Re: [vpFREE] XVP: Selling a Won Car Back to the Dealer

 

<<Just thought I would jump in and add my two cents- for what it's worth- you only have to pay the fair market street value on the car, on your taxes, and not the sticker value, if you keep/kept the car. So, in other words, if the declared value is $40k, and you keep it, and you can show with current newspaper ads, in your market area, that the current value is only $34k then you only have to pay taxes on the $34k. Good luck. (and keep that documentation!!!)>>

That is good advice for anything of value you win from a casino, i.e., cruises, when you get a 1099 with an inflated price.

When we won a car at the Stardust many many years ago we sold it back to the dealer for a higher price than what the casino was giving us as a cash option. We did not haggle because they gave us a good price right at first.

------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/

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[vpFREE] Re: XVP: Selling a Won Car Back to the Dealer

 

As I'm sure she will say when she has a chance, Jean Scott has written two editions of her book on gambling winnings and income taxes, which probably would be a good idea to pick up as you make your decision--you've already done the hard part--winning the thing, so take a bit of time and research the options (agree with other posters in that there is room to haggle).

And of course congratulations!!

--- In vpFREE@yahoogroups.com, M Rathz <scorpiomr@...> wrote:
>
> Just thought I would jump in and add my two cents- for what it's worth- you only have to pay the fair market street value on the car, on your taxes, and not the sticker value, if you keep/kept the car.  So, in other words, if the declared value is $40k, and you keep it, and you can show with current newspaper ads, in your market area, that  the current value is  ony $34k then you only have to pay taxes on the $34k.  Good luck. (and keep that documentation!!!)
>
>
>
> ________________________________
> From: joel0457 <joel0457@...>
> To: "vpFREE@yahoogroups.com" <vpFREE@yahoogroups.com>
> Sent: Sunday, November 25, 2012 10:15 AM
> Subject: [vpFREE] XVP: Selling a Won Car Back to the Dealer
>
>  
> Hi,
>
> Last night I won a new Lexus at a local casino. You earned 1 entry for every $20,000 coin in of VP and I had 7. It was amazing when they called my name. In 20+ years of gaming and hundreds of drawing I had never won anything close to this.
>
> My question is had does anyone have experience with winning a car and then selling it back to the dealer? Is there any negotiation or is it take what they offer. I asked the person in charge of the drawing if I would do better than the casino cash offer if I sold it back to the dealer directly and he said yes. fyi, the casino was offering me 23K less then the value on the prize form.
>
> Thanks for any info.
>
> Joel
>
> ________________________________
>  
>
> [Non-text portions of this message have been removed]
>
>
>
>
> [Non-text portions of this message have been removed]
>

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Re: [vpFREE] XVP: Selling a Won Car Back to the Dealer

 

Just thought I would jump in and add my two cents- for what it's worth- you only have to pay the fair market street value on the car, on your taxes, and not the sticker value, if you keep/kept the car.  So, in other words, if the declared value is $40k, and you keep it, and you can show with current newspaper ads, in your market area, that  the current value is  ony $34k then you only have to pay taxes on the $34k.  Good luck. (and keep that documentation!!!)

________________________________
From: joel0457 <joel0457@yahoo.com>
To: "vpFREE@yahoogroups.com" <vpFREE@yahoogroups.com>
Sent: Sunday, November 25, 2012 10:15 AM
Subject: [vpFREE] XVP: Selling a Won Car Back to the Dealer

 
Hi,

Last night I won a new Lexus at a local casino. You earned 1 entry for every $20,000 coin in of VP and I had 7. It was amazing when they called my name. In 20+ years of gaming and hundreds of drawing I had never won anything close to this.

My question is had does anyone have experience with winning a car and then selling it back to the dealer? Is there any negotiation or is it take what they offer. I asked the person in charge of the drawing if I would do better than the casino cash offer if I sold it back to the dealer directly and he said yes. fyi, the casino was offering me 23K less then the value on the prize form.

Thanks for any info.

Joel

________________________________
 

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Re: [vpFREE] XVP: Selling a Won Car Back to the Dealer

 

Congratulations!

Sent from my iPad

On Nov 25, 2012, at 1:15 PM, joel0457 <joel0457@yahoo.com> wrote:

>
>
>
> [Non-text portions of this message have been removed]
>
>

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Re: [vpFREE] XVP: Selling a Won Car Back to the Dealer

 

Car Max

-----Original Message-----
From: Bob Dancer <bobdancervp@hotmail.com>
To: vpfree <vpfree@yahoogroups.com>
Sent: Sun, Nov 25, 2012 11:10 am
Subject: RE: [vpFREE] XVP: Selling a Won Car Back to the Dealer

A few years ago I won/earned a LandRover from the M. The car
had a retail price of $53,000. The casino did not offer a cash option. I HAD to
take the car which was currently at the LandRover of Las Vegas dealership. I
called the dealer and they offered me $40,000. I
declined. One week later they called me back and offered $45,000. I told them
to make it $47,000 and we would have a deal. I ended up with $46,000.

I don�t know how applicable this experience is to your case
--- other than to follow the well-known rule of �don�t take their first offer.�
Bob



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RE: [vpFREE] XVP: Selling a Won Car Back to the Dealer

A few years ago I won/earned a LandRover from the M. The car
had a retail price of $53,000. The casino did not offer a cash option. I HAD to
take the car which was currently at the LandRover of Las Vegas dealership. I called the dealer and they offered me $40,000. I
declined. One week later they called me back and offered $45,000. I told them
to make it $47,000 and we would have a deal. I ended up with $46,000.



I don't know how applicable this experience is to your case
--- other than to follow the well-known rule of "don't take their first offer." Bob

























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[vpFREE] XVP: Selling a Won Car Back to the Dealer

 

Hi,

Last night I won a new Lexus at a local casino. You earned 1 entry for every $20,000 coin in of VP and I had 7. It was amazing when they called my name. In 20+ years of gaming and hundreds of drawing I had never won anything close to this.

My question is had does anyone have experience with winning a car and then selling it back to the dealer? Is there any negotiation or is it take what they offer. I asked the person in charge of the drawing if I would do better than the casino cash offer if I sold it back to the dealer directly and he said yes. fyi, the casino was offering me 23K less then the value on the prize form.

Thanks for any info.

Joel

________________________________
 

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[vpFREE] Vegas Values Report - 25 NOV 2012

 

Vegas Values Report - 25 NOV 2012

http://www.americancasinoguide.com/vegas-values/november-25-2012-vegas-values-report.html

or

http://tinyurl.com/c74444q

<a href="http://tinyurl.com/c74444q">
http://tinyurl.com/c74444q</a>

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[vpFREE] brief thanksgiving trip report

 


My wife and I went to Harrahs Laughlin and Las Vegas 11/20/12 - 11/24/12.

Flight:

Even though we live about 8 miles from Detroit Metro Airport, we flew out of Toledo ( about 60 miles away) and took less time from our house to check in. Toledo is a small airport. You can park 200 feet from the entrance, there are no huge lines and there is no take off line or endless taxiing. I'd much rather fly out of Toledo than Detroit.

Laughlin

The town is the same. It's a much slower, simpler pace. The people at Harrah's are very friendly and it actually seems like they are happy to see you. It is busy but not packed.

You can use Reward Credits at the Harrah's convenience store on top of the hill You can use them for gas as well. You need a physical comp slip to do so ( no card swipe to use your points). Gas on 11/22/12 was $3.79 for unleaded. Further down the road it was $3.59 but at the Sam's club in Bull Head City, it was $3.29. The Sam's club is just across the river.

Las Vegas

Went to the Caesar's buffet for Thanksgiving. The regular line was 350 people. The diamond line was about 10 people. They did a very good job of keeping the crowd manageable inside so the wait for each serving station wasn't too bad. The crab leg section was the slowest. On request, they would heat up the crab legs for you and that took a little time.

It is very nice and the food selection is top end. I actually liked the little sliders the best. I don't know if it was some special cut of meat but the beef flavor was very intense with a most pleasant grilled taste. The one disappointment was the sushi display. I took some fatty tuna and salmon and the fish was room temperature. Not a good sign. I ate it with no ill affects but raw fish probably shouldn't be room temperature.

I don't think I'd pay $50 for it again but for a one time deal, it was good.

Coupons are back to the old form at Casino Royale. $25 for quads, $40 for 7,8 or 9 and $40 for a straight flush. I hit 2 straight flushes before I hit a quad.

Rental Car;

I rented from Avis in Bullhead City, AZ and had a compact car reserved for $29 per day ( $75 total for 2 days). Harrah's gives you a 10% off coupon for Avis so I tried to use that on top of my Travelocity reservation. They took the coupon but just gave me an update instead of 10% off. So, we had a Jeep Liberty. The vehicle was okay but 20 mpg on mostly freeway driving was very disappointing.

All in all a good trip.

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[vpFREE] LVA Question of the Day - 25 NOV 2012

 

LVA Question of the Day - 25 NOV 2012

Q: You've described the events that led to Indian gaming
in the U,.S. and its most sought-after form, Class III
gambling? What other tiers exist?

Read the answer here:

http://www.lasvegasadvisor.com/qod.cfm

<a href="http://www.lasvegasadvisor.com/qod.cfm">
http://www.lasvegasadvisor.com/qod.cfm</a>

NOTE: vpFREE access to the Question of the Day link has
been approved by LVA and expires after the current day
for non-LVA members.

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