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Give a GALLARDO up for kids?

Discussion in 'Lamborghini Discussion (not model specific)' started by roytoy2003, Feb 17, 2006.

  1. BMW.SauberF1Team

    Dec 4, 2004
    0
    Plus, they might not be able to pay the gov't because of gift taxes (I believe anything over $11,000 as a gift requies you to pay tax as income).
     
  2. LMP234

    LMP234 Karting

    May 8, 2004
    139
    TN
    Full Name:
    Leon
    Let the buyer beware.

    If someone cant afford maintence etc, let them sell it. It's no one elses business what they do with it.
     
  3. Alxlee

    Alxlee Formula Junior

    Apr 8, 2002
    391
    Wilmington, DE
    Full Name:
    Alex Lee
    Depends on the state, but yes, there are definitely legalities for Roy to check into. I know there was one a couple years ago here or on another forum that turned out to actually be fake. (I know Roy's legit from what I've seen of him here.) I'm sure there'll be some kind of government permit he has to get.

    $100 and I'm so in!
     
  4. MrScarface

    MrScarface Karting
    BANNED

    Aug 8, 2005
    164
    Austin
    Full Name:
    Adam
    #29 MrScarface, Feb 18, 2006
    Last edited by a moderator: Sep 7, 2017
  5. MurcieMurcie

    MurcieMurcie Formula 3

    Jan 31, 2004
    1,279
    @$100 each I would be good for 50, let us know if you make this happen...After the legalities are checked of course;)
     
  6. noahlh

    noahlh Karting

    Aug 28, 2003
    62
    NYC, NY
    Full Name:
    Noah
    That's not universally true. Raffles are games of chance, and games of chance are regulated heavily in this country. I've looked into this extensively -- every state has different regulations regarding raffles, and it's a HIGHLY regulated business. You can't just got and do this willy-nilly without checking the laws.

    Here in New York, to hold a raffle, you MUST be involved with a charity, the charity must be registered with the state as a 501(c)3, the charity must have been established for a minimum of 2 years prior to holding the raffle, and the maximum value of the property to be raffled can be no more than $50k (or, if you write a letter and get approval from the state, $100k).

    nlh
     
  7. racerdj

    racerdj Formula 3

    Jan 19, 2003
    2,007
    Indianapolis
    Full Name:
    DJS
    Interesting!
     
  8. Kravchak

    Kravchak Rookie
    Giallo Subscribed

    Oct 17, 2005
    0
    Northeast
    Full Name:
    Ken
    If Pennsylvania is ok with your raffle count me in... Does it also include motor freight to the winners home?
     
  9. PWehmer

    PWehmer Formula Junior

    Oct 15, 2002
    280
    Surrounded by Water
    taxes will kick the winners butt unless they already at very high income.
     
  10. lukek

    lukek Rookie

    May 2, 2003
    26
    San Francisco
    Full Name:
    LK
    i have participated in two of these. both times they did not sell enough tickets and refunded the money (one outfit took 6 months to return my $100 !)
     
  11. srtricky

    srtricky Rookie

    Jul 20, 2005
    7
    BC
    Full Name:
    Ricky
    do 1000 tickets at $100 and I'll buy all of them :)
     
  12. Parker

    Parker Karting

    Mar 26, 2002
    72
    Columbus, OH
    If the tickets were $100 each, I would buy a couple. Maybe a few more if it was a nice silver Gallardo with e-gear!

    Would the ticket price be tax deductible?
     
  13. Cicada

    Cicada Karting

    May 22, 2005
    130
    Indian Wells, CA
    Full Name:
    Bryan
    Personally, I think $100 x 1500 would give more variance as to who wins it [obviously]

    OR if you do 150x 1000 do it limit 1 ticket per person or some restriction that would prevent someone from buying like 50 tickets.

    obviously the latter gives the participant a better chance to win [1/150 as opposed to [1/1500].

    actually, in either case, it would be best to limit the tickets to 1 or 2 per person. its not exactly fair to those who cant afford to blow $25-50k on raffle tickets...
     
  14. Cicada

    Cicada Karting

    May 22, 2005
    130
    Indian Wells, CA
    Full Name:
    Bryan
    either way, i'm in if it happens. :)
     
  15. mjc123

    mjc123 Rookie

    Mar 4, 2004
    2
    CA; TX; MT
    How much is going to the charity? people are assuming 100%, i.e. you are effectively making a $150,000 donation/giving the car away. Or are you expecting to get the first $150,000 and any additional ticket sale revenue goes to the charity?
     
  16. roytoy2003

    roytoy2003 F1 Veteran
    Sponsor

    Jul 30, 2004
    7,246
    Full Name:
    Roy L. Cats
    No if we do it, it would be 100% of the TOTAL SALE to the fund.....

    Starting to research laws ect now........

    Not as easy as you would think!!
     

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