Question:
My sister needs the sticker price for this vehicle. It seems that the dealerships aren't answering her in a manner that she understands or something. She seems to feel she needs the actual sticker (didn't have one...she won the vehicle). Any ideas what the IRS will accept to show loss? Believe it was considered "used" when she received it. Had already been driven a couple hundred miles off lot to casino.
Answers:
So im a 17 year old trying to purchase a car...?
Look in cars.comI have a 1966 Chev PU, was in Aerosmith video,"Baby Please Don't Go" ,what is it worth?
Call the dealer that sold it new.
Contact Pontiac
My spark plug is wet with motor oil.what's wrong?
What loss? She has to pay taxes on it as income. The title shows new or used.
Is a down payment always required for a new car purchase?
Wow I love that car. Anyway, it seems she would receive a 1099 form to show value, to report as income just like you would if you won the lottery or at the casino. She could probably only claim loss if she can itemize her income taxes, like loss statements from casino or losing lottery tickets, but you can only itemize if you can show $10.000.00 in deductions, health care etc. She should call her tax preparer and they should know. It would be used since this year is 2007. Good-LuckI know they will take lottery tickets but not up to which amount. My mom and dad had over 8,000 they claimed from gambling and covered with lottery tickets for a loss, this equaled out the amount they won. So this may be one route she could go because the car was won. Then there will be the amount of the gift tax on winnings. Which should also help. Sorry I don't have more to inform you.
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