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05-17-2018, 02:33 PM | #1 |
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Early Ford V-8 Foundation Museum
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. Last edited by sanford; 05-17-2018 at 03:23 PM. Reason: change photo |
05-18-2018, 07:17 AM | #2 |
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Re: Early Ford V-8 Foundation Museum
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.
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05-18-2018, 08:23 AM | #3 |
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Re: Early Ford V-8 Foundation Museum
You are right, Frank, These days it always pays to consider the taxes on any deal.
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05-18-2018, 08:24 AM | #4 |
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Re: Early Ford V-8 Foundation Museum
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
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05-18-2018, 09:10 AM | #5 |
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Re: Early Ford V-8 Foundation Museum
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!
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05-18-2018, 09:44 AM | #6 | |
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Re: Early Ford V-8 Foundation Museum
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Quote:
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. |
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05-20-2018, 09:14 AM | #7 |
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Re: Early Ford V-8 Foundation Museum
Still a good deal!
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05-21-2018, 06:13 AM | #8 |
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Re: Early Ford V-8 Foundation Museum
No doubt. Even a losing ticket makes one a contributor to the foundation, which is a win. My thoughts were just about how best to claim the prize for tax purposes.
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05-21-2018, 10:35 AM | #9 | |
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Re: Early Ford V-8 Foundation Museum
Quote:
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.
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05-22-2018, 04:56 PM | #10 |
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Re: Early Ford V-8 Foundation Museum
Finishing your '32 is not a bad deal.
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05-25-2018, 07:05 AM | #11 |
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Re: Early Ford V-8 Foundation Museum
Tickets will be available at the "Sneak Peek" on June 10!
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05-27-2018, 09:01 PM | #12 |
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Re: Early Ford V-8 Foundation Museum
Call Josh right away!
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06-03-2018, 10:45 AM | #13 |
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Re: Early Ford V-8 Foundation Museum
There's still time to get aboard!
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06-06-2018, 09:35 AM | #14 |
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Re: Early Ford V-8 Foundation Museum
You can get your tickets from Josh via email or at the sneak peek on Sunday.
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06-26-2018, 07:23 AM | #15 |
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Re: Early Ford V-8 Foundation Museum
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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07-06-2018, 09:54 AM | #16 |
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Re: Early Ford V-8 Foundation Museum
There are still tickets available!
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07-11-2018, 01:58 PM | #17 |
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Re: Early Ford V-8 Foundation Museum
Btt
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07-15-2018, 09:48 AM | #18 |
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Re: Early Ford V-8 Foundation Museum
Btt
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07-18-2018, 08:47 AM | #19 |
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Re: Early Ford V-8 Foundation Museum
Josh is sitting by the phone waiting for your call!
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07-23-2018, 12:46 PM | #20 |
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Re: Early Ford V-8 Foundation Museum
Have you called yet??
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