Truck Driver Wins Lambo and Then....

theDreamer · 12-21-2011, 10:38 PM

Quote:

Originally Posted by KingZee

Never won a damn thing in my life so I wouldn't know lol

If you ever do, talk to your accountant about it before you accept the prize, especially large winnings.

KingZee · 12-21-2011, 10:40 PM

I've always known the rule of thumb to be to take cash up front, deal with taxes an invest to offset depreciation. (as opposed to over time)

happytheman · 12-21-2011, 11:25 PM

I won a birthday cake once.

KingZee · 12-21-2011, 11:44 PM

Was it your birthday?

Pharmacist · 12-22-2011, 01:37 AM

don't ferrari dealers have a running joke on how many kilometres new ferrari owners will manage to drive away from the dealer before crashing their new cars?

Rooster89 · 12-22-2011, 02:13 AM

Quote:

Originally Posted by theDreamer

If you ever do, talk to your accountant about it before you accept the prize, especially large winnings.

For those of us without an accountant wouldn't a tax attourney be just as good?

theDreamer · 12-22-2011, 10:13 AM

Quote:

Originally Posted by Rooster89

For those of us without an accountant wouldn't a tax attourney be just as good?

Not sure actually, but they can probably help they just may bill you more.

The breakdown you need to really look at is, cash v. item, after that determine what the taxes will be on each. For cash you get two options usually, lump sum or payment plan. Lump sum will be a higher tax rate, but you can invest and the money will not lose value from inflation. Payment plan you pay less in taxes, money may devalue over time.

The way I usually look at it is at my younger age I would probably do the payment plan, keep me in a low tax bracket, can use the extra money to supplement rent/car/school, but if I was my parents age I would take the lump sum and spend all of it quickly.

Armonster · 12-22-2011, 10:53 AM

I didn't realize Jay Leno is the only person in the country willing to buy a Lambo.

This dude could have just sold it, paid the tax, and still had enough left for a 911, R8, or something along those lines.

PS. Tax attorneys are generally better but more expensive than accountants

Jasonle · 12-22-2011, 11:38 AM

I wish I win something

12-21-2011, 10:40 PM	#17 (permalink)
KingZee A True Z Fanatic Join Date: Feb 2010 Location: Glendale, CA Age: 41 Posts: 2,612 Drives: Focus ST Rep Power: 423	I've always known the rule of thumb to be to take cash up front, deal with taxes an invest to offset depreciation. (as opposed to over time) __________________ Focus ST

12-21-2011, 11:25 PM	#18 (permalink)
happytheman A True Z Fanatic Join Date: Apr 2010 Location: Florida Posts: 10,737 Drives: MB 6M Tour/Sport Z34 Rep Power: 1822	I won a birthday cake once. __________________ --Brantly-- *PowderCoating by Mike/Stillen/PWJDM/Shine Auto/NST* GTR/Michelin /Fast Intentions/Evo-R/Mobil 1/Motul/Z1 https://facebook.com/CentralFloridaZClub

12-21-2011, 11:44 PM	#19 (permalink)
KingZee A True Z Fanatic Join Date: Feb 2010 Location: Glendale, CA Age: 41 Posts: 2,612 Drives: Focus ST Rep Power: 423	Was it your birthday? __________________ Focus ST

12-22-2011, 01:37 AM	#20 (permalink)
Pharmacist A True Z Fanatic Join Date: May 2009 Location: Toronto, Ontario Posts: 1,249 Drives: 09 370z Sport 6MT Rep Power: 18	don't ferrari dealers have a running joke on how many kilometres new ferrari owners will manage to drive away from the dealer before crashing their new cars? __________________ 2009 370z Sport Touring/Nismo shift Knob/Z1 motorsports 34 row oil cooler

12-22-2011, 11:38 AM	#24 (permalink)
Jasonle A True Z Fanatic Join Date: Jan 2011 Location: St. Louis Posts: 3,509 Drives: 09 370z Rep Power: 26	I wish I win something __________________ 2009 Nissan 370z/2003 Honda Soccer Van Shineauto Amuse Body Kit/UAM Fenders/Bc Br Coilovers/Topspeed Exhaust/Racing Hart Wheels and More My Sexy Beast

12-22-2011, 10:53 AM	#23 (permalink)
Armonster Enthusiast Member Join Date: Mar 2011 Location: Atlanta, GA Posts: 270 Drives: 2010 370z t/sp/6mt Rep Power: 14	I didn't realize Jay Leno is the only person in the country willing to buy a Lambo. This dude could have just sold it, paid the tax, and still had enough left for a 911, R8, or something along those lines. PS. Tax attorneys are generally better but more expensive than accountants

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