Hang tough man! Talking with a financial advisor was a very smart move...never fun, but great job thinking this through.

To be clear, the fiscally wise thing here is to sell the boat and then buy one equal to the after tax net.

A much less sensible option would be to just put less down on the house. Unless your down payment was over 20% you are going to pay PMI anyway. The difference between 15% down and 10% down is nearly negligible in the payment. It would cost you in the long haul, but on the short term you could have your cake and eat it too.

I always plan to sell the boat if I won it in one of those tournaments.

D, I started to recommend selling the boat the minute I saw you won it but didn't won't to get into your business. I sold the boat I won for the much the same reasons but mostly taxes. You'll come out with enough money to upgrade from your present boat and also get moved into a home. Heck who knows, you might win another boat next year. You doing the right thing buddy.

The overall reason for selling the boat is to not get money for a new house it�s to get money to get for 1099 taxes and a cheaper boat that doesn�t need batteries, oil service and to be broke in like this one needs

There�s a lot of money involved before the boat ever touch�s the water Lol

I�ll be in another boat come tournament time I promise!

Let's talk tomorrow. I can give you some pointers.

Ok Mr Ken

Not a chance in HELL I'd let the boat go.

Your family should want you to keep what you worked hard for and won.

Keep the boat

You're doing the smart thing. Sell the boat, pay the taxes and then go buy another. Winning that boat costs you a lot in taxes. The way you are doing it you won't owe anybody a dime. When I've entered those tournaments, I knew in advance that I'd sell it if I won it. I don't need a brand new boat to catch fish or have a good time on the water.

Buying a house is an investment. A new boat isn't.

id sell the boat, too. pay the taxes, then pay cash for a great used one. that way you arent in the hole starting off. and if it's for a house, that's a heck of a down payment.

+1

No matter what you do with the boat (and for what it�s worth I believe you are doing the manly/fatherly thing by taking care of your families future first and foremost) the fact will remain that you did in fact win the boat and that�s just bad A$$

Do not PUT ANY GAS into the boat because it becomes a used boat at that point!! FYI

Technically it don�t become a used boat until it�s titled