My Son Won a 2010 HS 250h
01-19-11 | 09:56 AM
#50
as per OLG.ca
19. What tax implications are there for lottery winners?
Generally, Canadian tax authorities do not consider lottery winnings to be taxable for Canadian tax purposes. However, U.S. residents playing OLG lotteries should note that the Internal Revenue Service (IRS) does consider such winnings to be subject to U.S. tax. While OLG will not withhold the U.S. tax against Canadian winnings, U.S. residents must report such profits on their individual tax returns. For more information, U.S. residents should contact their local IRS office.
Generally, Canadian tax authorities do not consider lottery winnings to be taxable for Canadian tax purposes. However, U.S. residents playing OLG lotteries should note that the Internal Revenue Service (IRS) does consider such winnings to be subject to U.S. tax. While OLG will not withhold the U.S. tax against Canadian winnings, U.S. residents must report such profits on their individual tax returns. For more information, U.S. residents should contact their local IRS office.
01-22-11 | 10:36 AM
#51
Lexus Champion
Joined: Jul 2009
Posts: 3,277
Likes: 3
From: USA
You could have got at least $5k more just selling it on autotrader. It astonishes me that people take trade-in or wholesale prices from dealers. It's really not hard to sell a car yourself.
Definitelyt agree with your decision to get an IS instead. The HS250h drives like an underpowered ES with an asthmatic engine! I would've got the IS350 though. In used market, the small price difference is well worth it. But the IS250 is probably safer in the hands of a less experienced driver.
Definitelyt agree with your decision to get an IS instead. The HS250h drives like an underpowered ES with an asthmatic engine! I would've got the IS350 though. In used market, the small price difference is well worth it. But the IS250 is probably safer in the hands of a less experienced driver.
01-22-11 | 10:43 AM
#52
Driver
Joined: Jun 2010
Posts: 137
Likes: 0
From: WI
You could have got at least $5k more just selling it on autotrader. It astonishes me that people take trade-in or wholesale prices from dealers. It's really not hard to sell a car yourself.
Definitelyt agree with your decision to get an IS instead. The HS250h drives like an underpowered ES with an asthmatic engine! I would've got the IS350 though. In used market, the small price difference is well worth it. But the IS250 is probably safer in the hands of a less experienced driver.
Definitelyt agree with your decision to get an IS instead. The HS250h drives like an underpowered ES with an asthmatic engine! I would've got the IS350 though. In used market, the small price difference is well worth it. But the IS250 is probably safer in the hands of a less experienced driver.
01-22-11 | 05:00 PM
#55
Driver School Candidate
Joined: Jan 2011
Posts: 34
Likes: 0
From: MN
I dont think a girl who follows you for what you drive is the one you want for the rest of your life. I know its not a matchmaker forum but i get surprised how people use such fancy tools to attract the opposite gender. REMEMBER... who follows you for tools will leave you when these tools are gone.
Anyway... congrats on the winning!!! see if a dealer can let him take an ES350 which is a much better vehicle. just my 0.2
Anyway... congrats on the winning!!! see if a dealer can let him take an ES350 which is a much better vehicle. just my 0.2
You folks
01-28-11 | 03:01 PM
#59
Racer
Joined: Aug 2006
Posts: 1,726
Likes: 8
From: USA
I think you did the right thing for the fam. Selling it to carmax was probably the easiest painfree method of dumping the car... and you got the IS for about the same price you traded in the HS for... I say well done! The IS250 is a wonderful car (I've had mine for 4.5 years now) and i think your son and fam will be very happy with it. Congrats! 
01-31-11 | 07:36 AM
#60
Thread Starter
Driver School Candidate
Joined: Dec 2010
Posts: 4
Likes: 0
From: GA
Thanks to all for your input.
My son LOVES the IS250. He loves Lexus and even though he drove a BMW, and an Infiniti, he just loved the feel of the luxury package. So we are thrilled with the way it all came together. Carmax was painless, and the paint job issue could have caused a negotiation nightmare if we tried to sell it ourselved. If a savy buyer was able to tell the passenger door & bumper had been painted, we would have had to reduce the price. There are lots of ways to slice a pie....so many options for this situation. I have to say the IS250 is sooooo much more fun than than the ES. What a difference.
OK, thanks again.
My son LOVES the IS250. He loves Lexus and even though he drove a BMW, and an Infiniti, he just loved the feel of the luxury package. So we are thrilled with the way it all came together. Carmax was painless, and the paint job issue could have caused a negotiation nightmare if we tried to sell it ourselved. If a savy buyer was able to tell the passenger door & bumper had been painted, we would have had to reduce the price. There are lots of ways to slice a pie....so many options for this situation. I have to say the IS250 is sooooo much more fun than than the ES. What a difference.
OK, thanks again.