employed at my job for almost 5 years, but last year my boss enforced a forced furlough for all the employees to work 4 days instead of 5..with a pay cut for the days we do not work. Can ... |
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 My employer still did not pay taxes for my 2008 employment? |
| I received my SS statement in January 2010 and it did not have any credits for 2008.This was last year I worked for them. I called SS few days ago and they still do not have any information. They ... |
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 Can I claim my 16 yr old if she is working? |
| She works min wage at sonic, not sure of gross, but isnt she still my ... |
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 How much duty tax would I have to pay...? |
| ... on bringing several bags of goods back from overseas? We are looking to bring back several re-salable items from the Philippines back to the US such as pearl necklaces, purses, clothing, ect. We ... |
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wtevans | Question about gift taxes for a car? |
I recently won a car (ford fusion 2010 hybrid starting price 27k) in a raffle and in the rules it says "BE REQUIRED TO MAKE A PAYMENT OF TAXES IN THE AMOUNT OF 25% OF THE FAIR MARKET VALUE OF THE GRAND PRIZE AT THE TIME OF ACCEPTING THE PRIZE." does this mean i will have to pay $6750 in taxes just to get the car? |
 |
 
krn001
 |
Hi,
Yes, you will be required to pay tax on the MSRP of the car, it's treated as if you earned an additional 27k income. I'm sure that when you prepare your 2010 taxes you might get $$ back after itemizing your deductions. |
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the tax lady
|
Yes, because the charity will forward the money to the IRS for you. They are required to get the money up front.
Note, 25% may or may not be enough to pay *your* taxes at the end of the year.
PS, this is NOT a gift. It's a prize.
PPS, the raffle ticket is NOT a charity item that cn be deducted. |
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RetiredDebtFree
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You must pay taxes on prizes like this. You can go to the bank and arrange financing of the car in the amount of the tax if you don't have the cash. That means you are putting the car up as collateral for the $6750 loan, which is still a good deal as the car could be sold for $20,000 as soon as you take possession. Be sure to have comprehensive insurance on it lined up before you drive it off the lot! Great deal! Good for you. Rented a Ford Fusion in January and loved it ... very comfortable and would buy a V6 version. Enjoy! |
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