The Conservative Cave
The Bar => The Lounge => Topic started by: thundley4 on September 09, 2012, 06:56:02 PM
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A guy I work with just won a 2012 Harley Davidson in some radio contest. He is also undergoing his third bankruptcy. We were talking about this at work, and we think he's screwed. We tend to think that his creditors will require the Harley be sold, but that he will still owe taxes on the value of the bike.
Is that the way it would work?
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Generally, yes. If you win something that requires that taxes have to be paid on it, you're usually on the hook for those. We don't have a state income tax and pay a sales tax on new vehicles when the title is transferred to the new owner.
Remember all those "free" cars The Oprah gave to her audience a few years ago? Some people couldn't afford the taxes on the car and had to sell it. My aunt won a Buick in a contest about 30 years ago. She had to pay for the sales tax on it as well.
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I'm pretty sure most contests stipulate that "taxes are the responsibility of the winner". I think he's screwed.
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How in the world does someone have 3 bankruptcy?
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How in the world does someone have 3 bankruptcy?
His first two were when he was married. He managed this one by himself.
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How in the world does someone have 3 bankruptcy?
When you outgo
exceeds your income
your upkeep will
be your downfall
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So basically, he had a bankruptcy every ten years? That sounds like someone who likes to run up debt and not pay for them ...
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So basically, he had a bankruptcy every ten years? That sounds like someone who likes to run up debt and not pay for them ...
Having a wife helps. :bolt:
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So basically, he had a bankruptcy every ten years? That sounds like someone who likes to run up debt and not pay for them ...
And he does have a fairly decent paying job, but......
Having a wife helps. :bolt:
His ex-wife also had a very good job, but she liked living the good life.
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Having a wife helps. :bolt:
:-)
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A guy I work with just won a 2012 Harley Davidson in some radio contest. He is also undergoing his third bankruptcy. We were talking about this at work, and we think he's screwed. We tend to think that his creditors will require the Harley be sold, but that he will still owe taxes on the value of the bike.
Is that the way it would work?
It depends.
All states have different laws on property.
Maybe he will need to take a loan out against the bike to pay the taxes? That would create a lien that he might be able to reaffirm on.
I know what I would do. O-)
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His first two were when he was married. He managed this one by himself.
Again, how'd he pull the second one? You'd think he'd have learned after the first time.
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Again, how'd he pull the second one? You'd think he'd have learned after the first time.
Reply number 5 explains it all.
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Again, how'd he pull the second one? You'd think he'd have learned after the first time.
Things happen. No person is perfect. I know many people that seem to make the same mistakes a few times before it finally sinks in, and there are others that never figure it out.