I sold the truck & boat I won at a BC event. As far as the IRS is concerned the value of the merchandise won is "earned income" and is added onto whatever your other income happens to be. BC will issue a 1099 with their stated value of the boat. It is below MSRP.

The boat I won was valued at $35K I believe. The 1099 I received from BC was about $27K. I also received one for the Dodge truck. It was about $17K if memory serves me correctly. You add that together and the $42K is how much more "earned income" you have for that year in the eyes of the IRS. This may throw you into a higher tax bracket causing you to have to pay more income tax.

Smart decision! Sell it and get a metal boat for 6-10k.

I agree.

I won the under boat in 2016. I will tell you that winning the boat was great BUT the taxes do get to you. I have a older model ZX 190 that is paid for. My advice is if this is really the boat you are looking for then find a way to keep it. No way will you ever be able to buy a boat of that caliber for 15,000. If it is not what you want and financially you want to use the money for family then by all means sell the boat. Nothing wrong with priorities. In my case I sold the boat because I had one that size. Had I won the bigger boat then "LUCKY" would have been sold and I would have kept the new one.

Mr Todd I sent you a pm

#respectful

.... What I said ....
GO FUND ME account page ,,,,,, give a shot before you sell ,,,, what the he**

everybody else does it for their reasons ......

Dude congrats. You need to keep the boat and start guiding. You now have the boat and skills to do it part time.

Not a bad idea. Unless you just really need access to some of the profits from the sale, give this a try.

....C'mon Man ......
think outside the box !!!!!!!!!
for $5K in TT& L and IRS taxes you should be able to put this thing together.
*** make that CPA earn their money ***
Options:
work the street corners in Dallas on the weekends with a sign asking for $$$
part-time guide
ballon man at children's parties
part-time painter
bake sale at the nearest Wal_Mart --- everyone does it.

.... GOT IT .....

Put a map together of FishVibsTV's 5 most productive spots on Lake Fork.
sell that map for $50 each ,,,,, 100 maps = $5,000
,,,,BOOM,,, done.
I guarantee you there would be 100 guys pay $50 each to get YOUR 5 BEST LAKE FORK spots.

Dang man, let the young man do what's best for him and his family. I already respected him for the way he fishes and his humble attitude. Pretty sure he has some lifetime goals. Owning a home is a helluva lot more important than owning a boat and for that, he earned even greater respect from me. It took me a long time to learn this but...finance necessities, pay cash for your toys or do without until you can.

Congratulations again!

Just like fishing, trust your heart, your intuition, and yourself
You will do what�s right for you

Ditto! It's just a boat.