Desmosedici raffle $40

[CMG241]

"The last new Desmosedici available"

http://www.roadracingworld.com/news/...?article=40911

http://losfelizarts.org/support-lfcs...i-desmosedici/

I do not gamble but I'm a sucker for bike raffles. Does anyone know what the tax would be on $70k bike? (must pay before receiving bike)

[xrocket21]

I cant even imagine how awsome that would be

[xrocket21]

Oh, and I COULD use all that power....

[Paul_E_D]

Why 30 percent? Wouldn't it just be sales tax in your state. 6% would be 4200 bucks.

[Bud]

It will be taxed as both income then sales tax on top of that.

[KawiSmurf]

So what you guys are saying is, you buy a $40 ticket to win the privilege of paying $25k in taxes? I'd love to have the Desmo, but I don't think I'll be in on this one.

[Slyder]

The taxes alone would buy you an 1198s and the Termi cans for it. Wow.

No thanks, I'll take the 11.

[scottieducati]

Yet another reason I <3 NH!!

So if anyone here wins this thing, I'll gladly register it for you and keep it in a nice, dry, secure garage in NH for the occasional flogging. I will also ensure the proper, regularly scheduled exercise for this beast.

I'm just that nice of a guy.

[DuncanMoto]

Be really carefull about tax. Plan ahead and ask an accountant.
If it's not a non profit then it may qualify for lottery tax.
My step mom won a car a while back and the tax ended up being 42% plus state sales tax on top of that for a total of 47% fed and state of MA.
Still worth it, but if you're not prepared you really get screwed.

And I'm sure it wouls help to move to NH before taking delivery. ;-)

[Slyder]

NH won't charge you a gift tax?

NH will charge you out the ass to register that thing. Every year. At least in VT I pay sales tax once, then a small reg fee every year

[scottieducati]

Why on god's green earth would you register it.

Track bike. Holla.

NH won't charge you a gift tax?

NH will charge you out the ass to register that thing. Every year. At least in VT I pay sales tax once, then a small reg fee every year

[The Snowman]

It will be taxed as both income then sales tax on top of that.

Not true. I won a Cadillac Escalade and it was considered 1099 income.

It was not sales taxable until I registered it. (which I had to do in order to drive it home from the dealership)

So, if you do win it, trailer it home and look at it. It will save you the sales tax.

If you do ride it, will be about $25K in taxes. (about $21K in income and about $4K in sales.)

Edit: Here's what I paid: Value of Escalade was deemed as $50K (was a 2WD model)

Paid $18,500 in income taxes (combined federal and state) = 37%

Paid $2500 in sales tax (50K x then MA sales tax of 5%)

Sold it on eBay for $42K

So, in the end, I made $21K. Not a bad deal for upgrading a cell phone's GPS software. (it was a Motorola promotion back in 2005)

[KawiSmurf]

Excise tax in MA has got to be a bitch on a brand new $70k+ bike.

[The Snowman]

Excise tax in MA has got to be a bitch on a brand new $70k+ bike.

Oh yeah, there was also excise. $25/$1000 in MA.

That'd be $1750 for the Desmo.

(I got an abatement on the Escalade, since I only had it 3 weeks.)

[CMG241]

NH won't charge you a gift tax?

NH will charge you out the ass to register that thing. Every year. At least in VT I pay sales tax once, then a small reg fee every year

I won 10k last year on powerball. NH cut check for $7,500

[butcher bergs]

What the fuck is anyone worrying about taxes for if you win this bike? You have a Desmosidici for Christ's sake!! Put it in a plastic bubble in your living room during the winter and trailer it to some trackdays during the summer.

Sheesh!!

[CMG241]

just a heads up - just spoke to Pro Italia and tickets are almost sold out.

[Billy]

It would be cool to win it but the MA taxes will kill me.

70,000 x 33% income tax = 23,100
70,000 x 6.125 MA Sales Tax = 4,287

1st year Excise Tax = I'm guessing at least a couple grand. I'm guessing 30k in taxes on first year of ownership. Ehhh I'll pass.