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2.0 // @DavidDobrik is one of the world’s biggest influencers.
We all know anytime David is doing a giveaway, most recently a Tesla Model 3, because everyone and their mother shares it for a chance to win.
But what would happen if you actually won…
TIME FOR A THREAD
We all know anytime David is doing a giveaway, most recently a Tesla Model 3, because everyone and their mother shares it for a chance to win.
But what would happen if you actually won…
TIME FOR A THREAD
2.1 // Winning a new car is a dream for all that enter, but before you get too far ahead, you better make some plans for what to do if you actually win
In the US, winners are REQUIRED to pay taxes on sweepstake prizes, which are treated as income for tax purposes.
In the US, winners are REQUIRED to pay taxes on sweepstake prizes, which are treated as income for tax purposes.
2.2 // This means that you'll be required to add the fair market value of the prize to your earnings from your work when reporting to IRS
The amount you pay in TAXES depends on how much the car is worth, but you can make an estimated tax liability of 1/3 of the prize value.
The amount you pay in TAXES depends on how much the car is worth, but you can make an estimated tax liability of 1/3 of the prize value.
2.3 // Tesla Model 3 = ~$38k 
Tax Liability = ~$12.5k
Don’t think you can afford it? Here are a couple ways that you could make it work
-Consult with CPA
-Research FMV
-Maximize Deductibles
-Get a secured car loan to cover taxes
-Sell old car
-Sell new car
Tax Liability = ~$12.5k
Don’t think you can afford it? Here are a couple ways that you could make it work
-Consult with CPA
-Research FMV
-Maximize Deductibles
-Get a secured car loan to cover taxes
-Sell old car
-Sell new car
2.4 // Enjoy this thread?
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Any feedback at all is appreciated!
Thanks for reading
Don't hesitate to follow so you won't miss these threads EVERY DAY
Any feedback at all is appreciated!
Thanks for reading
