What is the value of this promotion

[Dyepaintball12]

Originally Posted by shadroch

Its hard to say without knowing the size of the casino.
I've been at car drawings at Trump that attracted thousands of people and had tens of thousands of entries. going in, I had about thirty tix and thought I was well postioned.
Been to one in Laughlin and there were less than a 1,000 people, although some had hundreds of entries.
I read an interesting story about a couple who won a Mustang at a casino.
It was a very limited edition and had a book value of $125,000. They kept it three weeks and put just over 2,000 miles on it when they decided to sell it. They put it on the internet for $110K. Nothing. $100K Nothing.
Offered it to a dealer and he was willing to go $65K. Another went $63K.
Ended up selling it on a television reality show for $67,000.
Months later, they get a tax bill on the cars $125,000 value and a late bill. Also turned out that the car had jumped their total income into a much higher bracket. They ended up paying almost $50,000 in taxes and late fees for a net profit of less than twenty grand.

Some places let you take a cash offer instead of the car which is the play I would make.

[shadroch]

Originally Posted by Dyepaintball12

Some places let you take a cash offer instead of the car which is the play I would make.

You'd still owe taxes, and it would still put you into a higher bracket for the year.

[tthree]

Originally Posted by Dyepaintball12

Some places let you take a cash offer instead of the car which is the play I would make.

That's what my Dad did when he won a Lexus in a drawing.