Early Ford V-8 Foundation Museum

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sanford

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The Early Ford V-8 Museum is raffling off a 2018 Ford F-150. It’s valued up to $55,000. In lieu of the F-150, the winner can choose $40,000 in cash. 2nd Prize is $2,000 and 3rd Prize is $1,000. Only 1200 tickets will be sold! The tickets cost $100 each. The drawing will be when all 1200 tickets are sold or Nov. 1, 2018, whichever comes first.

This is a very important fund-raiser for the Museum which is undergoing a huge expansion. With only 1200 tickets and 3 prizes, the odds are pretty good!

Details and a page of rules can be found on the website: www.fordv8foundation.org
For tickets, call the Museum at (260) 927-8022 or visit the website. There you can download an
information form to mail in with your check or credit card info.
 

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Just a thought. If one took the 40k cash they could probably negotiate a 2018 pickup with a list of 55k and only be taxed on 40k instead of 55k. Remember the government is always a guaranteed winner. I often wondered about the tax ramifications on shows like overhauling where your tax bill could be in the 10s of thousands once you get the 1099.
 
I don’t know about the TV show but some people I know won a $35,000.00 motorcycle and the tax was $11,000.00..... Mark
 
You can take the truck and you will have a new truck for the cost of the taxes which isn't a bad deal or you can take the cash, pay the tax and still have a couple of pockets full of cash to go out and buy another flathead ford! That's a good deal, too!
 
sanford said:
The Early Ford V-8 Museum is raffling off a 2018 Ford F-150. It’s valued up to $55,000. In lieu of the F-150, the winner can choose $40,000 in cash. 2nd Prize is $2,000 and 3rd Prize is $1,000. Only 1200 tickets will be sold! The tickets cost $100 each. The drawing will be when all 1200 tickets are sold or Nov. 1, 2018, whichever comes first.

This is a very important fund-raiser for the Museum which is undergoing a huge expansion. With only 1200 tickets and 3 prizes, the odds are pretty good!

Details and a page of rules can be found on the website: www.fordv8foundation.org
For tickets, call the Museum at (260) 927-8022 or visit the website. There you can download an
information form to mail in with your check or credit card info.
Click to expand...


when you receive a prize like that in the states at least, you pay taxes on the fair market value of the vehicle when you recieve it. so, if you win a truck with an msrp of 55k today, but don't actually receive the truck until say january of 2019 then the actual value of the truck at the time of receipt is what they tax you on.
 
Frank Miller said:
Just a thought. If one took the 40k cash they could probably negotiate a 2018 pickup with a list of 55k and only be taxed on 40k instead of 55k.
Click to expand...

I think if your goal is a new truck, then selecting the truck option is probably the better choice since you'd get to "design" the truck that you want. I don't think you'd be able to negotiate a dealer down to $40k on a $55k MSRP truck unless it's been sitting on their lot for a long while.


Here's a theoretical scenario.

$55k taxed at 30% = $16.5k taxes out of pocket
$40k taxed at 30% = $12k taxes deducted from winnings

$40k - $12k = $28k net winnings

Working out the math to purchase a truck using your net winnings:

Assume you negotiate a dealer down to $46k on a $55k MSRP truck that's sitting on its lot (local dealers are currently at $48k after discounts and rebates). Keep in mind that this means no getting to pick the exact options you want, as you'd be able to do with the raffle truck.

$46k - $28k = $18k, which would need to be paid out of your pocket to the dealer.

$18k out of pocket > $16.5k out of pocket. Plus you likely aren't getting a truck that's optioned exactly as you may want.

In both cases you'd also need to pay your state's title and registration taxes/fees.

Of course, YMMV.


Personally, if I were to win, I'd probably take the $40k, and then use the net amount on shop tools and parts to finish my '32 pickup.
 
Tickets sold well at the Sneak Peek and at the Grand National in Dearborn. Now is the time to get on board. Call Josh today at 260 667 3775. Only 1200 to be sold and you can take $40,000.00 cash if you prefer!
 
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