Ferrari Mailing List: Re: You'll never guess what's happening in my 'hood...

[LarryT (l02turner]

Todd wrote <<I wonder if you have to report the value of the "prize" to
the Infernal Revenue Service >>

ROTFLMAO!!!    Death and Taxes, Death and Taxes.  The only things 
inescapable.   I'll bet the IRS is salivating over the tax money that little 
lady will have to pay as we write this.  As you said about winning a car - 
Fm 1099 - same with Las Vegas winnings over $600 IIRC, as well as lottery 
winnings over $600.

They have a way of sucking the meaning out of the word "FREE".

Larry T (67 MGB, 74 911, 78 240D, 91 300D)
www.youroil.net for Oil Analysis and Weber Parts
Test Results http://members.rennlist.com/oil
PORSCHE POSTERS!  youroil.net
Weber Carb Info http://members.rennlist.com/webercarbs
.

----- Original Message ----- 
From: "Todd Walke" <racertod [at] racertodd.com>
To: "Larry Turner" <l02turner [at] comcast.net>
Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
Sent: Friday, September 28, 2007 10:48 AM
Subject: Re: [Ferrari] You'll never guess what's happening in my 'hood...


> Paul wrote:
>
> > Todd...what was/is the address?  I'd like to zillow it for the 'before'
> > values.
>
>         In our crazy housing market, it's at $663K according to
> Zillow.  The county valuation is $516K.  They get a free house, but their
> property taxes will probably jump from $4k a year to $6K.  I wonder if you
> have to report the value of the "prize" to the Infernal Revenue Service 
> and
> pay income taxes on it?  I mean, if you win a car in a contest, you get a
> 1099 or something that has to get reported.  Hmmmm.
>
> > Also, let us know when the program airs.   I've never watched the show but
> > will be interesting what Hollywood does to recreate a piece of Kirkland.
>
>         They say sometime in January, no idea which date.  Have to keep an
> eye on their website for info...
>
>
> Todd
> Seattle,WA
> '86 GTI, Red of course. (exciting racey car)  265,000 miles
> '87 Golf, Polar Silver. (boring work car)     628,000 miles <- Yeah, baby!
> http://www.pureluckdesign.com <-Ferrari & VW stuff
>
>
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