Ford Focus RS Forum banner

1 - 20 of 28 Posts

·
Registered
Joined
·
1,652 Posts
Fantastic!! That would be so rad!!!
 

·
Registered
Joined
·
376 Posts
Congrats to him, I wonder if he gets it right after SEMA or where ever the car was displayed. That would be amazing.
 

·
Registered
Joined
·
1,060 Posts
Can you imagine getting that phone call.....?!!! Damn.
 

·
Registered
Joined
·
965 Posts
Congrats to the winner Joseph Lyons! Congrats to the losers for donating! You guys think Joseph will be one of the first to receive a RS? Which one would you keep if you won? I would love to keep both. Hope you can keep both Joseph!
 

·
Registered
Joined
·
1,440 Posts
If I could take ownership of it before my order was scheduled to come in then I would take it.

Once my order came in I would compare the ST coilovers to the stock setup (guessing I'd prefer the stock setup over ST).

Then I'd trade the NB in for my SG that I ordered. Probably keep the wheels though so that I could sell them.
 

·
Registered
Joined
·
457 Posts
Dang; Congats to him!

My only question is why would he have to pay $14k in taxes as some are saying? Is it because it's a prize so it's taxed higher? I would have thought it would have just been your normal Taxes (sales & poperty) / Tags / Title?
 

·
Registered
Joined
·
1,440 Posts
Dang; Congats to him!

My only question is why would he have to pay $14k in taxes as some are saying? Is it because it's a prize so it's taxed higher? I would have thought it would have just been your normal Taxes (sales & poperty) / Tags / Title?
You have to pay income tax on the value of the car. Same with any raffle winnings.
 

·
Registered
Joined
·
1,440 Posts
Damn so it's treated as income, sort of like bonuses!? That sucks ass! LoL however still cheaper than an outright purchase!
Yep still much cheaper haha. That's why there is typically a cash prize option with car raffles. That way the taxes can be deducted from the cash total (in simple terms).
 

·
Registered
Joined
·
60 Posts
Damn so it's treated as income, sort of like bonuses!? That sucks ass! LoL however still cheaper than an outright purchase!
Yup, that's right. Contest or prize winnings are considered income and fair market value. You know The Price is Right? A lot of the winnings are actually abandoned because the winners can't afford to fork over the tax (California requires the tax to be paid in advance so CBS typically withholds the prizes until you pay the tax before releasing them to you).

Source: I'm a CPA and this was a case study in my tax course during college.
 

·
Premium Member
Joined
·
3,264 Posts
Discussion Starter #16
Yeah, but you should have no problem getting a bank to loan you 25% of the car's value to get it.

Agreed, good that this helped JDRF, so maybe the real winner are the kids.

I figured since the car is built and the drawing occurred there should be no reason to have to wait until 2nd quarter 2016 to pick it up, I don't think they sold all 60000 tickets. I know that if I won the car I would want it now, in time for Dec Cars and Coffee and in time for that auto-x. Then a week or two before Christmas auction it off and use the money to get mine built to spec that I can run in Street class.

Curious that someone mentioned a cash payout instead of getting the car, if they opted for that what is done with the car since it appears to have been built already.
 

·
Registered
Joined
·
224 Posts
Yeah, but you should have no problem getting a bank to loan you 25% of the car's value to get it.

Agreed, good that this helped JDRF, so maybe the real winner are the kids.

I figured since the car is built and the drawing occurred there should be no reason to have to wait until 2nd quarter 2016 to pick it up, I don't think they sold all 60000 tickets. I know that if I won the car I would want it now, in time for Dec Cars and Coffee and in time for that auto-x. Then a week or two before Christmas auction it off and use the money to get mine built to spec that I can run in Street class.

Curious that someone mentioned a cash payout instead of getting the car, if they opted for that what is done with the car since it appears to have been built already.
So I was there at the actual drawing here in Dearborn by Raj Nair himself. I had my two tickets in hand, but of course didn't win. Raj actually called the guy with his cell phone there on the spot on speaker. It was really cool to hear the guy's reaction to winning it! He couldn't believe it! I guess he's from Florida and bought the ticket at SEMA. The prize is actually an RS to be built as part of the production run. The car at SEMA was a display/preproduction car only. We asked how many tickets they sold and it was only about 8-9k they said too.

The sweetest part about going to the raffle though was that they had a NB RS2 on display unlocked to check out!!

20151109_132831(crop).jpg
 

·
Premium Member
Joined
·
3,264 Posts
Discussion Starter #18
We asked how many tickets they sold and it was only about 8-9k they said too.
Yeah, I was guessing under 10k since the 5 I got on Thursday were 8,000s. Very cool that they called right there on speaker. So the production car has to be build, shipped over and then customized by Ken before he can get it. Too long to wait, I would rather they kept selling tickets until the prize was ready. Now poor Joe has has a long time to think about his RS he can't drive. But on the bright note, has time to get the 25% up front.
 

·
Registered
Joined
·
224 Posts
Yeah, I was guessing under 10k since the 5 I got on Thursday were 8,000s. Very cool that they called right there on speaker. So the production car has to be build, shipped over and then customized by Ken before he can get it. Too long to wait, I would rather they kept selling tickets until the prize was ready. Now poor Joe has has a long time to think about his RS he can't drive. But on the bright note, has time to get the 25% up front.
Well to be honest, they've been selling the tickets since July I believe already and I couldn't wait for them to pull the name! I think the winner gets to pick their options and color too. Not sure how it works with the Ken Block parts. To be honest, I'd rather get the cash value for those as I didn't much care for those parts. And yeah I'm sure there's lots of paperwork to sort out now as well.
 

·
Registered
Joined
·
418 Posts
Yup, that's right. Contest or prize winnings are considered income and fair market value. You know The Price is Right? A lot of the winnings are actually abandoned because the winners can't afford to fork over the tax (California requires the tax to be paid in advance so CBS typically withholds the prizes until you pay the tax before releasing them to you).

Source: I'm a CPA and this was a case study in my tax course during college.
We don't pay such taxes in Canada. If the lotto/prize is $50g ... you get $50g. Tax free. :) Lucky us!
 
1 - 20 of 28 Posts
About this Discussion
27 Replies
15 Participants
EvoJoe
Ford Focus RS Forum
FocusRS.org is the largest forum community to discuss the 2016+ Focus RS. Join to talk about performance, specs, reviews and more!
Full Forum Listing
Top