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E85 / E86 Z4 (2003-2008)
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  #26  
Old 11-24-2004, 09:25 AM
JetBlack330i JetBlack330i is offline
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Alee, check out Tuesday's item.

Melissa, check out Thursday's item.

Nate, check out this Friday's item.

Last edited by JetBlack330i; 11-24-2004 at 09:27 AM.
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  #27  
Old 11-24-2004, 11:44 AM
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No, my assumption would be you have to pay federal income tax on the difference between the $5000 and the "fair market value" of the car. For tax purposes, this would be treated like a contest where the winner pays federal income taxes on the value of the prize. In this case that would be the federal income tax on approx $42,500 (or fair value) less $5,000.

Quote:
Originally Posted by phrider
All purchases may be subject to personal income tax (federal, state, and local) based on the discount amount off the fair market value of each of the item(s) purchased.

So, you pay Sales Tax on the $5k. And, somehow, you are covered on the income tax -- or maybe they'll just finance those income taxes for you.
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  #28  
Old 11-24-2004, 03:33 PM
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The words say what they say. Guess one of us has to get the $5k Z4 and the document package to find out.
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  #29  
Old 11-29-2004, 09:43 AM
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  #30  
Old 11-29-2004, 07:03 PM
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Dang. I missed it, too.
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  #31  
Old 11-30-2004, 01:12 AM
felonious monk felonious monk is offline
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Are the z4s really that bad? They have to sell 'em at $5k to get rid of them?

JK. I got the mass email from Amex too. Dismissed it. The lucky few will get it, for the rest... nothing more than victims of advertising. Be prepared to get more junk mail than you've ever dreamed possible. I work with people who dream up this kind of evil plans in the name of commerce.
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  #32  
Old 11-30-2004, 05:32 AM
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Quote:
Originally Posted by TR6
No, my assumption would be you have to pay federal income tax on the difference between the $5000 and the "fair market value" of the car. For tax purposes, this would be treated like a contest where the winner pays federal income taxes on the value of the prize. In this case that would be the federal income tax on approx $42,500 (or fair value) less $5,000.
Nope. they offered it for sale, you bought it. Not a contest where you buy a chance and WIN the car.

So no state or Fed income tax. Sales tax will be on the sale price of the car. Title and registration would be normal.

Of course, if you turned around and then sold it for $30K, you are liable for income tax on the difference in what you paid versus what you sold it for, but I think there is a deminimum number of cars you can sell per year without having to report income, since you are not a dealer.
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  #33  
Old 11-30-2004, 10:12 AM
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Quote:
Originally Posted by Pinecone
So no state or Fed income tax. Sales tax will be on the sale price of the car. Title and registration would be normal.
But Amex is going to send you a 1099-MISC on the difference between the fair market value and the Wishlist price. See FAQ item from Amex above.

However, it doesn't look like this is going to be our problem this year.
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  #34  
Old 11-30-2004, 10:48 AM
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Quote:
Originally Posted by phrider
But Amex is going to send you a 1099-MISC on the difference between the fair market value and the Wishlist price. See FAQ item from Amex above.

However, it doesn't look like this is going to be our problem this year.

I think that any time a reseller offers to sell at a discount in excess of a certain amount (I think $600?) below the fair market value, it's treated as income. Unfortunately, I too will not be claiming that income despite clicking at 12, 4 and 9. Dammit.
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  #35  
Old 11-30-2004, 07:42 PM
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  #36  
Old 01-12-2006, 10:32 AM
monching108 monching108 is offline
 
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z4 for $5000

i would get one if there's no catch and i'll even drive it home to california. just tell me how i can buy one.
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  #37  
Old 01-12-2006, 11:32 AM
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Quote:
Originally Posted by monching108
i would get one if there's no catch and i'll even drive it home to california. just tell me how i can buy one.
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  #38  
Old 01-12-2006, 12:12 PM
Motown328 Motown328 is offline
 
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Did AMEX ever post who got the Z4s?
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  #39  
Old 01-12-2006, 01:15 PM
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Quote:
Originally Posted by Motown328
Did AMEX ever post who got the Z4s?
I don't think so, but I believe someone here got one and tried to sell it for sticker.
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  #40  
Old 01-13-2006, 12:08 AM
Motown328 Motown328 is offline
 
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Yikes! Wonder what happened...
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