$40,000 won't touch the taxes. I "won" a 72 Challenger that the school deemed was worth $31,000, lol. They paid $7,500 in taxes.
It was like earning $38,500 in one day. To the state. I ended up losing $5500 in taxes on my return. Thank god, I didn't have to take out a loan to keep it.
Be careful what you wish for. The car is NO WHERE worth that money, yet, that is what the state based their reccomendations on. I would be wary. That is all.
$40,000 sounds like a lot - but it is nothing to the tax man. Better have deep pockets or a willing bank to lend you money. I GAUREENTEE the taxes will be more than $40,000
Whoever wins it - I would be forever grateful if you would relate how it goes, and the taxes involved.
