Truck driver wins Lamborghini, crashes it hours later

You have got to be joking $2500, no way! You come out better not winning the car if you come out of it with that little amount. What about the people that hit the lotto for millions and all they get when they come out of the tax offices is a lousy few thousand dollars?

 

How did you figure that?

 

A truckdriver does not a race car driver make. I'm so poetic.

 

I still do not believe it to be correct.

Unearned income is not the issue with the winnings here.

 

Couldn't you write off $50,000 as a loss or depreciation ? If you own a truck and sell it used do you pay tax on the sale price or blue book value ?

 

Business depreciation on a personal car?

The guy won the car and nothing about a business.

A vehicle used in business and sold is taxed on the gain.

Sales price less book value. Book value is purchase price less depreciation to keep it simple.

Blue book value has nothing to do with it.

 

This is why we can't have nice things!

 

With taxes (on standard "lottery" winnings for fed, state, local) , insurance, super premium fuel, maintenance, storage, etc .... and thousands of dollars of "depreciation" for every mile driven.

I would have been happy sitting inside, taking a pic, then selling it and paying off the house.

Drive away in the new Camaro ...