We Won an RV from Keystone! Newbies

The friendliest place on the web for anyone with an RV or an interest in RVing!
If you have answers, please help by responding to the unanswered posts.
See posts with no answers
R

russellkids6

New member
Joined
Jan 24, 2012
Posts
1
We are the winners of the Rediscover America Sweepstakes  from Keystone RV. We won the 2910BH Passport! We would like to thank @Jim Mac and Bren Lauck from Keystone, they are the kindest and most helpful group of people! We could not be more excited! We are new to all of this...hoping to meet new people and get advice here in the future. Nice to meet everyone!

You can see the press release here: http://www.rvnewschannel.com/pittsburgh-family-wins-new-keystone-passport

We plan to spend the summer as seasonal campers at @Bear Run Campground in Portersville! So if you're out there camping this summer...stop by our campfire for a beer and some smores! www.bearruncampground.com
 
That's great! Hope you have a terrific time with your brand new, FREE RV!
 
That is wonderful for you and your family.  But do remember you will have to pay gift taxes on your federal return.


Here is an example:

To win a new car is a dream for many sweepers. However, a new car prize can be a nightmare if winners don't prepare themselves for a tax hit. The amount you'll owe depends on your circumstances, but you can estimate taxes around 1/3 of prize value. If you win a new car worth $20,000, you can expect $6,000 in tax.
A $20,000 car for $6,000 is a great deal, but it's still a challenge to find six grand in the budget. Here are some tips on affording the taxes so that you can enjoy your new car win.

1. Consult with a Tax Professional
The first thing that you should do after you win a new car (or any other large sweepstakes prize) is to consult with a tax professional. This should be done as soon as you receive the win notification, to give you the earliest start possible on preparing for your taxes. Your CPA or accountant can give you advice that is tailored to your specific situation, which is vital to ensuring that you are properly prepared.

Wouldn't you know, I used to be one of those durn old accountants.
 
PatrioticStabilist said:
That is wonderful for you and your family.  But do remember you will have to pay gift taxes on your federal return.


Here is an example:

To win a new car is a dream for many sweepers. However, a new car prize can be a nightmare if winners don't prepare themselves for a tax hit. The amount you'll owe depends on your circumstances, but you can estimate taxes around 1/3 of prize value. If you win a new car worth $20,000, you can expect $6,000 in tax.
A $20,000 car for $6,000 is a great deal, but it's still a challenge to find six grand in the budget. Here are some tips on affording the taxes so that you can enjoy your new car win.

1. Consult with a Tax Professional
The first thing that you should do after you win a new car (or any other large sweepstakes prize) is to consult with a tax professional. This should be done as soon as you receive the win notification, to give you the earliest start possible on preparing for your taxes. Your CPA or accountant can give you advice that is tailored to your specific situation, which is vital to ensuring that you are properly prepared.
Click to expand...

Party pooper!
 
Larry N. said:
I'd be more inclined to say, "Realist!" All too many people either forget or don't know that...
Click to expand...

Agreed, the first thing that hit my mind was "here comes a 30% tax hit".

Congrats BTW....
 
Hopefully they were told but you  never know.  I know, I hate to be that durn old party pooper but I would hate to see it be a surprise down the road.
 
I won a new camaro in 99 and it ended up costing me about 4500 in taxes by the time it was done. The company I won it from offered me 10k in place of the car. I drove the car until the warranty was up and got 10 k for it then. Just go and adjust your w-4 and have them take more out of your checks so it doesn't hurt so bad next April 15 th, and enjoy your new rig.
 
On large items like that the government sometimes steps in and wants the tax money up front before you take delivery. I know most game shows and casino winnings are like that.
 
CONGRATS! ! ! ! 

We hope to cross roads with you out there somewhere soon. . . . .

enjoy!~!  ! ! !



by the way, this forum is a great place to hang out when you're not on the road.
 
30% taxes on winnings??? That's a bummer. No tax in Canada on Lottery winnings or cars etc.  At least not yet. Don't tell the government or they might want their pound of flesh here as feel.  :-X

Congratulations on your win in any event. Hope you get many years of great adventures.
 
Wow, congrats!  My parents won a new car in a local contest some years back, so it does happen... even with RV's!  ;D

Great way to enter the lifestyle, and feel free to stick around the forum, post questions, and join in any ongoing discussions.
 
You must log in or register to reply here.

Latest posts

Members online

Total: 963 (members: 35, guests: 928)

Forum statistics

Threads
132,095
Posts
1,390,258
Members
137,814
Latest member
macamiguin
Back
Top Bottom